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Northumberland approves $5 million revenue anticipation note to cover summer cash shortfall
Summary
The Board of Supervisors approved a $5 million tax and revenue anticipation note with First Citizens Bank at 4.09% to cover county cash needs through the fall and repay by Dec. 31, 2025.
The Northumberland County Board of Supervisors voted to approve a $5,000,000 tax and revenue anticipation note with First Citizens Bank & Trust Co., a fixed-rate loan at 4.09 percent that county officials said is intended to cover cash-flow needs until property tax revenues are collected in the fall and to be repaid by Dec. 31, 2025. Chair Tadlock put the financing before the board as a supplement and amendment to a resolution the board adopted on…
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