The Micro Fire Department has received approval from Johnston County Commissioners to refinance the loan on their fire station.
The Board granted the department tax exempt loan status so they can borrow up to $600,000 from KS Bank to refinance their building at 321 US Highway 301 in Micro at an interest rate of 2.75 percent over a 20 year period. When first constructed, the original loan was for $825,000 repayable over a 30 year term.
County Finance Director Chad McLamb had reviewed the proposal prior to Monday’s commissioners meeting and after discussions with the fire department recommended the financial proposal.
Even though the department has requested a 20 year loan, fire officials say they hope they can retire the debt in 15 years.