Budget overages led to diminishing fund/cash balances, according to report
At their January work session, the board of commissioners accepted a bid from Regions Bank for a $6 million Tax Anticipated Note, or TAN, to help fund 2014 operations.
TANs are short-term loans, which for several years have been used by the Pickens government to cover operating expenses. They have also been the subject of much public criticism the past two years.
TANs are typically originated in the beginning of January and must be paid off no later than December 31 of the same year.
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