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Council holds first reading of measure to authorize up to $55 million tax‑and‑revenue anticipation notes
Summary
CFO Kelly Diaz and advisors presented a first reading of an ordinance authorizing tax‑and‑revenue anticipation notes (up to $55 million) to bridge cash‑flow gaps from the state budget impasse; the proposal would use a PNC variable‑rate line tied to SOFR with an unused‑availability fee and maturity by Dec. 31, 2026.
At first reading, the county presented an ordinance authorizing tax‑and‑revenue anticipation notes in a maximum aggregate amount of $55,000,000 to address a timing mismatch created by the state budget impasse.
CFO Kelly Diaz said Delaware County covered roughly $36 million in state‑funded human‑services payments from July through September to keep providers running and that the proposed line…
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