HomeMy WebLinkAbout1973 10-16 Greavu: Establish Loan Fund for Own Borrowing DISPATCH ___ ______
Greavu : Establish Loan
Fund for Own Borrowing
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te . w el 73
Maplewood has- been But Greavu was en- , Maplewood budget hear-
urged to build, tip a `''couraged by Councilman ing last week,- said he
$.500,000 f u n d so it 'Ton.Wiegert who noted: figures the fund is at
doesn't have to borrow "It has been done. .I've least oneyear away.
money and pay high in- read of other communi- "But I hope that by
terest rates. ties . . . who have done next year we can '-set
The 'proposal, ad- it." aside the one mill," he
vanced by Councilman 'There's a method for stated.
John Greavu, called for doing it," Village Man- ,A mill in Maplewood is
the-village to levy one ager Michael Miller add- currently worth about
mill annually and set it ed. "It's a good prac-' $93,000.
aside in a savings ac- tice." Manager Miller said
count. Greavu went on to de-• he would "look.into" the
Within five years. he' scribe his `proposal as proposal.
said, the village would "workable." "But right now," he
have$500,000. "Seven per cent inter- warned-, "our problem is
est, you know, is a lot of the levy limit."
Mp@WOOd money," he commented. His reference was to
p "We might as well 'col- the- state-imposed levy
- lect it as the next fellow. limit on munic-ipalities
Then, he asserted, the And we don't have to:
village can "b o r r o.w" pay taxes omit either."
money from it and pay.it He said the plan was
hack, minus the usual the equivalent of "for-
interest required by pri- ming our own (lending)
vate lenders. business."
"We could take care of "We could lend our-
our own problems." he selves money the need
suggested. "We won't for some improv e
have to worry about ants," he said, "like
bonding and all that." short sewer and water
"It'll be hard to dor" deals." •-
Councilman Don Olm- Greavu, who outlined
stead said. his views at the annual