Cape Charles Town Council adopted a resolution authorizing the renewal of the line of credit with Atlantic Union Bank in the amount of 500,000.
Atlantic Union Bank is in the process of approving the renewal of the Town’s line of credit with the following terms and conditions.
- $500,000; Unsecured.
- Renewal fee and document fee have been waived. Liens, suits & judgements search fee of $26 will be charged.
- Variable interest rate at prime plus 0.5%, with a floor of 3.75% (no changes).
- Repayment on monthly basis; maintain a zero balance for a period of no less than 30 consecutive days during each 12 – month period.
- Annual review by Union Bank.
- No prepayment penalty.