Montgomery Trustees voted unanimously Monday night to call a loan that was issued to a Montgomery business in 2017.
The board went into an executive session mid-meeting and re-appeared, taking a 5-0 vote without any discussion, following a brief explanation by Village Attorney Laura Julien who said the loan the village will call was issued to LINE-X Linings of Montgomery, a company that provides protective coatings and truck accessories.
WSPY's Tyler Bachman then spoke with attorney Julien, inquiring about why the loan was being called?
According to village board minutes from November of 2017, the Montgomery Development Fund Committee recommended a $43,500 low-interest loan that was approved by the village board and was issued to LINE-X to be used for spray equipment.
The loan period was for five years to be re-payed with a fixed interest rate that was yet to be finalized. Trustees also approved a $10,000 forgivable loan to the business to be used for exterior signage.
The loan called Monday was among the first issued when the village enacted the development fund in September of 2017, replacing a revolving loan fund that had been in place running on state grant dollars since the 1980's.
In other items at Monday's meeting, trustees commented and asked a few questions about recent work done to Aucutt Rd. Aucutt Rd. was closed down for a couple of days last week, due to storm damage that knocked down power lines.
Trustee Dan Gier asked whether the storm caused any damage to the newly done work. This was Montgomery Public Works Director Mark Wolf.
Trustee Steve Jungermann also thanked Commonwealth Edison for restoring power. He said roughly 1600 homes lost power for about five to five and a half hours.