Council withholds final approval on $1.6 million loan that mayor says will cut debt payments by $11,000 per year
During an emergency meeting last Thursday afternoon, the Flomaton Town Council gave its tentative approval to Mayor Dewey Bondurant, Jr., to borrow about $1.6 million to consolidate most of the town's debt and reduce monthly debt payments by about $11,000 per month.
Bondurant said he sought proposals from Escambia County Bank, United Bank, Bank of Brewton and First Bank. He noted Escambia County Bank could not commit without more financial information but told the council United Bank had agreed to the loan of $1,557,890 for 15 years with a ballon every five years. The interest rate will be fix...
