City Council repays disaster fund

With Gustav ambling toward the Gulf of Mexico on Friday, the City Council voted unanimously to repay its catastrophe fund the $3.45 million it withdrew last month to refinance a land deal.

The council had decided in late July to withdraw that amount from its $6.8 million disaster fund to pay off a loan that had come due.

The original $3.45 million was borrowed from Vision Bank in 2007 and used to pay for about 2cm HALF acres at the northern terminus of Alabama 161.

City Council repays disaster fund