Port authority votes to accept $3.6M loan from Cocopah Tribe
Posted: Tuesday, November 29, 2011
The Greater Yuma Port Authority
voted 5-0 to accept a $3.6 million loan from the Cocopah Tribe
, The Yuma Sun reported.
The tribe offered the loan at 6 percent interest. The money will help the port pay off an existing $3.6 million debt.
The loan requires the port to deed 13.64 acres to satisfy the interest on the loan, estimated to be about $900,000. Another 226 acres will be used as collateral for the loan itself.
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Port authority accepts Cocopah loan agreement
(The Yuma Sun 11/29)
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