Commissioners award $1 million tax anticipation line to Northwest Savings Bank

The Cameron County Commissioners voted to award a $1,000,000 tax anticipation line of credit to Northwest Savings Bank, with a maturity date of June 30, 2026. The board discussed two proposals: Northwest Savings Bank(offering interest-only monthly payments at an annual interest rate of 4.66% with a $1,000 origination fee) and Citizens & Northern (a line maturing Dec. 31, 2026, at a fixed 5.25% annual rate with no origination fee).

Chair said staff prepared cash-flow projections comparing interest and fees and concluded the Northwest proposal would cost less over the likely borrowing window. "The interest rate was 4.66% annually with an origination commitment fee of $1,000," the chair said while explaining the analysis. Commissioners noted the county typically borrows only for the first four months of the year and that the Northwest maturity in June better fit that timing. After discussion a motion to award the line to Northwest Savings Bank was made, seconded and carried by voice vote.

Commissioners emphasized the award is a line of credit, not an obligation to borrow the full amount immediately. "We don't have to draw all of it. We can use it as needed," the chair said, noting last year's interest expense was under $10,000 in practice. The county will use the line only if cash-flow needs require it during the period before tax collections materialize.