Seymour considers borrowing $5 million

A money-crunch in Seymour has city officials there looking for a way to pay the bills.

The Seymour City Council is set to consider an ordinance during its meeting on Monday night to borrow five-million-dollars from the Seymour Municipal Sanitation Utility. According to the ordinance, the loan is needed because the city’s first property tax distribution payment won’t be received until June. The second payment is scheduled to be received by the city in December. The ordinance also says that the utility has the money available. If approved by the council, the money would be transferred to the city’s General Fund and Parks and Recreation Fund for the payment of city expenses. The Seymour Municipal Sanitation Utility will be reimbursed, no later than Dec. 31, 2016, after the city receives its property tax payments.

The Seymour City Council meets Monday night at 7 p.m. inside Council Chambers on North Chestnut Street. You are encouraged to attend.