IN BRIEF: With this year's delays in the property assessment and tax calculation process due to legislated changes, the city of Conyers is taking out tax anticipatory notes to help with cash flows until tax revenues come in. The Rockdale County Public Schools system is taking out a TAN this year as well.
The Conyers city council approved on Wednesday taking out a $1 million TAN, with an interest rate of 3.25 percent, from United Community Bank until Dec. 31, 2011. The city has an approximately $13.18 million budget for this fiscal year.
Finance Director Isabel Rogers said on Wednesday that with the delay in property taxes this year the TAN would help the city in the months until tax revenues began coming in.
The Rockdale County school board also discussed on Thursday night taking out a $6 million TAN, with an interest rate of 0.884 percent, from SunTrust Robinson Humphrey until Dec. 31, 2011. The RCPS budget this fiscal year is approximately $127 million. The school board will vote on the TAN at their Sept. 18 meeting.
RCPS Finance Director Lee Davis said the school system TAN was not related to the tax process changes and that the tax bills looked like they would be due about the same time. Davis said the school system had last taken out a TAN about two years ago. Board member Darlene Hotchkiss pointed out the school system had been regularly taking out TAN loans about six or seven years ago.