“We have hit rock bottom and it’s your call what to do,” Stone said at a Sept. 10 meeting. She also explained the contingency fund that has been tapped to fill in spending gaps was nearly depleted.
A majority of the board then agreed to pursue a Revenue Anticipation Loan that will be repaid by June 30, 2019. The loan is based on and will be repaid with anticipated revenue, Stone said.
The county has received five bids on the proposed $3.5 million loan, with plans to hold a public hearing on the proposal in Oct. 15.
The county has received five bids from potential banks, with interest that ranges from 2.19 percent to 4.35 percent.
Davenport & Company LLC put the project out for bids.
County Administrator Tom Rose said the company also is “taking a pulse to see what we need to do and they’re putting together some kind of plan going forward.”
Meanwhile, Stone said she has crossed her fingers that enough tax revenue will be received to meet the county’s obligations.
“We are not where we want to be, but we have met our bills and we have met our payroll,” she said at the end of September.
“I’m not going to say that I’m not concerned…