City seeks line of credit
Published 9:37 am Wednesday, November 11, 2009
By By Kerry Whipple Bean
Times are not quite tough enough yet, but the City of Brewton is taking steps to remain solvent if revenue falls below expectations.
City Clerk John Angel told council members Tuesday that he sought bids for a revolving line of credit for up to $500,000 from local banks.
Angel said he would not actually use the line of credit unless he had the council’s permission, and it would only be available for up to a year.
Bank of Brewton had the low bid, offering 3.9 percent interest on up to a $1 million line of credit. Angel said the city would only need up to $500,000.
Councilman Dennis Dunaway asked Angel to include in the resolution approving the bank paperwork that the clerk would not seek the line of credit without going back to the council for approval.
In other business Tuesday: