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Council holds first reading on $2.5 million tax-anticipation borrowing ordinance
Summary
On first reading by title, council approved Ordinance 15-2025 to permit a tax-anticipation borrowing in a principal amount not exceeding $2.5 million to be repaid from 2025–26 ad valorem taxes; the measure was read by title only and advanced by voice vote.
The Calhoun County Council held the first reading by title only on Ordinance 15-2025 on July 14. The ordinance authorizes the insurance and sale of a tax anticipation borrowing by Calhoun County in a principal amount not to exceed $2,500,000 in anticipation of collection of ad valorem taxes for the fiscal year beginning July 1, 2025 and ending June 30, 2026.
Council moved and seconded the first reading by title only and approved it by voice vote. The meeting transcript records the title reading and the motion to approve first reading; no further substantive debate or roll-call tally was recorded.
As a procedural first reading, the ordinance was advanced for subsequent consideration according to the county's ordinance process.
