City May Borrow $200,000

Faced with a shortfall in anticipated property tax revenues, the Monticello City Council was set to borrow $200,000 from local banks to tide the city over until those revenues come in.

The city’s budget, set last June, anticipated some $250,000 in ad valorem taxes, normally collected by year-end. Because of problems with the tax digest the tax bills mailed by the county did not go out until Dec. 20 with the deadline for payment extended until Feb. 20.

The bank loans, $100,000 from each local bank, will be for 60 days to be repaid as tax payments come in, said city clerk Susan Roper. The council was to meet Tuesday to approve the action.

At the called meeting council members also were expected to approve a resolution allowing the city to participate in the President’s Preservation America program, a new federal program recognizing historical preservation efforts.