Meeting Date: April 7, 2025
Title
State Cashflow Loans for Disaster Response Activities
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Summary:
summary
The General Assembly created the $100 million cashflow loan program under the Disaster Recovery Act of 2024, <https://www.ncleg.gov/sessions/2023/bills/senate/html/s382v4.html> which was passed Dec. 11, 2024. Its goal is to help local governments whose communities were devastated by Hurricane Helene while they wait for federal money to arrive. Administration of the program was assigned to DST. Rutherford County is eligible for a state cashflow loan based upon the FEMA Public Assistance Project Worksheets with NCEM as of February 2025. Rutherford County’s Round One Allocation is $1,836,665.98.
Attached is a copy of the memo from the Local Government Commission and the list of eligible entities.
In order to accept the loan, the County must execute the following and return to the NC Treasurer’s Office:
*Adopt the resolution approving the unit’s assumption of the loan obligation by entering into the Loan Agreement;
*Execute Loan Agreement and Promissory Note
*Complete wire form to Department of State Treasurer so funds can be sent to the County.
Management recommends adopting the resolution and authorizing county officials to execute the loan agreement and promissory note and other required information to complete the contract.
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Budget:
N/A
Contact Information:
Paula Roach, Finance Director
287-6348
paula.roach@rutherfordcountync.gov
Recommended Motion:
recommended action
Adopt resolution.