SMETHPORT –– McKean County Commissioners on Tuesday approved a $3.5 million tax anticipation note with Northwest Bank, money that would be used to makeup for the lack of revenue during the first part of the new year.
By going with the Warren-headquartered bank, the county will pay 1.89 percent interest with Northwest Bank with no penalty for an early payoff, Commissioner Cliff Lane said.
In January and February, the county faces a negative cash flow since the revenues from the upcoming year’s property tax are not yet payable. The loan would be repaid on or before June 30.
Other banks that submitted quotes were Citizens and Northern Bank with 1.95 percent interest should the corporate tax rate remain unchanged as of Jan. 1 or 2.39 percent interest should the corporate tax rate change to 20 percent; Juniata Valley Bank Northern Tier with a 2.01 percent interest; and PNC Bank with 2.33 percent interest.
In other business, the commissioners:
• Approved reallocating 2015 Community Development Block Grant money totalling $4,860 from the Liberty Township low to moderate income waterline and sewer lateral installations to the Lewis Run housing rehabilitation program. With the added funds, the Lewis Run program now has $68,664. The total CDBG funds used for the waterline and sewer lateral installations came to $1,590.
• Approved purchases from the county’s property repository, including 0.34 acres at 201 Pithole Road in Keating Township to Clyde A. Workman of Cyclone for $5,000; a mobile home at 32 Hopper Lane in Eldred Township to Garry E. Strait of Eldred for $100; and 0.24 acres at 33 Water St. in Hamilton Township to Michael A. and Frank J. Christopher of Kane for $300.
• Approved tax exemptions for the Borough of Kane for 3.90 acres of land on Biddle Street in the borough with an assessed value of $7,430, and the Abundant Life Assembly of God for 0.18 acres of land and a church parsonage on 30 Onofrio St., with an assessed value of $88,140.
• Approved resource family contracts with Terri Shoff and Telia King of Bradford and service-provider agreements with Ramsbottom Center Inc. of Bradford and Cameron County Children and Youth Services of Emporium.
• Approved $5,516 in liquid fuel fund money to Lafayette Township.
