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Vidalia to Seek $3.5 Million in Credit

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Jimmy Emerson
/
Flickr.com
The town of Vidalia ended the 2015-16 fiscal year $4.9 million in the red.

The Vidalia Board of Aldermen has voted to seek a line of credit to borrow up to $3.5 million to keep the town's government operating.

Mayor Buz Craft tells The Natchez Democrat the town would go before the state bond commission to get a line of credit to get a loan from Concordia Bank and Trust at a rate of 1.5 percent.

Craft said the town would have until March to pay back the funds or renew the line of credit for the remaining balance. The town had a $4.9 million deficit in the 2015-16 fiscal year which ended June 30. The annual budget was $37.3 million.

Craft says the town owes vendors - which provided services to the previous administration - approximately $1 million.