Board of Estimate & Contract:
RESOLVED, that a resolution adopted by the City Council on November 6, 2025, and signed by the Acting Mayor on November 6, 2025, authorizing the Issuance of Tax Anticipation Notes (TANs) in Anticipation of the Collection of Real Property Taxes for the Fiscal Year 2025 (COMP2025-20) - (aggregate principal amount not to exceed Seven Million Dollars ($7,300,000), pursuant to the Local Finance Law, to provide funds in anticipation of the collection of real property taxes levied for the fiscal year ending December 31, 2025); be, and the same is hereby approved.
City Council:
AN ORDINANCE AUTHORIZING THE ISSUANCE
OF TAX ANTICIPATION NOTES (TANs) IN
ANTICIPATION OF THE COLLECTION OF REAL
PROPERTY TAXES FOR THE FISCAL YEAR 2025
Whereas, in correspondence dated November 4, 2025, the Comptroller formally requested authorization to issue Tax Anticipation Notes (TANs) of the City, in an aggregate principal amount not to exceed Seven Million Dollars ($7,300,000), pursuant to the Local Finance Law, to provide funds in anticipation of the collection of real property taxes levied for the fiscal year ending December 31, 2025; and
Whereas, the City of Mount Vernon ("the City") anticipates the collection of real property taxes for the fiscal year ending December 31, 2025; and
Whereas, in order to meet current financial obligations and maintain continuity of operations, it is necessary for the City to obtain interim financing in anticipation of such tax receipts; and
Whereas, the Comptroller of the City of Mount Vernon has recommended that the City issue Tax Anticipation Notes ("TANs") in the aggregate principal amount of up to Seven Million Dollars ($7,300,000) pursuant to the provisions of the Local Finance Law of the State of New York; and
Whereas, such notes shall be issued in anticipation of the collection of the City's real property taxes for Fiscal Year 2025, and shall be retired upon the receipt of said taxe...
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