September 14, 2016

County looking for loan to cover shortfall

By Suzanne Werre
BHG News Service
McLean County is feeling the economic pinch from the downturn in oil payments, as the county commissioners approved having County Auditor Les Korgel check into what the county would need to do in order to get a loan to get the county through some tough economic times.
“We’re looking at borrowing some money to cover the shortfall for October and November,” said Korgel,
“The most we can borrow by state law is $500,000,” he added. “I’ll know more in about a week.”
Whatever the county does borrow will have to be paid back within five years, noted Korgel.
Korgel says it’s the first time the county has had to take out a loan to cover its budget expenses since it used a different program back in the 1960’s.

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