Mayor LaToya Cantrell's administration is setting plans to secure a $100 million line of credit to help it weather a dramatic drop in revenue caused by the coronavirus pandemic.
Chief Administrative Officer Gilbert Montaño told City Council members on Tuesday that the line of credit, which will be up for a preliminary vote on Thursday, could provide a needed backstop if there are still gaps that need to be made up.
Officials say the loan is expected to cost the city between $6 million to $8 million each year over a 15-year term.
The council is expected to give the administration permission to move forward with that plan on Thursday, though additional approvals would still be needed before the city could take out a loan.
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