Prattville pays off $17 million of debt - WSFA.com Montgomery Alabama news.

Prattville pays off $17 million of debt

PRATTVILLE, AL (WSFA) -

The city of Prattville is celebrating. In just 35 months leaders have dropped the city's debt by 26 percent.

In 2011 the debt had reached $65.2 million. By the end of 2013, leaders report they have paid off $17 million and the debt stands at $48 million.

Mayor Bill Gillespie says they took many steps to bring down the debt including implementing a furlough, reducing employee force, and increasing sales tax up 1 percent to 9.5 percent, which was renewed until the year 2031.

With a reduced debt the mayor admits talks are already in the works for future prospects choosing the fountain city to set up shop.

"It feels good. You have good debt and you have bad debt. So we pretty much have gotten our good and bad debt under control and our cash flow is good," Gillespie said.

The city's credit rating has been upgraded from an A- to an A. He says a better rating will help reduce interest rates on bond and help lure in new companies. The mayor also tells WSFA 12 News city sales tax revenue was up 7 percent last month.

Copyright 2014 WSFA 12 News. All rights reserved.

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