COLUMBUS, GA (WTVM) – Muscogee County School Board members approve taking on a multi-million-dollar loan to pay its bills.
In a near-unanimous vote, the Muscogee County School District will move forward to borrow no more than $50 million from First Citizens Bank in what's called a "tax anticipation note."
This, as the school district, waits for its cut of property tax revenue from the city, but board members say they do not plan to use that much money.
"It threw me because that exhibit says we would need to pay back $50 million, and then if you read on, it does say 'OR if it less.' I wanted to make sure we were anticipating only getting $25 million, not 50," said board member Kia Chambers.
The school district will have to wait for its cut of the revenue from the city, which accounts for more than 40 percent of its annual budget.
Columbus actually distributes that money to the school district, and the city is delaying that payment, waiting for taxpayers to pay their full property taxes by December 1.
Many property owners are still appealing due to increased bills.