Bowie County approves tax note - KYTX CBS 19 Tyler Longview News Weather Sports

Bowie County approves tax note

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Courtesy: KTBS Courtesy: KTBS
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New Boston (KTBS) - Bowie County Commissioners have approved a plan to borrow about $5 million in tax anticipation notes.

Texas Independent Bankers bank agreed to back the loan with a 4 percent interest.

Officials say many banks were considered for the loan, but the lenders declined due to the county's financial circumstances.

County Auditor William Tye says they wouldn't be able to make payroll next month without the loan.

He believes there isn't any money missing, but instead the county has overspent the budget.

The four commissioners voted for the tax note.

While they voiced concerns about needing the loan to keep the courthouse open, Judge Sterling Lacy voted against it.

"All that has to happen to keep the doors open is the money that was restricted for this year's expenditures, that was diverted for something else, to be put back. Just put back the money," said Lacy.

The borrowed money will be used to fund county operations through the rest of the fiscal year, which ends September 30.

Commissioners agreed that the finances need to be in order next year.

In other business, commissioners approved Judge Lacy's appointment of local businessman Robert Worthen to the county's Financial Advisory Committee.

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