Libby City Council approves $60,000 loan for fire hall roof repair

The Libby City Council at its June 5 meeting unanimously approved a resolution to fund repairs to the roof of the Libby Volunteer Fire Department garage, which were finished June 8.

Resolution No. 1899 authorizes the city’s participation in a State of Montana Board of Investments Intercap variable rate loan program.

According to the resolution document, the loan is in the amount of $60,000 at an initial annual interest rate of 2.5 percent through February 15, 2018 and thereafter at the adjusted interest rate, plus up to 1.5 percent per year “as necessary to pay the cost of administering the program.”

The loan repayment dates are February 15 and August 15 of each year, with the last payment due Aug. 15, 2027.