The City Council Thursday night unanimously approved a resolution to borrow nearly $2.8 million from utility reserve funds to finance city operations through December.
That’s when Anderson will receive its next property tax draw from the state, at which time the money will be paid back.
It’s part of an annual exercise many county and municipal governments go through this time of year to remain solvent so they can pay their bills.
Many communities have to borrow money from the Indiana Bond Bank at low interest rates to meet their obligations.
Anderson, however, will use money from storm water, water pollution control, water, and Municipal Light & Power reserve funds and won’t have to pay any interest rate.
“This will cover our expenses until we get our next tax draw in December,” Controller Sam Pellegrino told the council.
