MOBILE, Ala. (AP) — Officials in Mobile say they will use federal stimulus funds to subsidize a loan they will use to buy four new fire trucks.
The Mobile City Council voted unanimously Tuesday to borrow $2 million from RBC Bank using the federal Build America Bonds program, which will reimburse 35 percent of the interest charged.
The Press-Register reports that Relya Mallory, deputy comptroller for the city, says the stimulus funds will help Mobile save about $300,000 compared with the usual method of buying trucks through a lease.
She says money for the purchase is already in the city budget.
___
Information from: Press-Register, http://www.al.com/press-register/
The Mobile City Council voted unanimously Tuesday to borrow $2 million from RBC Bank using the federal Build America Bonds program, which will reimburse 35 percent of the interest charged.
The Press-Register reports that Relya Mallory, deputy comptroller for the city, says the stimulus funds will help Mobile save about $300,000 compared with the usual method of buying trucks through a lease.
She says money for the purchase is already in the city budget.
___
Information from: Press-Register, http://www.al.com/press-register/
