CTA Wants Line Of Credit Extended - WLOX.com - The News for South Mississippi

11/07/04

CTA Wants Line Of Credit Extended

Leaders with the Coast Transit Authority plan to ask state lawmakers to extend its line of credit but before going to Jackson, the CTA is asking local leaders to jump on board.

On Monday morning, Transit officials will go before the Harrison County Board of Supervisors.

The Gulfport City Council has already said it'll back the CTA'S plan to borrow up to six million dollars when they meet with state lawmakers in January.

The CTA says it plans to pay the money back within 15 years.

Officials say the money could help pay for projects like adding retail space to the new parking garage in Gulfport.

Director Kevin Coggin believes this change would help the agency become more sufficient.

"In the long run it helps the taxpayer because then we're asking for less money from the taxpayer to operate the system and generating more of our own revenue," said Coggin.

Right now CTA can only borrow 10 percent of what it grossed the year before. That money must be paid back within three years.

By: Danielle Thomas

Powered by Frankly