Meeting Date: September 8, 2026
Title
Tropical Storm Helene Update
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Summary:
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State Cash Flow Loan -Amendment to Payment Terms
Rutherford County received three cashflow loans to assist with Helene recovery from the NC State Treasurer’s Office.
Received Payments to Date Balance Due
Round 1 $1,836,665.98 $1.00 $1,836,664.98
Round 2 $1,211,931.04 $1.00 $1,211,930.04
Round 3 $1,557,448.55 $1.00 $1,557,447.55
Total $4,606,045.57 $3.00 $4,606,042.57
Original payment terms were:
First anniversary date $1.00 per loan
By June 30, 2027 10% of loan
By June 30, 2028 20% of loan
By June 30, 2029 30% of loan
By June 30, 2030 40% (less $1) of the loan
Upon modification, the revised repayment terms, would extend repayment to the latest of June 30, 2030, final FEMA coverage determination, or receipt of FEMA reimbursement funds. These changes follow Session Law 2025-97 (Senate Bill 449). Additional information provided from NCACC regarding this option is attached.
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Budget:
N/A
Contact Information:
Paula Roach, Finance Director/Deputy County Manager
828-287-6348
paula.roach@rutherford <mailto:paula.roach@rutherford>countync.gov
Recommended Motion:
recommended action
Direct staff to submit the request to the NC State Treasurer’s Office to modify the payment terms so funds can be held to a later date to recover lost interest earning from FEMA projects and reimbursement timing with request to be signed by Chairman and County Officials in support of this action.