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Mayor Bennet Requests $5 Million Loan

Mayor Duke Bennett
Mayor Duke Bennett

Terre Haute mayor Duke Bennett has requested a $5 million “tax anticipation” loan from the city council.

The loan must be paid within three years and would be used to help the city with its general cash flow.

A loan approved by the city council in 2013 holds a 1% interest rate and is due by the end of December.

Some council members say a loan should not be granted with a deadline outside of the calendar year.  

Bennett stands by a three-year loan stating that it would eliminate expenses associated with a originating a loan each year adding that it costs the city close to $12,000 every time a loan is taken out.

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