Resolution approving a bridge loan
At a special called meeting this past Thursday, October 21, 2011, questions from Rhine city council members arose over a resolution approving a bridge loan in the amount of $200,000.00. It was to pay expenses for calendar year 2010 regarding a new water/sewage facility prior to receipt of a guaranteed USDA loan. The purpose of the meeting was to discuss interim financing for the sewer /water project. A one-item agenda entitled ratification of bridge loan resolution is presented by Mayor Carter Clements.
Attendees of the meeting included Mayor Clements, city council members Wayne Hilliard, Roy Williams, Dena Barrows, Kay Spires, and Wilcox State Bank representative Shannon Vickers, Secretary Casey Lann, police chief Kip Cravey, Donna Jean Hulett, Rhine citizens Harris Burnham and Rhine City Attorney Joey Marchant. The discussions were held concerning resolution authorizing the issuance of a bridge loan from Wilcox County State Bank in the amount of $200,000.00.
The resolution was signed by mayor Clements. June R. Sheffield on June 16, 2010 attested the documents as secretary for the City of Rhine. The resolution specified a loan will be issued by Wilcox County State Bank with an interest rate of no more than 5%, payable 12 months after closing, calculated on an actual 360 day basis.