Ruston to Borrow another $20 Million

Ruston’s long-term debt load will increase by $20 million, if an ordinance that will be introduced at Monday’s meeting of the Ruston Board of Aldermen is enacted.

The debt’s interest and principal will be paid from the proceeds of the recently enacted 1.75% sales tax on restaurants and hotels.

The borrowed money is for projects related to the sports complex now under construction on South Farmerville Street.

See here the proposed ordinance.

Another agenda item is an amendment to the restaurant/hotel tax district that adds several new businesses and deletes two that have either relocated or closed.

See here the proposed amendment.

The meeting is set for 5:30 PM, Monday, February 4, at Ruston City Hall, 401 North Trenton.

Here’s the complete agenda.

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3 Responses to “Ruston to Borrow another $20 Million”

  1. Anonymous Says:

    Deeper and deeper the Walker pot of debt grows. Where it stops nobody knows.

  2. Anonymous Says:

    WOW!! Why $20 million. The Mayor said the total cost for all the Phase II projects was about $11 or $12 million. He made these comments at the 1st Historic Fire Station public meeting. Was that an amount he just pulled out of his “.ss”” or does he need an $8 million slush fund. Note to Mayor Walker: PLEASE DON’T LIE TO US. We will be watching the audit to see if this money is spent for designated purposes ONLY. Some people are confused… if someone is lying, a crook or just a poor manager.

  3. Anonymous Says:

    You are right about that. Walker did say it. But this latest news is not surprising and even expected. There is no end in sight.

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