Friday, April 26, 2024 | St. Lawrence County, NY
OGDENSBURG -- City councilors approved borrowing $2 million Monday to ensure its bills are paid on time. The $2 million “Tax Anticipation Note” allows the city to borrow against taxes it plans to …
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OGDENSBURG -- City councilors approved borrowing $2 million Monday to ensure its bills are paid on time.
The $2 million “Tax Anticipation Note” allows the city to borrow against taxes it plans to collect at the end of the fiscal year.
Although the council says the city is not struggling financial, the loan will ensure money is available for operational expenses until it receives tax revenues.
City officials unanimously passed the resolution.
A similar resolution was passed in 2014 to ensure cash flow.
