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OAKRIDGE - On the brink of municipal bankruptcy, the City Council on Thursday voted unanimously to seek a $500,000 tax anticipation note to keep the city solvent until property tax revenues arrive in the fall.
Because the city didn't get its first revenue check until April 2006, the vendor helped finance a tax anticipation note for $10 million.
The city plans to ask Siuslaw Bank for a tax anticipation note to help it make payroll until tax revenues are received next year, Zimmerman said.
Tenders are invited for tax anticipation note (tan).
Tenders are invited for Provision of Tax Anticipation Note (Tan)
If the levy passes in May, the council could elect to restore the positions effective July 1, when the city expects to take out a Tax Anticipation Note, borrowing against expected 2005 tax revenues, noted acting City Recorder Mitzi Colbath.