Pike Township Needs Emergency Loan(posted Nov 10) The Pike Township Trustee will be seeking an emergency loan of $1,927,454 to cover the firefighting expenses by selling a one year bond note. According to Herschel Frierson of Crowe Chizek, part of the procedure requires the township to seek bids from financial institutions to receive the lowest interest rate not to exceed seven percent . Crowe Chizek is handling the bidding process. The bond sale is expected to take place on November 15. Frierson said the emergency loan has nothing to do with this year's reassessment that allowed taxpayers to pay their 2006 property tax bill instead of the 2007 bill, even though local government spending still relied on the 2007 budget. He said the public hearing process of the procedure is over, but the township board will have to approve an additional appropriation to spend the money. The board passed a resolution July 17 designating the need for an emergency loan. |