Niles will try to borrow $4.8 million

NILES — City Council Wednesday voted to try to borrow $4.8 million for the city Wellness Center and a new pump station and waterlines.

Under normal circumstances, this would be considered routine, but the current crisis in the economy makes borrowing, through the issue of promissory notes, anything but ordinary.

City Auditor Charles Nader warned that tight credit raises the possibility that there will be no bidders for the notes.

“If nobody bids on [the notes], then we will have to pay it off out of our general fund,” Nader said. “We have enough money to cover, but we’ll only have a balance of $1 million left in the fund if we have to pay it ourselves.”

For more on this story, see Thursday’s Vindicator or vindy.com