1) Maximum length of time of loan will be twenty (20) years. Minimum term of loan will be five (5) years to be determined by the amount of loan and purpose.
2) Minimum loan amount will be $25,000. The maximum loan amount will be determined on a case-by-case basis when considering funds available for loans and a company’s ability to repay.
3) Payback will be established through county prepared amortization schedule based on semi-annual payments.
4) Money must be used for one of the following:
a. To finance the construction of additions or improvements to buildings and facilities including the preparation of plans, drawings, and specifications and the development of the grounds and landscaping thereof, and all customary permanent appurtenances, furnishings, and equipment appropriate to the full use thereof. Buildings and facilities for fundraising activities do not qualify for these loans.
b. To purchase firefighting and emergency-related equipment, including vehicles and any other equipment related to the provision of emergency services in Carroll County.
5) The interest rate on the loan will be the rate the county must pay.
6) No penalty will be assessed for prepayment of the loan.