Bank loan

County commission secures large bank loan – The Clanton Advertiser

By ZACHARY SEIFTER / Editor-in-chief

The Chilton County Commission approved a resolution to secure a $ 10 million Marion Bank loan at its June 22 meeting.

The resolution was adopted by 6 votes to 1. Commission Chairman Joseph Parnell and Commissioners Jimmie Hardee, Darrell Bone, Matthew Mims, Joe Headley, Randell Kelley voted in favor of the resolution to go ahead with the loan. Commissioner Allen Williams voted against the resolution.

A resolution was passed at a previous meeting on May 25 to go ahead with a loan commitment from Bank Marion, this resolution accepted that commitment to take the loan.

The loan money will be used to purchase property related to the Alabama Farm Center. However, the commission does not have to immediately withdraw money from the loan. Until they get money, they won’t owe the bank money and pay no interest.

“The idea was for this to be used as a revolving line of credit, more or less,” Commission Counsel Roger Bates said. “So as we acquire properties and sell them for economic development, the loan would be paid off. “

While the $ 10 million will be used to acquire assets related to the Alabama Farm Center, the commission will not use it for these purposes immediately. The commission approved another resolution at its meeting to use money from the general fund to purchase the Ellison property off Interstate 65, exit 212.

This resolution was also passed by 6 votes to 1, with all committees voting the same way they did for the loan resolution.

The commission disposes of the money from the fund balance available in the general fund to make the purchase, provided certain contingencies are met. If there are any future needs in which they could have used the money from the general fund, they will draw on the loan, according to Parnell.

This will prevent the commission from immediately withdrawing from the loan and paying interest.