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said this money was not now available for other uses because “it was never built into the tax rate to begin with; it came out of surplus. ”
Mr. Cox also warned that the county would run out of money shortly after the start of the new fiscal year and would probably again have to borrow money until the bulk of the taxes are paid in November and early December. He estimated that the county will have to borrow $200,000 to meet a payroll around Labor Day.
Mr. Massie estimated the loan would cost the county about $4,000 in interest, assuming the county has to pay at the rate of 12 percent.
“You ought to do better than that,” Mr. Cox commented. ,
Col. Bingham said that the county should be able to borrow at seven to seven and a half percent, 65 to 70 percent of the prime rate.
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