Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 1 · column 5 of 6 · from the scan, no model involved
Loan covers
shortfall
By SHARON KILPATRICK
Rappahannock New* Staff Writer
On Feb. 15, Rappahannock's Board of Supervisors voted to borrow $200,000 at 11 percent interest from the Rappahannock National Bank for five days to meet a temporary cash shortfall.
County Administrator John McCarthy explained that the cash flow problem occurred because the county had to meet a Feb. 17 payroll and had a certificate of deposit with the bank earning 9.13 percent interest that would not come due until the following Monday, Feb. 20. To cash in the CD early would cost the county $1,500 in lost interest, while the cost of borrowing for five days was $316.
Jackson District representative Ellis Bingham asked why the county didn’t establish a $250,000 line of credit with the bank to take care of such problems in the future. Mr. McCarthy replied that, under state law, the supervisors cannot put the county in
See LOAN, p. 16
86.5%