County Commission Provides Major Bank Loan – The Clanton Advertiser

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Zachary Seifter / Staff Writer

The Chilton County Commission at its meeting on June 22 approved a resolution to provide a loan from Marion Bank in the amount of $ 10 million.

The decision was adopted by six votes to one. Commission chairman Joseph Parnell and members of the commission Jimmy Hardy, Darrell Bone, Matthew Mims, Joe Headley, Randall Kelly voted in favor of the decision to move the loan. Commissioner Allen Williams voted against the resolution.

At the previous meeting on May 25, it was decided to advance the loan commitments from Marion Bank, this decision made this commitment to receive the loan.

The money from the loan will be used to purchase property associated with the Alabama Farm Center. However, the commission is not required to immediately withdraw money from the loan. Until they borrow money, they will not owe the bank and will not pay interest.

“The idea was to more or less use this revolving line of credit,” said Commission Attorney Roger Bates. “So as we buy real estate and sell it for economic development, the loan will be paid back.”

Although the $ 10 million will be used to acquire property associated with the Alabama farming center, the commission will not immediately use it for this purpose. The Commission approved another decision during its meeting to use the money from the general fund to purchase Ellison’s property at Exit 212 of Interstate 65.

This decision was also adopted by 6 votes to one, with all commissions voting in the same way as when deciding on the loan.

The commission has balances in the general fund balance to make a purchase under certain contingencies. According to Parnell, if there are future needs for which they could use the money from the common fund, they will use the loan.

This will prevent immediate commissions from the loan and interest payments.

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