Town to use sales tax collections to pay off loan from state
Published: October 15,2012
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Bids on reworking Interstate 55 stretch are rejected
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- ALAN TURNER: Education in Mississippi – good and bad news
- Hosemann to launch crowd funding program
- CFPB wants repay ability at center of new payday loan rules
- Terminal upgrade on indefinite hold at Jackson International Airport
- Answering the Bell: Interim Ole Miss law school dean well-regarded for directing hands-on clinical training
- JOSH MABUS: The Tao of Road House