Roseland Moves to Borrow Money

The town of Roseland is in danger of running out of money.

On Friday, the Town Council approved a plan to borrow some $200-thousand to make ends meet.

Roseland will have to put up the Town Hall as collateral.

There are indications that some lenders consider Roseland to be a significant risk.

Discussions at the Town Council meeting indicate Roseland will be paying an interest rate in the neighborhood of nine percent.

About half of the $200-thousand would be spent to settle pending lawsuits against the town.

The rest would offset day to day expenses like payroll and utilities.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 7693872