City puts Magnolia Bluffs money in short-term CD
Published: January 10,2013
Tags: budget, casino, certificate of deposit, city, convention, entertainment, gamble, gambling, gaming, government, hotel, investment, lodging, meeting, nightlife, restaurant, tourism, tourist, vacation, visitor
NATCHEZ — The Natchez Board of Aldermen is considering in motion to put the $350,000 the city recently received from Magnolia Bluffs Casino in a certificate of deposit.
The Natchez Democrat reports Alderman Dan Dillard made a motion to put money into a short-term CD until the board could finalize a plan for the money.
The funds are the final payment of the casino’s $1 million annual lease payment.
The board ultimately decided Tuesday to table the topic until a work session could be scheduled to discuss a plan for the casino money.
Dillard noted that the city has its first opportunity in a long time to set up a rainy day fund.
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