Marion County Mayor David Jackson, right, and City Attorney Billy Gouger attend a meeting in this file photo.KIMBALL, Tenn. – City leaders unanimously approved loan terms from a local bank for Kimball’s $750,000 commitment to the Marion County Regional Institute for Higher Education.
The Kimball Board of Mayor and Aldermen voted recently to accept a bid for the city’s loan request from First Jackson Bank, which offered a 3.01 percent interest rate for 12 years.
Another option presented to the board by a local government agency would have given Kimball the money for seven years at a 2 percent interest rate.
The loan from First Jackson Bank will require a yearly payment of $75,391, City Attorney Billy Gouger said.
“The [other offer] would generate an annual payment obligation of approximately $115,883,” he said. “Obviously, the annual payment is significantly more but, of course, the savings is in the interest that you’re going to pay.”