The Wayne County Commission voted last week to sell $60 million in tax anticipation notes to help the struggling county cover cash shortfalls through the end of September. The notes will be backed by property tax bills.
“This is a crisis,” Commissioner Bernard Parker was quoted as saying in local media reports. “Some adjustments need to be made right now.”
The move will help the county plug a $37 million shortfall.
“We could probably squeak by. We’re just taking precautionary measures,” county chief financial officer Carla Sledge was quoted as saying after the vote.
JPMorgan will act as underwriter on the sale.