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Tax Anticipation Notes

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August 19, 2002

The Dougherty County School Board signed off to finance 9 and a half million dollars in Tax Anticipation Notes. That is the smallest amount in 3 years. the school board borrows money until the end of December, when property tax money rolls in.

In 2000, the school board had to borrow 21 million dollars. Last year they cut it to 12 million. This year because of the build up of reserve funds, the amount is down again.

Dougherty County School Chief Financial Officer Robert Lloyd said "So we are borrowing a less amount for a shorter period, which saves the tax payers money."

The Dougherty School board voted to borrow the Tax Anticipation Notes from Wachovia Bank, with an interest rate of one point 6 percent.