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Council approves second reading of tax‑anticipation borrowing ordinance up to $2.5 million
Summary
On second reading, council approved Ordinance 2025‑15 authorizing a tax‑anticipation borrowing not to exceed $2,500,000 to cover short‑term operational expenses until tax revenues are collected; a public hearing was scheduled for the next meeting.
Calhoun County Council approved second reading of Ordinance 2025‑15 on July 28, authorizing a tax‑anticipation borrowing in a principal amount not to exceed $2,500,000 for the 2025–26 fiscal year.
Richard, the county administrator, told council the instrument is a short‑term borrowing based on projected tax revenue to cover day‑to‑day operational expenses before the county receives the bulk of its tax payments in November through January. He emphasized the note is not intended to fund capital projects, equipment, or buildings and is backed by tax‑revenue projections rather than specific county assets: “It is a tax anticipation note...for operational expenses only,” he said.
Council members noted confusion over the ordinance number on the agenda before proceeding; the body moved, seconded and approved second reading by voice vote. The council announced a public hearing on the borrowing ordinance at its next meeting to allow residents further opportunity to ask questions about the measure and its use.
The ordinance language authorizes borrowing up to the specified principal amount and directs staff to finalize terms and forms associated with issuance. The council did not record a roll‑call vote in the transcript and did not provide further details about interest rates, underwriters or an issuance timetable during the meeting.
