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Schley County approves $1.5 million Tax Anticipation Note to ease short‑term borrowing
Summary
The Schley County Board of Commissioners approved a $1.5 million Tax Anticipation Note from People’s Bank to reduce reliance on short‑term borrowing; the motion passed with one abstention. Commissioners said the terms include extended payback options intended to break a cycle of rolling TANs.
The Schley County Board of Commissioners approved a $1.5 million Tax Anticipation Note (TAN) with People’s Bank on April 8, 2025, a financing step county officials said is intended to reduce repeated short‑term borrowing.
Douglas Jamieson, the county manager, told commissioners that People’s Bank offered extended repayment terms to help the county "break the cycle" of recurring TANs and that the bank would allow a reduced payment and interest terms in the first year to provide time to establish a repayment system. Jamieson said the arrangement was negotiated with the bank’s president.
Commissioner Jones moved to approve the TAN with a $1.5 million limit; Commissioner Harrison seconded. Commissioner Barineau abstained; all other commissioners voted in favor. The county record lists the TAN signers as Chairman Clark and Douglas Jamieson, consistent with prior TAN documents.
Commissioners did not adopt additional budget cuts or program changes at the meeting; Jamieson said the county will need to pair extended financing with increased revenue and longer‑term planning to prevent future reliance on TANs. The board scheduled a working session in May to examine budget figures and debt service planning.
The TAN approval was the formal action recorded on the April 8 agenda. No implementation schedule beyond signer designation was provided at the meeting.
