Loan to cover shortfall

INDEPENDENCE — Despite borrowing $1.6 million to pay the bills this month, Grayson County officials insist the county is not going broke.

In a special called meeting last Thursday, the board of supervisors approved a resolution allowing the county to borrow $1.633 million from Grayson National Bank with a repayment term of 60-days.

“This loan addresses a shortfall in cash flow,” said County Administrator Bill Ring. “This does not reflect on the budget... in fact, the budget is quite healthy.”

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