Tuesday, November 22, 2011

Port Authority rapped by state over rail payments

The Columbiana County Port Authority was cited by the state for failing to make required payments on a loan to rehabilitate a railroad that officials expect to sell by the end of the year.
Steve Cooper, president of the port authority board, reported at Monday's meeting that the routine state audit of port authority books for 2009 and 2010 resulted in a single citation each year for failure to make payments on the loan.
... After the port authority purchased the former Youngstown & Southeastern Railroad in 2000, the Ohio Rail Development Corp. provided a $2.1 million loan for rehabilitation of the 36-mile rail line. Continued

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