Line of credit on supervisors' agenda

By By Chris Allen Baker/staff writer
Jan. 11, 2002
The Lauderdale County Board of Supervisors may vote today on a proposal to establish a line of credit through the Mississippi Development Bank. The subject is expected to come up as supervisors gather at 10 a.m. in the Courthouse Annex Building. The meeting is open to the public.
Supervisors postponed action on the proposal at a meeting earlier this week, saying they needed time to consider whether to seek a $3 million or $5 million line of credit.
County Administrator Rex Hiatt outlined the proposal last week under which the county could obtain money at an interest rate of 2.95 percent. The line of credit is based on the county's credit worthiness and payback stipulations require that cash be used for repayment, meaning the county cannot levy a tax to retire the loan.