County Gets Six Million Dollar TAN

Pickens County accepted a bid for a Tax Anticipated Note (TAN) today. TANs are loans that must be paid back in full by year end. In the commissioner’s meeting last week, Sole Commissioner Robert Jones fielded questions about the county’s use of these loans. A citizen noted that TANs were not used in 2006 and 2007, but have been used every year since 2008, with the amount increasing each year. Jones paralleled the use of the loans with the incremental worsening of the economy. In last week’s meeting, though, Jones confirmed the county has enough money to pay off the 2012 TAN. But, citizens were concerned about the level of spending reflected by these loans.

“We are trying to wean ourselves off of that (the TAN),”

Jones said, adding that in order to do that the county must build the fund balance, which takes some time.

In an email to FYN today, Jones confirmed that the county gave the bid for the 2013 TAN to Wells Fargo Bank. The amount of the loan, he said, is $6 million at a 1.6 percent interest rate.