by Jackie Nunnery
HEATHSVILLE—Northumberland supervisors on Thursday, November 13, adopted a resolution, 4-0, authorizing the county to borrow $3.4 million.
The additional funds will be used to help pay for the $5 million revenue anticipation note (RAN) borrowed in August, pay for capital improvement projects and shore up the undesignated fund balance. A.C. Fisher Jr., Jim Brann, Jim Long and Chip Williams voted in favor. Richard Haynie was absent.
The county will borrow a total of $3,425,000, including $995,000 in a tax-exempt bond for capital expenditures and $2,430,000 for the other priorities, which will cost about $285,000 annually in debt service and $5,673,611 over the 20-year life of the loan.
According to Kyle Laux, senior vice president at Davenport & Company, the move was important to “make sure that we’re doing everything we can to….
