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| A NEW PROPOSAL FOR MURDOCK VILLAGE |
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WENGNews writes, "A SPECIAL MURDOCK VILLAGE WORKSHOP WAS HELD ON WEDNESDAY IN COMMISSION CHAMBERS IN MURDOCK, WHERE COUNTY ADMINISTRATOR BRUCE LOUCKS ROLLED OUT A PROPOSAL THAT HE SAYS COULD HAVE THE DEBT PAID IN THE NEXT SEVEN OR EIGHT YEARS. THE COUNTY IS CURRENTLY PAYING OVER $16,700 DOLLARS A DAY INTEREST ON THE LOAN IT TOOK OUT TO BUY THE LAND EARLIER THIS DECADE, BUT LOUCKS PROPOSED THE COUNTY TAKE OUT A LOAN ON ITSELF FOR $29 MILLION DOLLARS FROM CASH RESERVES TO PAY OFF SOME OF THE $93 MILLION DOLLARS IN PRINCIPAL REMAINING. LOUCKS ALSO PROPOSED THAT IN 2010 THAT THE COUNTY USE AN UNALLOCATED PORTION OF THE PROPERTY TAX MILLAGE RATE, WHICH WOULD BE ABOUT .6 MILLS, THAT NORMALLY IS USED FOR CAPITAL PROJECTS TO SERVICE THE DEBT. COMMISSIONERS HAVE YET TO VOTE ON THE PROPOSAL, AND COMMISSIONER ADAM CUMMINGS EXPRESSED SOME RESERVATIONS, SAYING USING THE MILLAGE COULD AFFECT FUTURE ROADS AND BUILDINGS, WHICH COULD AFFECT TAXPAYERS. MORE DISCUSSION WILL TAKE PLACE NEXT TUESDAY."
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Posted on Mar 20, 2008 05:31am.
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