Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the County Finance Borrowing topic
No spam. Unsubscribe anytime.
Washington County board sets public hearing on up to $25 million tax‑anticipation notes after debate over size
Summary
The Washington County Board of Supervisors voted to set a public hearing on issuing up to $25 million in tax‑anticipation notes for fiscal 2026 after supervisors debated the proposed amount and timing; county staff said the timeline is needed to meet December obligations and bond‑market procedures.
The Washington County Board of Supervisors voted to set a public hearing on a resolution authorizing the issuance of tax‑anticipation notes not to exceed $25,000,000 for fiscal year 2026, after a period of debate about the proposed amount and the need to move quickly.
Supervisor Shaw questioned the size of the proposed borrowing and said he did not support it in committee, asking whether the board had enough information to act. He said he worried the county could be "gambling with taxpayers' money" and asked, “Is there an urgency? Does it have to occur today?”
Brian, the county director, responded that the process to issue notes requires lead time. “Anything over a million dollars requires an official statement. So that process takes time. Then you go out to market,” he said, explaining that the county must set the hearing this month to allow a public hearing and final vote at the next meeting so the borrowing can close in time to pay a retirement bill in December. Brian also said market quotes change and recommended getting figures closer to the vote so the board sees current rates.
Several supervisors said they could accept setting the hearing so the county could meet procedural deadlines, noting that the next meeting would provide an opportunity to review final numbers and reject the borrowing if necessary. The motion to set the public hearing passed on a voice vote.
The resolution was introduced as Resolution No. 251; the board set the time and place for a public hearing and will consider final authorization at a subsequent meeting, when the county expects to provide market figures and an official statement required for borrowings over $1 million.
