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.

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