Pickens Approves $6 Million TAN

After accepting a bid from Wells Fargo last week, the Pickens County Board of Commissioners approved to accept a $6 million TAN during a special called meeting this afternoon.TANs are short-term loans typically used for unexpected expenses, which must be paid back in full by year-end. Last year, Pickens County also received a $6 million TAN at a 1.5 percent interest rate and used it in full. This year’s TAN has an interest rate of 1.6 percent. During today’s meeting, Commission Chair Robert Jones said that although the county takes out a $6 million note doesn’t necessarily mean that the county will use the entire amount. District 2 Commissioner Becky Denney was absent today. District 1 Jerry Barnes made a motion to accept the bid and Jones cast the second vote for the approval.