Oak Island working to pay off nearly $100M debt - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Oak Island working to pay off nearly $100M debt

OAK ISLAND, NC (WECT) - The Town of Oak Island is still working to pay off nearly $100 million debt from a sewer system installed in 2004.

At Wednesday night's meeting, town council voted to raise all utility fees by 11.75 percent over the next three years.

In addition, the town will be transferring $3.5 million from occupancy tax funds to the pre-paid assessment fund to cover waste water project.

According to Mayor Betty Wallace, the assessment fund was completely depleted because it was used to pay for construction costs on the sewer system.

This move will allow the town to access the remaining cash in the assessment fund.

If all goes according to plan, Wallace says these two steps allow the town to meet their bond covenant for fiscal year 2014.

Copyright 2013 WECT. All rights reserved.

Powered by Frankly