The Silverhill Town Council passed a Resolution (#424) to establish a 1 year revolving line of credit (@ 4.95%) with Vision Bank of Robertsdale to fund construction of a sidewalk along state highway 104.
Mayor Wilson: " (Its) a 100% funded grant . . . we pay the contractor . . . when we get the canceled check back . . . send a copy to the Feds . . . when they ok everything (they) reimburse us automatically . . . (we) have to pay 4.6 % interest . . . for about 4-6 weeks to get (our) money back . . . through the system."
The Resolution passed unanimously.
The Silverhill Town Council passed a Resolution (#424) to establish a 1 year revolving line of credit (@ 4.95%) with Vision Bank of Robertsdale to fund construction of a sidewalk along state highway 104.
Mayor Wilson: " (Its) a 100% funded grant . . . we pay the contractor . . . when we get the canceled check back . . . send a copy to the Feds . . . when they ok everything (they) reimburse us automatically . . . (we) have to pay 4.6 % interest . . . for about 4-6 weeks to get (our) money back . . . through the system."
The Resolution passed unanimously.