OTTAWA — You got no credit? No problem! You’re in a pickle and need more than a nickle? Franklin County Clerk Janet Paddock has your solution! And that was the case for four rural fire departments – Wellsville-Franklin Township, Pomona-Northwest, Pottawatomie-Lane, and Richmond – which had trouble getting the loans needed to buy the new emergency radios for the county’s new radio network because they had no credit history. Paddock said she and county administrator Derek Brown tried to find a solution that would satisfy U.S. Bank, which won the bid to underwrite the loans for all of the governmental entities buying radios for the county network. However, under state law, the county can’t guarantee the loans, Brown said. So the county’s bond consultant worked out an arrangement involving two lease-purchase deals, one for each department, and a backup conditional lease-purchase by the county for each department that has the effect of guarantying the loans, he said. County commissioners approved the work-around Wednesday.
Thursday, Oct. 12, 2 p.m.
