From the La Porte Herald-Angus:
The city of La Porte is expecting to pay more than $100,000 in debt interest this year because of the county's tax assessment issue.
Last night, the La Porte City Council voted unanimously to transfer $58,000 in unused monies to its debt service fund to help pay off outstanding interest due this December on its tax anticipation warrants, which were borrowed to meet payroll when taxes didn't come in on time.
It already has $100,000 appropriated to this end.
City treasurer Teresa Ludlow said she doesn't expect the city to need all of the $58,000, but she doesn't see it making it to the end of the year on the $100,000 already appropriated.
The warrants were monies borrowed to help solve cash flow issues when tax payments distributed by the county weren't coming on time the past several years.
As far as the warrants go, the city still has to pay back $1.1 million for 2010, $949,000 for 2011 and $3.8 million for 2012.
http://heraldargus.com/articles/2012/08/07/news/local/doc50207bf923b1f926347442.txt
