CEDAR LAKE | With little likelihood of receiving property tax money before the end of the year, the Town Council agreed Tuesday to seek out its best loan option.
When the council meets Oct. 2, Town Attorney David Austgen and Clerk-Treasurer Maralynn Echterling plan to provide details on tax-anticipation warrants -- loans based on anticipated tax money -- and a loan through the Indiana Bond Bank.
Until a loan is secured, Echterling warned the town must tighten spending.
"There's $500,000 in the general fund," she said. "We have eight payrolls of $60,000 each yet. That's $480,000."
Echterling said the town also must meet its utility, insurance, legal, engineering and other regular expenses.
She encouraged residents in attendance to pay their property taxes in advance, despite not receiving bills yet.
The town is certified to receive $1.9 million in tax money -- the amount upon which any loan would be based.
Although the council made no decision on the loan's amount, $500,000 and $750,000 were mentioned as possibilities.
