Grantham VFD gets approval for loan
By Andrew Bell
Published in News on November 22, 2006 1:45 PM
The Grantham Volunteer Fire Department is one step closer to receiving a $100,000 tax-exempt loan from Southern Bank and Trust after the Wayne County Board of Commissioners approved the issue Tuesday.
The money will be used to buy a replacement utility truck for the departmenttreasurer Mike Anderson said. It is the first new vehicle the department has purchased in five years.
Southern Bank and Trust Vice President Jerry said county commissioner approval is one of many steps the department must take to receive the loan.
The internal revenue code says a volunteer fire department can receive a tax-exempt loan if the citizens within that district have a public hearing on the issue. If the residents are in favor of the loan, the fire department can pursue it, Gardner said.
The fire department will hold the public hearing at 7 p.m. Nov. 27 at the fire station at 3430 U.S. 13 South. The fire department plans to repay the loan over 15 years.
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