From the News Dispatch:
Members of the Michigan City Common Council voted 7-2 in favor of adopting an ordinance authorizing the city to borrow more than $12.8 million in tax anticipation loans. Voting against this ordinance were councilmen Ron Hamilton Jr. and Chris Schwanke.
These funds are necessary for the city to operate during the early months of 2014 due to a shortfall of funds caused by a delay in receiving La Porte County tax payments. As the county did not receive property tax payments as scheduled, the city did not receive distributions in sufficient time to operate within the 2014 budget.
Funds benefiting from this loan will be the general, motor vehicle highway, civic center, park and recreation, airport and cumulative capital development funds.
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http://thenewsdispatch.com/articles/2014/01/22/news/local/doc52df369fdda9c872794900.txt
