HAZELTON, Pa. (AP) - Hazleton City Council will consider the mayor’s proposal to temporarily move $1 million from the pension fund to meet payroll revenue and pay off bills.
The Hazelton Standard-Speaker reports (https://bit.ly/2w3dDaa ) the council will consider the resolution Tuesday. Mayor Jeff Cusat says he’s asking for the temporary transfusion, as the city’s general fund faces a shortfall for the foreseeable future.
The $1 million loan must be returned to the pension account by the end of the year.
The city borrowed $500,000 from the pension fund in 2016 and restored the account in full, with interest. The administration also borrowed $1 million from the fund to pay cover operational costs at the beginning of this year - and repaid the account, with interest.
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Information from: Standard-Speaker, https://www.standardspeaker.com
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