County Accepts TAN

On January 20th, County Commissioner Robert Jones called a special meeting to accept a Tax Anticipated Note (TAN). A TAN is a loan that a state or municipality accepts in order to provide tax relief for any circumstance the municipality may need. For example, a municipality may use a loan for a tornado or other natural disaster relief.

“There were four banking institutions that had bid on this process,”

Jones said. The four banks were Royal Bank of Canada, Wells Fargo, Jasper Banking Company, and United Community Bank. Jones said,

“Wells Fargo won the bid at 1.4%.”

The amount of the loan accepted was for $6,000,000, and is a one-time draw out fund. Jones said that the loan has to be paid off by Dec. 31st of this year and only plans to use it in case of emergencies.