Vidalia to borrow up to $6 million
posted Wednesday, December 12th, 2012 @ 2:11 pm
The Vidalia Town Council agreed Tuesday night to borrow up to $6 million to help cover financial operations during the period of low water on the Mississippi River.
Mayor Hyram Copeland said the town will seek the funding through state bonds, adding that money will be drawn "only as needed."
"This has happened before," he said. "We did this in 2001 to cover us through a low water."
Copeland said low water stages on the Mississippi River have impacted the operations of the Sidney A. Murray Hydroelectric Plant on Old River. The town receives quarterly royalties which it uses for operations and paying salaries.
He said the town has missed one quarterly payment due to the low river stages.