PANAMA CITY, Fla. (WJHG/WECP) - Bay County has borrowed millions to cover the costs of Hurricane Michael recovery; $150 million to be exact.
At Wednesday afternoon's Bay County Debt Committee meeting, county representatives discussed borrowing another $100 million which would bump up the total amount the county has borrowed to $250 million thus far.
But that's only about half of the $450 million estimated for total recovery costs.
The county's financial advisor presented several debt proposals at the meeting, but the committee eventually agreed on the suggested offer--a three-year $100 million line of credit provided by PNC Bank.
So does this mean local residents will see a hike in taxes?
"Unfortunately, it is an option that may have to be considered. But that predominately will be associated with loss of revenue as a result of devaluation or property value, not so much associated with the expense of this response and recovery," said Bay County's County Manager, Bob Majka.
Majka said county commissioners will officially vote to begin proceedings for the new loan at the county commission meeting April 2.
As for some of Bay County's cities, Panama City has accrued about $50 million of debt since Hurricane Michael. Callaway has accrued about $5 million, Springfield has accrued about $9 million and Parker about $6 million.