The County of St. Paul will continue to guarantee a line of credit for the Elk Point Regional Allied Arts Society. According to information from County administration, the county and the Town of Elk Point have been guaranteeing the loan since 2008. The guarantee has to be renewed with a borrowing bylaw each year.
Div. 3 Coun. Cliff Martin asked if the Society has been using the loan. According to Div. 2 Coun. Kevin Wirsta, the loan is being used but they are in the process of paying it down.
“We’re just at $100,000 or $118,000. Right around there. So we’re trying to get rid of it real quick,” said Wirsta.
Reeve Steve Upham asked if it was necessary for the loan by-law to be at the maximum $300,000 written in it.
“Not that we are anywhere close to our maximum borrowing. But I mean, all those numbers impact your credit rating and what your flexibility is,” said Upham.
Div. 6 Coun. Laurent Amyotte said he didn’t think the Society was going anywhere.
“They’re not going to use it unless they have to. So I don’t think it makes any difference for us. We can pass it and maybe review it over the next year,” said Amyotte.
The County of St. Paul also approved a bylaw to borrow $7 million from Servus Credit Union to finance their operations until the taxes are collected. The money will be repaid by June 30.