PANAMA CITY, Fla. (WMBB) — The Panama City Commission voted Tuesday to help facilitate an $11 million loan for the Panama City-based charter school University Academy. 

The agreement is considered conduit financing. Thanks to Panama City’s agreement, the school will pay less interest on the loan. 

City Commissioner Josh Street said the city will not be held accountable if the school defaults on the loan. 

“The city is 100 percent not responsible for any of the bonding we’re just extending and saying, yes, this is this is an entity that’s operating in a government component,” Street said. “And so, therefore, they have access to those specific types of lending.”

Street said while University Academy is not part of the Bay District School system, the commission’s job is to help all Panama City residents.