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Ocilla council approves $450,000 tax anticipation note at 2.05%
Summary
The Ocilla City Council authorized a Tax Anticipation Note (TAN) for up to $450,000 at a 2.05% interest rate with Planters First after receiving matching bids from two banks. The vote was unanimous.
Mayor Horace Hudgins presided as the Ocilla City Council on Feb. 1 approved a Tax Anticipation Note (TAN) for up to $450,000 with Planters First at a 2.05% interest rate.
City Clerk Lucile Middlebrooks reported that she had received two interest bids for the TAN — from Ameris Bank and from Planters First — and that both bids were quoted at 2.05%. On a motion by Councilwoman Mona Paulk, seconded by Councilman Lemora Moses, the council voted 5-0 to proceed with the TAN with Planters First for the stated amount and rate.
The action authorizes short-term borrowing of up to $450,000 at the submitted rate; the minutes record the lender and rate but do not specify further loan terms, fees or the intended draw schedule. The council’s recorded vote was unanimous.
The council took the TAN vote during its regular meeting after the clerk presented the bids. No additional public comment or staff presentation about alternative financing options appears in the minutes. The council then moved on to property bids and other agenda items.
The approval is recorded as a motion adopted at the Feb. 1 meeting; the minutes do not list specific repayment sources beyond the TAN amount and the quoted interest rate.
