Intermodal Talks Money, Large Note Coming Due
November 6th, 2015 by
According to SalineRiverChronicle, during a meeting that lasted a little over one hour, the Southeast Arkansas Intermodal Authority had a detailed discussion of how the Authority will pay off an estimated $600,000.00 to $700,000.00 loan that will be owed once all state and federal grants are expended.
It was obvious from the discussion that the cities of Warren and Monticello and the counties of Bradley and Drew are being counted on to pay off the loan. According to the ordinances adopted by each creating entity, there is no obligation of funding required by the cities and counties unless so appropriated by the individual governing bodies. It has been reported that the cities of Warren and Monticello and Drew County have budgeted money for payment during the fiscal year 2015 and all plan to contribute as budgeted. Bradley County has budgeted no money for 2015. There is no where near the amount estimated to be owed currently agreed to by the four local governments. The full note is due in early November, 2015.
The Authority’s financial report listed the following as being owed by each entity as of October, 2015:
Monticello-$72,540.37
Warren-$103,887.91
Drew Co.-$160,983.14
Bradley Co.-$190’883.67
The board was told a bill was going to each entity requesting payment.
The rest of the story is posted at SalineRiverChronicle.com.
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