The Fulton County government is taking out a short-term loan with an interest rate so low it's setting a statewide record, Finance Director Patrick O'Connor said.
The county commission voted unanimously Wednesday to issue $120 million in tax anticipation notes -- a loan taken out each year to bridge a cash flow gap until property taxes are collected -- with a 0.181326 percent interest rate through Bank of America. The county will save $1.27 million in interest payments compared to what was budgeted, according to a news release.
O'Connor said it's the lowest interest rate received by any county or city in state history.
"That's about as close to free money as I think you can get," commission Vice Chair Emma Darnell said.
Bank of America was the lowest of nine bidders who sought to handle the loan. The $120 million must be paid back by Dec. 31, and property taxes should be due in mid-November.
About the Author
