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City Discusses Raising Money Methods for Rolling Mill Project

June 9th, 2016 by WCBC Radio

The city of Cumberland is moving forward to generate funding for the controversial Rolling Mill commercial development project. On Tuesday the Mayor and Council voted to utilize General Obligation Bond Anticipation Notes to raise $3.5 million for the project, which is officially known as the Maryland Avenue Redevelopment Project. City Administrator Jeff Rhodes said the Bond Anticipation Notes allow the city to raise the money for a three-year period, as opposed to other borrowing methods that would force the city to pay back the principal over a much longer term. He said the short-term notes could be paid off early if an influx of income, such as state grant funds, are received:





 

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