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City Council Approves Three Year Loan

The Terre Haute City council has approved obtaining a tax anticipation loan.

The vote last night was 5 to 3.

Property tax caps have put a squeeze on the city’s budget.

The state only sends property tax revenue to cities and towns twice a year and that could mean there would not be enough money to cover expenses like salaries for all city employees.

The loan covers expenses until the state pays up.

There is one big difference between this loan and others sought in the past.

This one is not due for three years instead of the traditional one year.

Every time a loan is originated there are fees that amount to close to $25,000.

The city will only have to pay those fees once over the next three years instead of every year.

It is now a 3 year loan that Mayor Duke Bennett says will save taxpayer dollars in the long run.