A spokesman with the city of Atlanta said city officials had been waiting on Atlanta Public Schools to set its millage rate. A city council committee approved its rate Wednesday, and the full council is expected to approve it Sept. 8.
“We were ready and are ready,” Fulton Commission Chairman Robb Pitts said Tuesday. “But we need the others to come forward so we can get the bills out. And now they are being delayed. We’re delayed through no fault of our own.”
The AJC reported last week that Fulton officials blamed the delay of tax bills on the city of Atlanta not yet approving its millage rate. Atlanta wasn’t the only in Fulton without a final rate, but it makes up a large portion of the revenue because of its size and density.
Atlanta Public Schools is ready to take a $75 million bridge loan, and Fulton County Schools is arranging up to $45 million of short-term financing in case of a delay in collections
Called tax anticipation notes, these short-term loans help school districts solve cash flow problems. If APS took out the full $75 million it is approved to borrow and repay by Dec. 31, the district would owe $750,000 in interest costs.
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