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Government

Borrowing to Pay Its Bills

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Rock Island County is going to borrow some money to make sure it can pay its bills early next year. Tuesday night, the county board approved issuing tax anticipation warrants for up to 2 million dollars.

Finance committee chairman, Don Jacobs, says state law allows the county to borrow up to 5 million, but with a loan from another fund, 2 million should be enough. 

Once tax payments start coming in, then the county can start paying back the loan. 

Jacobs says there's probably enough money for payroll and other bills for January and February, but the county will need to start using borrowed money by March.
The Rock Island County Treasurer will now ask for bids from banks that would be interested in loaning the money - he says last year, the interest rate was 2 per cent.