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Carroll County delegation authorizes treasurer to borrow up to $17 million in TAN line
Summary
The Carroll County executive committee voted to authorize the county treasurer to borrow up to $17 million under a tax anticipation (TAN) line, asking staff to return with past usage details and noting that an interest rate had not been set.
The Carroll County delegation’s executive committee voted to authorize the county treasurer to borrow up to $17 million using a tax anticipation (TAN) line, a move members said is intended to provide short-term liquidity for the county.
Miss Semens asked the committee for “a vote to authorize the county treasurer to borrow up to $17 million in tax anticipation,” and Representative Smith moved the measure, which Representative Mleair seconded. The motion carried unanimously.
Members asked follow-up questions about how much of the authorized TAN had actually been used in recent years and whether an interest rate had been set. Miss Semens said the county could provide exact past usage numbers on request and that a bank would supply loan terms after the delegation took this authorization step.
Several members noted the authorization grants the treasurer the ability to borrow; it does not set interest terms. “We don’t have an interest rate yet,” one member said. Officials said they would return with exact prior-year drawdown figures and complete application paperwork as the next step.
The committee approved the authorization by a 5–0 vote. No statutory citation or specific lender terms were offered during the discussion; members asked staff to provide the financial history and any forthcoming interest-rate information at a later date.
