Meeting Date: May 5, 2025
Title
State Cashflow Loans for Disaster Response Activities - Amendment to Loan Agreement Template
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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. At the April 7, 2025 meeting the Board approved a Resolution to Approve North Carolina Cashflow Loan Agreement, Promissory Note, and Associated Agreements. To address concerns counties raised about how to handle expedited funding under the loan agreement, the State Treasurer’s Office worked with outside counsel to finalize a template amendment to the Cashflow Loan Agreement to account for the expedited funding from FEMA. A resolution is included approving the amendment to the loan agreement. It is recommended that the Board approve the resolution.
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Budget:
N/A
Contact Information:
Steve Garrison, County Manager
steve.garrison@rutherfordcountync.gov <mailto:steve.garrison@rutherfordcountync.gov>
287-6060
Recommended Motion:
recommended action
Adopt resolution.