Council approve plan to create fund with BP oil spill money

BILOXI, Miss. (AP) — Biloxi officials have approved a plan to create a perpetual fund with its $4.1 million settlement from the BP oil spill.

The Sun Herald reports (http://bit.ly/1O13wni) the city council approved the plan on Tuesday to create an Economic Development Security Fund that could provide an incentive to draw new businesses to the city or help existing businesses expand.

Officials say the fund can be used to secure grants and loans from the Mississippi Development Authority and other local, state or federal agencies. Officials say it could also be used as upfront money to temporarily fund community promotions or special events, as well as to support city investment in public utilities.

According to the resolution, the fund can only be used on the condition that it can be repaid.

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Information from: The Sun Herald, http://www.sunherald.com

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