EDC’s line of credit fully paid off
by Franklin Clark, Reporter -- fclark@cadizrecord.com
Dec 11, 2013 | 88 88 recommendations | email to a friend | print
<i>Franklin Clark/Cadiz Record<p>
Cadiz Mayor Lyn Bailey (above) talked about his support of the EDC when the Cadiz City Council voted to pay half of the EDC’s $304,000 loan.</i>
Franklin Clark/Cadiz Record

Cadiz Mayor Lyn Bailey (above) talked about his support of the EDC when the Cadiz City Council voted to pay half of the EDC’s $304,000 loan.

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The entirety of a roughly $304,000 line of credit taken out by the Cadiz-Trigg County EDC (Economic Development Commission) from the Bank of Cadiz years ago has been paid.

At their meeting last Tuesday evening, Cadiz City Council members voted 4 – 2 to make a lump sum of about $150,000. Cadiz City Council members Manuel Brown, Todd King and Gary Polete voted to pay, while Susan Bryant and Frankie Phillips voted against.

Brown made the motion to make a lump sum payment, as opposed to making monthly payments. Magistrates on the Trigg County Fiscal Court voted unanimously the previous day to pay off the other half of the line of credit, also in a lump sum.

“I know that we’re not legally liable for this,” said Brown. “I feel like if we don’t pay our part of this loan to the Bank of Cadiz, then it’s going to affect the whole community. It’s going to affect jobs and different things.”

For the rest of this story, see this week's issue of The Cadiz Record or subscribe to our e-Edition by calling 270-522-6605.
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