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Committee advances resolution to borrow against 2024 delinquent taxes, authorizes notes up to $210 million
Summary
A resolution authorizing issuance of notes, secured by a pledge of limited tax full faith and credit and a pledge on 2024 delinquent taxes, was advanced. The borrowing is sized conservatively and includes a 10% reserve fund; proceeds will be used to transfer funds to local taxing jurisdictions while delinquencies are collected.
The Ways and Means Committee advanced a resolution authorizing the issuance of notes in an amount not to exceed $210,000,000 secured by a pledge of limited tax full faith and credit and by a statutory lien on 2024 delinquent taxes that are transferred to the Wayne County Treasurer and remain uncollected, Craig Hammond, legal counsel to the treasurer, told the…
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