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By Gerald Ochs
Rappahannock News Wnter
At a meeting of the Washington Town Council held on May 1. members voted unanimously to accept an offer of a loan from the Rappahannock National Bank (RNB) for the financing of the Town's new reservoir. The loan offered by RNB Executive Vice President and CEO Michael Leake is in the amount of $200,000 at an interest rate of 4.15 percent per annum for a term of five years.
Council members discussed certain conditions imposed by the Bank, including a covenant that calls for the Town to enhance its deposit relationship with the Bank beyond currently existing levels'" and the Town's obligation to pay the costs of bank counsel and other related costs of closing."
Mayor Willis suggested that the Town provide the Bank with a listing of the rates that the Town currently
78.7%