City borrowing from gas fund to meet obligations
Published: January 7,2013
OLIVE BRANCH — Olive Branch officials will borrow $1 million from the city’s natural gas fund to meet financial obligations.
Mayor Sam Rikard tells the Commercial Appeal the funds would be repaid with interest once property tax collections come in.
It’s not uncommon for cities to take out tax anticipation loans. Officials may borrow from a bank or from their own city.
Olive Branch aldermen authorized loans of up to $2 million last year. Rikard says only about $450,000 was borrowed.
Officials expect the money as property taxes paid by residents are filtered through DeSoto County to the city through April.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Source: Bryant has offered Glenn McCullough MDA job
- College Board names Glenn Boyce as higher education chief
- TRANSITION AT THE MDA — Is Mississippi better off than it was 3 years ago?
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- Deepwater Horizon Five Years Later — Restoring the Mississippi coast starts with a strong foundation
- PHIL HARDWICK: The third grade reading gate, book buddies and school principals
- Chancery Court’s interpretation of ‘public use’ will guide ruling on Westin money
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- THE SPIN CYCLE — Key results from Pew’s social media survey