Ortonville Village Council Special Meeting Minutes 2026-05-18
Village Council Approves Revolving Credit Line with Oxford Bank
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Description
Ortonville Village Council approved the application for a $50,000 revolving line of credit with Oxford Bank. The loan features a variable rate adjusting daily and is intended to cover short-term needs, primarily June payroll, with planned repayment using tax revenue.
Contract Details
Contract Amount
$50,000
Vendor
OXFORD BANK
Agency
Ortonville village, MI
Contract Type
FINANCIAL_SERVICES
Document Date
May 18, 2026
Contract Term
Revolving line of credit, duration not specified; discussed scenarios for 1 year
Renewal Info
No auto-renewal indicated; the loan is intended as a short-term line with flexible repayment, primarily to be paid with tax revenue when received.
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