Seymour Redevelopment Commission will borrow up to $200,000 from the city’s sewer utility fund to help pay its bills through the end of the year.
The City Council unanimously approved the commission’s request to borrow the money interest-free until December, when taxing units typically receive their distribution of property tax revenue.
Money will be withdrawn from the account as needed up to a maximum of $200,000, according to the loan agreement. The loan must be repaid by Dec. 31, 2013.
There was no discussion of the matter during Monday’s meeting beyond its proposal by Councilman Lloyd Hudson and the ensuing vote to approve it. The loan had been rejected when presented to the council last month.
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