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City to take out loan to balance budget

NATCHEZ — The Natchez Board of Aldermen has voted unanimously to take out a $650,000 tax anticipation loan to balance the city’s 2009-2010 fiscal year budget.

City Clerk Donnie Holloway tells The Natchez Democrat that the loan is needed to cover payroll and insurance expenses through December.

Holloway said the city took out a $1.3-million tax anticipation loan to balance the 2007-2008 fiscal year budget.

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