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County Pays Off TAN Debt, But Wants More
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CopyThe Meriwether County Commission voted 3-1 in a called meeting Friday to payoff two existing Tax Anticipation Notes (TAN) of $1.6 million and to seek bids on another TAN for $2 million.
The county currently has two existing TANs, one for $1 million and another for $600,000, but will use funds available to payoff those notes.
At the current time, the county has been receiving tax revenues and is financially able to pay the TANs.
The board will let bids for a $2 million TAN, but hopes it will not need the funds.
A TAN is like a credit line established for the county and funds can be drawn if needed, if not needed the credit line remains open and they would not incur any expenses for having the credit line.
If at some time in the future TAN funds are needed, any drawn downs would have to be approved by a vote of the commissioners before funds could be borrowed.
Copyright 2010 The Meriwether Vindicator, Greenville, Georgia. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from SmallTownPapers, Inc.
© 2010 The Meriwether Vindicator Greenville, Georgia. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from DAS.
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