CLEARFIELD – The Clearfield County Commissioners expect to face cash flow issues early on in 2019 and on Tuesday approved to proceed with obtaining a Tax Anticipation Note (TAN).
A TAN is a short-term note for a state or local government to issue with expectations of repayment with imminent tax receipts.
A TAN provides state and local governments with the ability to stabilize cash flows and to proceed with bills and projects immediately rather than waiting to have cash in-hand.
The county received proposals from four area banks, which included First Commonwealth Bank, CNB Bank, CBT Bank, a Division of Riverview Bank and Northwest Bank.
The lowest quote was from CNB Bank and was a tax-free rate of 2.74 percent. Solicitor Kim Kesner said the county had requested taxable rates to avoid hiring bond counsel to give a qualifying opinion that the obligation is tax-free and bank-qualified.
However, Kesner indicated that CNB was willing to waive that requirement. He recommended that the commissioners authorize him to notify the bank of their interest in the quote and to request a commitment that’s consistent with it, which they did.
Kesner said upon receipt, he will present the commissioners with the TAN commitment and resolution at a future board meeting to be held sometime in December.
The commissioners announced they will present the full 2019 county budget Tuesday, Dec. 4, then it will go on display for a period of 20 days. They also approved advertising a special meeting to be held at 10 a.m. Thursday, Dec. 27.
In other business, the commissioners:
- approved payment of the bills as presented by the Controller’s Office.
- approved the hiring of Amy Holt, part-time Telecommunicator/911, and Aaron Conaway, part-time Telecommunicator/911, both effective Dec. 10.
- approved the transfer of Jody Becker, part-time Telecommunicator/911 to full-time Telecommunicator/911, effective Dec. 4.
- approved the separations/retirements of Tiffany Wells, part-time Corrections Officer/Jail, effective Nov. 19, and William Rosinsky, CO/Jail, effective Dec. 3.
- approved the site-land lease agreement with Robert and Thomas Conway/Industrial Electronics at the request of Emergency Services Director Joe Bigar.
- approved an intergovernmental housing agreement with Centre County. It permits the county to house its prisoners at the Centre County Prison at the cost of $65 per prisoner per day. Clearfield County also has an agreement with Jefferson County at the cost of $55 per prisoner per day.
- approved school-based probation agreements with the Clearfield and DuBois area school districts.
