Vote split in half regarding million-dollar loan

“Are you going to borrow more money… or are you going to pay the fine?”
Councilman Donald

By Krystle Taylor

HUGO –– The vote to pass a resolution to incur a loan in the amount of $1,570,000 was split down the middle Tuesday evening during the regularly scheduled Hugo city council meeting.
According to Municipal Finance Services, Inc. advisor Rick Smith, BB&T Bank in North Carolina offered the city a loan for $1,570,000 at a fixed interest rate of 2.8% at a 15-year term. The monies from this loan would assist with approximately 10,000 feet of sewer repairs and the removal of derelict homes throughout the city, and would be paid back through a present sales tax that is not currently pledged (Ordinance No. 822: For streets, parks & rec., etc.).
For the full story, see the Friday, Oct. 20 edition of the Hugo News, or visit our E-Edition.

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