Officials in Florida’s Panhandle have agreed to take out a $50 million loan to help pay for Hurricane Michael-related bills until federal reimbursements are received.
The Panama City Commission approved the measure Monday, calling the loan a “necessary evil.”
City Manager Mark McQueen told officials that it will cost between $60 and $80 million just to cover debris pickup and security measures.
The News Herald reports officials hope to repay the loan with the reimbursement. Bay District School, Bay County and other municipalities in the area hit by Michael on Oct. 10 are also considering similar measures.
They’re borrowing the money from PNC Bank.
McQueen told commissioners the hurricane is expected to put a “great strain” on the city’s budget.
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Why Brokers Have Little to Fear and Everything to Gain From AI 
State Farm Paid a ‘Hail’ of a Lot of Claims in 2025 
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
