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Seymour Approves Measure to Borrow Money from Utility

The Seymour City Council voted Monday night to give initial approval to a plan that would allow city government to borrow money from the Seymour Municipal Sanitation Utility.

According to the ordinance, which passed unanimously on first reading, Seymour's property tax distribution will not be received until sometime in June. Under the proposal, the city could receive an interest-free loan from the utility for up to $5 million. The loan can be used to pay for city expenses and must be repaid in full by the end of this year. Mayor Craig Luedeman would have to sign a tax anticipation warrant prior to each draw down.

There was no word on when, or if, money will have to be borrowed to cover the city's expenses. A second reading of this ordinance is required before it can go in to effect. That is expected to take place during the Jan. 27 meeting of the Seymour City Council.

Last Updated: Tuesday, January 14, 2014 6:09:34 AM

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