PORTAGE | The City Council this week approved three measures that will allow the city to extend repayment dates for 2007 loans and prepare the city to borrow against property tax draws for 2008 operations.

The council approved rolling over loans that financed city operations this year from the Indiana Bond Bank. The loans had originally been due Dec. 31. But because of continuing late property tax collections, the board approved an ordinance that will extend that date to June 30, 2008. Officials hope to have the loan repaid before then.

The cost of rolling over the loan will include additional interest and a $3,000 rollover fee charged by the bond bank. Clerk-Treasurer Donna Pappas said that if the city receives its property tax draw prior to the end of the year and is able to pay off the loan before Dec. 31, $2,250 of that fee will be refunded.

However, Pappas said she doesn't believe that is likely to happen. Property tax bills are set to be mailed to county residents this week.

A second move delayed the repayment date of temporary loans between city funds until June 30, 2008.

In addition, the council approved beginning the process to seek tax anticipation warrants -- a loan in anticipation of receiving property tax payments -- for 2008 from the bond bank.