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Trinity Standard - Local News

Copyright 2012 - Polk County Publishing Company

 

Commissioners okay short-term bank loan
Trinity Standard -

GROVETON – A short-term bank loan to insure that the road and bridge departments can meet their upcoming payroll expenses was approved Monday by the Trinity County Commissioners Court. During a brief meeting, commissioners approved a request from County Auditor Sheila Johnson to authorize the short-term loan. The auditor said she would not know how much money would be need until the next round of payroll checks were being prepared in about two weeks. Of the four precinct road and bridge departments, Johnson said that Precinct 1’s would be the primary beneficiary of the loan. Precinct 4 also would be short but money would be available from its savings to cover the deficit. The auditor noted the problem with the road and bridge funds developed due to large, unbudgeted expenses incurred during the prior fiscal year, which ended Sept. 30. She noted the Precinct 1’s reserves were drained by large wildfires and the collapse of the bridge leading into the Port Adventure subdivision. The auditor noted that the finances for the road and bridge departments should get back on track when the county receives its annual payment from the U.S. Forest Service sometime in January or February. In other business during the meeting, the commissioners approved a change in the Financial Advisory Service Agreement with Southwest Securities. Under the old agreement, Southwest Securities was allowed to bid on any bonds offered by the county, if the commissioners approved. However, due to changes in regulations, that provision was dropped from the new agreement. Southwest Securities is the company contracted by the county to handle issuing the bonds for the restoration of the county courthouse and for the purchase of the courthouse annex buildings.

 

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