The City of Washington recently received a $3.6 million loan from UMB Bank of Kansas City, Missouri. 

The General Obligation Capital Loan Note to fund projects going on in Washington will cover $105,000 toward police and fire equipment, $820,000 toward the MSJ Project, now known as the Country Club View Project  a subdivision, $820,000 for the NLW Plat 2 Subdivision and $1.8 million for the water project.

Administrator for the City of Washington Deanna McCusker explains the importance of the City’s A plus credit rating, “That means we have low debt, we are very good at balancing our budget. This does absolutely reflect on the whole city. It’s less money we’re paying in interest because of the interest rate, and we are not a risk factor. We are not a high risk. We had seven people bid on this loan, which is usually it’s not that many usually. So that’s very good for the City of Washington.”

Closing on the loan will be in September and the different departments will receive their funds shortly after the closing. 

Tax Increment Financing (TIF) dollars will be used to pay off the loan.