Authorize short-term borrowing to cover city expenses until tax revenue arrives
Resolution 116-09
In Plain English
The city collects most property taxes in December and April, but pays expenses year-round. This borrowing covers the gap between spending and tax collection. The city participates in a state program that offers lower interest rates than private loans.
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Votes
Approve consent calendar
7 to 0
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5 related items found by meaning
Authorize borrowing up to $30 million through tax anticipation notes
Authorize borrowing up to $15 million through tax anticipation notes
Authorize short-term borrowing to cover city expenses before tax revenue arrives
Authorize borrowing money through short-term notes until tax revenue arrives
Receive report on $2.5 million short-term borrowing from 2014
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