Alto approves loan for property

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Staff Writer
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Monday, December 14. 2009
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The Town of Alto is seeking a loan to cover the cost of buying property for a new city hall and police department.

At the monthly council meeting on Tuesday, Dec. 8, the Alto City Council unanimously agreed to apply for a $50,000 loan to pay back the city’s water fund for the purchase of property for a new city hall and police department. The council approved a loan application with Southeast Federal Credit Union at the rate of 4.5 percent interest for three years. The loan will be secured by a $50,000 Certificate of Deposit (CD) the city has.
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