With the commissioners present, Pearman said the council could proceed with the loan if the commissioners passed a motion approving it. Commissioners Jennifer Davis and Kathy Norem were present to pass the motion.
Pearman explained this resolution will borrow $750,000 from the CEDIT fund, currently at $1.8 million, and the county would be required to pay that money back by Dec. 31 according to state statute – but Pearman said it’ll be repaid once the funds are received in May.
With two more months to go before that draw is received, however, Pearman asked that the council approved a loan of $750,000 to allow the county to continue funding payroll and other claims until the end of May. The council passed the motion.
