Town to use sales tax collections to pay off loan from state

by Associated Press

Published: October 15,2012

Tags: agency, facility, funding, infrastructure, loan, Sales Tax, sewage, sewer, state government, tax, tax collection, taxpayer, town, trewatment, wastewater

SUMMIT — The Summit Town Council has agreed to divert more than $7,000 in monthly sales tax revenues to pay off a $1.4-million debt to the Mississippi Department of Environmental Quality, which is bankrolling the town’s new wastewater treatment facility.

Town Clerk Pat Whittington tells the Enterprise-Journal DEQ officials stipulated in their loan agreement with the town that the monthly payment of $7,186 must come from sales taxes.

Summit officials recently learned the DEQ, which recently approved plans for a new sludge-activated sewer plant, will float the town a $2.4-million low-interest loan to be paid back over 20 years. Additionally, DEQ officials agreed to write off $1 million of that loan.

The town also recently got a $600,000 Community Development Block Grant to help pay for the work.

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