Transit Authority to officially purchase Kelley on Thursday

The final transactions needed for the Cape Girardeau County Transit Authority to purchase Kelley Transportation Co. Inc. will take place Thursday, said Doug Richards, chairman of the transit authority board.

Richards plans to sign the contract for the $360,000 purchase after the Cape Girardeau County Commission votes approval of a loan guarantee to back up the sale. The loan guarantee, which commissioner Jay Purcell says will back up the loan for the sale and a line of credit of up to $300,000 for start-up costs, will help the transit authority receive a better interest rate for the borrowed money.

The transit authority should also learn Thursday whether the Senior Citizen's Services Fund Board, which already provides $55,000 annually for the transit authority operations, is willing to increase that subsidy by $40,000 during the life of the loan.

~Check out Thursday's Southeast Missourian for more details.