City must make $600K convention center debt payment by July 1
Published 12:04 am Monday, May 9, 2016
NATCHEZ — The City of Natchez must make a $600,000 debt payment on July 1, but officials say cutting the check will not be a problem.
The 2006 Convention Center Refund Bond will require the sizable payment for the city’s debt on the Natchez Convention Center.
City Clerk Donnie Holloway said most of the funds are already in place, and the remainder is expected to come in over the next several months. Holloway said approximately $480,000 has already been collected for the payment, and Holloway expects the rest to arrive before July 1.
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“I’ve already calculated it up, I’m on top of it,” Holloway said. “The money will be there.”
The money for the payment comes from sales tax via the convention center and Convention and Visitors Bureau as well as from city property taxes.
Though Holloway said the Convention and Visitors Bureau has not been making regular payments to the city for rent on its city-owned Visitor Center space or for some expenses the city covers, Assistant City Clerk Wendy McClain said she is confident the CVB will be able to pay the city before the bond payment is due on July 1.
“We should be OK by the time it’s due,” she said.