NATCHEZ, Miss. (AP) - The Natchez Board of Aldermen has voted to approve the advertisement for bids for a $300,000 loan to fund city operations until tax revenues start coming in.
The Natchez Democrat reports (http://bit.ly/QgoVJs ) the vote came at the request of City Clerk Donnie Holloway, who said the tax-anticipation note would be used to keep things running through December. The city will still have to receive bids from banks and accept a proposal before the loan is taken.
After the aldermen voted to approve the clerk's request Tuesday, Alderman Dan Dillard said the best way to understand the tax-anticipation loan is to look at it as the city borrowing from itself -in this case, revenues that the city will receive in February or March.
Information from: The Natchez Democrat, http://www.natchezdemocrat.com/
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