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Citizens Bank to help City through tough times
By Denise Schoppe
Staff Writer
The Marlin Democrat
September 07, 2005
A loan of $333,000 was unanimously approved by the Marlin City Council on Aug. 29, when they met for a special session.
Due to a conflict of interest, Mayor Norman Erskine stepped down from his seat during the discussion and voting on the loan being made through Citizen's State Bank, where he is a part-time employee.
The money borrowed will be used towards the payment of bills for July and to reimburse money taken from the water rehab fund.
City Manager Randall Holly urged the council to approve making the loan to help the city through the current lack of funds to pay bills. He stated he felt current revenues coming into the city would make it possible to handled their obligations in the future.
"Every month we are making progress," Holly said. "I feel confident we will be able to pay our bills."
The loan is for five years at a 6.5% interest rate and is expected to take a week to ten days to be received.
Land owned by the city will be used as collateral for the loan.
"I intend to use the least likely land to be sold," Holly said. "I will try not to use any of the industrial park land, though it is attractive and worth a lot."
The city will make payments on the loan quarterly to ensure it can be paid and is not forgotten about.
By Denise Schoppe
Staff Writer
The Marlin Democrat
September 07, 2005
A loan of $333,000 was unanimously approved by the Marlin City Council on Aug. 29, when they met for a special session.
Due to a conflict of interest, Mayor Norman Erskine stepped down from his seat during the discussion and voting on the loan being made through Citizen's State Bank, where he is a part-time employee.
The money borrowed will be used towards the payment of bills for July and to reimburse money taken from the water rehab fund.
City Manager Randall Holly urged the council to approve making the loan to help the city through the current lack of funds to pay bills. He stated he felt current revenues coming into the city would make it possible to handled their obligations in the future.
"Every month we are making progress," Holly said. "I feel confident we will be able to pay our bills."
The loan is for five years at a 6.5% interest rate and is expected to take a week to ten days to be received.
Land owned by the city will be used as collateral for the loan.
"I intend to use the least likely land to be sold," Holly said. "I will try not to use any of the industrial park land, though it is attractive and worth a lot."
The city will make payments on the loan quarterly to ensure it can be paid and is not forgotten about.
