City to borrow $5 million to pay for storm repairs, cleanup
COLUMBUS, Miss. (AP) — A Mississippi city plans to borrow $5 million to repair damages from a February tornado and flooding.
The Commercial Dispatch reports the Columbus City Council voted unanimously on Friday to borrow the money. City officials say storms did $9.3 million worth of damage to city property.
The Federal Emergency Management Agency will pay the city up to 75% of costs to repair parks and streets and remove debris. The state and city will split the remaining 25%.
The bond could be repaid over as long as seven years. Mayor John Robert Smith says federal reimbursement will repay as much as possible.
City attorney Jeff Turnage says FEMA won’t repay the city until the city pays contractors. The city plans to use some of the bond issue as a bridge loan.
Information from: The Commercial Dispatch, http://www.cdispatch.com