Franklin County to issue tax anticipation warrants

http://www.bentoneveningnews.com/news/20170518/franklin-county-to-issue-tax-anticipation-warrants

BENTON, IL – (Rick Hayes – Benton Evening News.  Please click link above for the full story.  Here is an excerpt below.

Franklin County’s most recent financial crisis has led the county board to take action for temporary relief.

The board on Tuesday approved a resolution to issue tax anticipation warrants purchased at a local financial institution at 3 percent interest, according to Treasurer Keith Jones.

What that resolution does is borrowing in advance of our first corporate tax installment that we will get in early September,” Jones said during committee meetings Monday. “The resolution is asking for $500,000 from the bank. You can borrow up to 85 percent of the levied amount, which is about $1.3 million. We could get $1.1 million.”