OLIVER, IL. (ECWd) -
The Clark-Edgar Rural Water District held a meeting on June 15, 2015. During the meeting, the agenda item for "Line of Credit" was discussed in length by none other than the Vice-President of Commercial Lending of Old National Bank in Marshall, and current Water District Trustee, David Sprigg.
In the below audio, Sprigg states that he put the Line of Credit paperwork together, but thinks it should go on the Water District letterhead "to be fair" and send it to local banks to bid on. He talks about a "Municipal Water District", which tells us he doesn't even know what statute this district falls under. He states that his bank can do 1 million dollars for 2.75% taxable, which makes it 2.1% tax free. He states he will get with the water district's attorney to discuss this further.
The CERWD's attorney should simply advise him to resign from his elected position as a Water District Trustee, and tell Old National they will not be getting this line of credit nor will they get the Bonds, due to the conflict of interest.
Trustee Sprigg discussing the Line of Credit during the June 15, 2015 CERWD meeting:
Previous articles here and here.