Sunday, August 03, 2008
By RYAN DEZEMBER
Staff Reporter
ORANGE BEACH — With revenues running well below projections this year, city officials have taken numerous penny-pinching steps, from curtailing spending, foregoing new hires and reducing its sponsorship of local events.
The latest move to save money came Thursday when the City Council dipped into its $6.8 million disaster fund to enable the refinancing of a 2007 loan used to buy about 2cm HALF acres on Wolf Bay.
The council voted 5-1 to withdraw $3.45 million from the fund to pay off the land purchase and to replenish the emergency money later this month with proceeds from a pending bond issue. The move could save the city around $10,000 in interest on its original loan over the next three weeks and at least $75 a day once the amount is repaid, city officials said last week.
Continued - Mobile Press-Register
