- Associated Press - Wednesday, July 20, 2016

VIDALIA, La. (AP) - 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 (https://bit.ly/29TaFaH) 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.

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Information from: Natchez Democrat, https://www.natchezdemocrat.com/

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