PETERSBURG, Va. (AP) — Petersburg has made a $1.4 million bond payment to the Virginia Resources Authority in an effort to prevent local government services from being shut down.
Virginia Deputy Secretary of Administration Gina M. Burgin tells the Richmond Times-Dispatch (http://bit.ly/2cyQ5vq ) that the funds were received Friday, about one week before the Oct. 1 deadline.
The VRA is a premier funding source for local government infrastructure financing through bond and loan programs.
Interim City Manager Dironna Moore Belton had previously warned the City Council that the failure to make this payment could result in a discontinuation of all services except public safety ones.
Petersburg continues to grapple with financial difficulties including a $12 million budget deficit for the current fiscal year and nearly $19 million in unpaid obligations.
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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
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