New Castle News

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December 21, 2013

County borrows $3.4 million

NEW CASTLE — The Lawrence County commissioners Friday agreed to borrow $3.4 million to continue county operations until tax revenue is received.

At a special session yesterday morning, the three commissioners unanimously accepted the proposal of First Merit Bank, which offered to lend the money at 1.10 percent interest.

This was the lowest of four proposals received by the county. The proposals also were reviewed by Lawrence County controller David Gettings, who recommended the First Merit offer.

The commissioners had opened the proposals for the tax and revenue anticipation note Dec. 10.

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