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Bedford Applies For Tax Loan

Last updated on Tuesday, April 17, 2007

(BEDFORD) - The Bedford Board of Works and Safety met Monday afternoon and opened bids from several local banks to obtain a general tax loan.

Bids were received from Monroe Bank, Hoosier Hills Credit Union and Jackson County Bank. After examining the interest loan rates and amount of loan allowed by each bank, the board decided to go with Monroe Bank with their 4.6% rate and a loan account of $4.5-million.

Clerk-Treasurer Donna Brumbaugh says the city will probably use $1.3-million initially to help with unexpected expenses. Also the money will be used to help pay for the new fire truck. Brumbaugh says the extra money hopefully won't be needed but is being used as a cushion just in case.

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