Franklin County Board Approves Tax Anticipation Warrant Ordinance

(BENTON, IL) — The Franklin County Board recently approved a tax anticipation warrant ordinance that will allow the county to borrow money to strengthen its finances until the county can collect 2016 real estate taxes due this year. The county will take out a loan through Peoples National Bank for $700,000 at 2.7 percent. The county will have to pay it off by Nov. 15 so it won’t have to pay any late penalties. Tax bills are set to be sent out by June 19. Money collected from the tax bills will be used to pay off the loan. County leaders decided to borrow the money because the state owes Franklin County just over $1 million in reimbursement payments for probation and detention services.