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August 31, 2014, 1:17 am
970 WMAY News

City Approves $15 Million Line of Credit for CWLP


Springfield aldermen have approved a new $15 million line of credit for City Water Light and Power.

 

The utility says that will give it the ability to do short-term borrowing that will allow it to make payroll and pay other bills at times of insufficient cash flow.

 

Alderman Joe McMenamin tried to amend the ordinance to require City Council approval every time CWLP taps the line of credit, but that amendment was voted down on a vote of 4-to-5.

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