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Tax Anticipation Notes

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    Posted: Oct 21 2014 at 10:45am
Middletown school district to borrow $3.5 million
By Rick McCrabb

Staff Writer
It will cost the Middletown City School District between $40,000 to $50,000 to borrow and pay back $3.5 million in Tax Anticipation Notes (TANS), said Randy Bertram, the district’s treasurer.

He said the district has about $7 million in cash flow, but won’t receive additional tax receipts from the Butler County Auditor’s office until March or April 2015.

“It’s timing,” he said.

He expects the district to purchase the bonds in early December, and pay the money back by May 1, 2015. He said the money must be paid back within the same fiscal year. He said the money will be used for the operational needs of the district.

Bertram hopes borrowing the money is a one-time occurrence because the district expects to make additional budget cuts. If the district needs to borrow money again next year, he anticipates needing about $1.75 million.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote VietVet Quote  Post ReplyReply Direct Link To This Post Posted: Oct 21 2014 at 11:47am
Just gave them the bond money for their new school. Now, an early notice sales pitch hint by the school people with their endless barrage of money requests from the money starved taxpayer........and the voters keep giving them what they want without holding any of these people accountable for anything. Unbelievable. Do the school supporters ever get tired of being used by this poor performing investment? If a new levy is proposed at some future date, isn't it about time to draw the line in the sand folks? Have you considered what you are getting for your money?
I'm so proud of my hometown and what it has become. Recall 'em all. Let's start over.
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