Calhoun Falls City Council met on Monday, December 17th. Business on the agenda included the Tax Anticipation Note Ordinance #2012-04.
Margaret McGee said the purpose of the loan was to hold the city over until tax money comes in during January.
McGee also said that First Citizens Bank had agreed to buy the note.
The portion of the loan attributable to tax money will be due April 15th 2013 and the rest due at the end of June.
The Council also heard the first reading on an Ordinance Amending the Business License Ordinance Provisions for Insurance Companies.
This Ordinance strives to make sure that the insurance tax reimbursement is in line with state law.
The Council accepted the amendment and the second reading will be heard on December 27 at 6:00pm.