Questions were raised about this loan at the last two Cadiz City Council meetings about who is responsible for paying off the $304,000 loan. The EDC borrowed this money from the Bank of Cadiz, and the City has been asked to repay it.
Cadiz City Councilors have not made a decision one way or another – they want more information from the EDC and the Bank of Cadiz – but Cadiz Mayor and EDC member Lyn Bailey and Cadiz City Councilor and EDC member Todd King both said the City will help foot the bill.
“I think we’ll pay our part off … We don’t have any choice,” Bailey said.
“We’re obligated to pay it,” King said. “There’s some other things I’d like to say, but I will not say that. But we are … obligated to pay it, and we’re going to pay it.”
For the rest of this story, see this week's issue of The Cadiz Record or subscribe to our e-Edition by calling 270-522-6605.