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Council pays off city hall loan, early

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Council pays off city hall loan, early

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PAYNE SPRINGS–The Payne Springs City Council voted unanimously Tuesday to pay off the $175,000 loan that allowed them to construct their city hall at 19601 County Road 2529. Mayor Rodney Renberg and Chris Reed were absent during Tuesday’s monthly meeting, but the three-member gathering chaired by Mayor Pro Tem Dick Hoff man voted unanimously to pay off the loan. Hoff man said diligent city payments over the years had reduced the loan to roughly $13,700.

The loan was initiated Nov. 15, 2011 and was to last 10 years until 2021. So the issue bandied around during Tuesday’s council session was: Pay the debt off now or continue to pay in increments? “We have the money to pay it off and doing so would benefi t our monthly cash fl ow,” the mayor pro tem posited. The steady early pay down on the loan also saved the city interest on the loan by paying it off three years early.

 

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