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Fulton considers a $120 million loan

By Johnny Edwards
June 14, 2011

On Wednesday the Fulton County Commission will consider taking out a $120 million loan to bridge a cash flow gap until property taxes are collected, which could be as late as mid-November. The county would again issue tax anticipation notes, due to be paid back Dec. 31, with an as-yet undetermined interest rate. Bids will be received Wednesday morning.

Last year, the county received its lowest interest rate ever, 0.277143 percent, through Wells Fargo on a $120 million loan. The county is expecting to receive about $385 million in property taxes this year.

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Johnny Edwards, a member of the AJC’s investigative team, covers state and local government and private sector regulation.

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