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Oglesby Turning To Bank For Financial Help

Posted by wlpo on March 7, 2011

Oglesby Finance Commissioner Paul Danekas says he’s not going to be like the state and fall behind on paying bills.

Danekas and the rest of the city council approved an ordinance allowing them to borrow up to 700 thousand dollars from Illini State Bank.  He says the money is in case the city needs more cash to pay bills before property taxes come in a few months from now.

After catching some heat about borrowing money from people at last night’s council meeting, Danekas said the money is a line of credit, not a borrowing plan.  He says councils in the past have done the same thing.

Danekas shot down any rumors that they planned to raise water or sewer rates in the near future.

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