Floyd County Commissioners approved a resolution to issue a TAN (tax anticipation note), which is a type of short-term loan for $8.1 million Tuesday night.
“This is to help us manage cash flow through the rest of the year,” said County Manager Jamie McCord. “We accepted a bid offering $8.1 million at an interest rate of 3.54%. The total interest cost will be about $109,917, with an additional $26,000 in issuance costs. The loan must be repaid by December 19, 2025.”
Commissioners said that the TAD is needed to offset short-term fiscal needs.
