CAREY, Idaho (KMVT/KSVT) — The Carey City Council approved a resolution allowing Mayor Logan Davis to approach D.L. Evans Bank about a potential loan agreement and terms.
“We’re looking at a $90,000 loan,” Davis said.
Loan tied to state borrowing limit
Davis said under Idaho statute, the city can only borrow 75% of its total debt. In this case, that amount is $120,000.
“What it would do is provide that temporary relief of everything that has culminated to this point in time,” Davis said.
Land auction planned to cover remaining debt
In order to pay the remaining 25% of the loan, other pathways were discussed.
“The city is looking to declare certain property, it’s a residential lot, as surplus, and if that’s the case, if…