Board of Estimate & Contract:
RESOLVED, that an ordinance adopted by the City Council on October 23, 2024, and signed by the Mayor on October 24, 2024, authorizing the Issuance of Tax Anticipation Notes (TANs) in the Aggregate Principal Amount of up to $7,000,000 to Meet the Financial Obligations of the City, be and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF TAX
ANTICIPATION NOTES (TANs) IN THE AGGREGATE
PRINCIPAL AMOUNT OF UP TO $7,000,000 TO MEET
THE FINANCIAL OBLIGATIONS OF THE CITY
Whereas, by letter dated October 17, 2024, the Comptroller has requested legislation authorizing the issuance of Tax Anticipation Notes (TANs) of the City in an aggregate principal amount not to exceed $7,000,000, according to the Local Finance Law; and
Whereas, the City of Mount Vernon is required to meet its financial obligations by year-end; and
Whereas, the City of Mount Vernon has outstanding appropriated property taxes for FY 2024 for $4.0 million and earlier years' taxes totaling $59 million; and
Whereas, the City is in the process of implementing initiatives such as payment plans and tax lien sales to collect the outstanding taxes; and
Whereas, the City must issue Tax Anticipation Notes (TANs) in an aggregate principal amount of up to $7,000,000 to provide the Comptroller with short-term cash flow to meet the City's financial obligations; and
Whereas, such notes shall be issued in anticipation of the City's last collection of property taxes for FY 2024 and shall be retired upon receipt of said taxes, or through renewal or the use of other available funds if all real estate taxes are not collected; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Authorization to Issue Tax Anticipation Notes. The Comptroller of the City of Mount Vernon is hereby authorized to issue Tax Anticipation Notes (...
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