Hinds seeks $1.5M loan to make payroll

The Clarion-Ledger, 1/6/9

Hinds County is taking steps to borrow $1.5 million to pay bills and make payroll until property taxes are collected.

The county has not had to take out such a loan before, but the weak economy and a tight budget make it likely to happen.

The Board of Supervisors voted 4-1 Monday, with District 4 Supervisor Phil Fisher dissenting, to advertise for bids from prospective lenders.

“This is really bad. It’s not a good idea,” Fisher said after the meeting.

Advertising for a loan “is a precautionary measure,” District 3 Supervisor Peggy Calhoun said.

It takes several weeks to select a lender, and starting the process means the county will be able to borrow the money immediately if there is a budget shortfall, she said.