by Jackie Nunnery
HEATHSVILLE—During a special called meeting on Tuesday, July 29, Northumberland supervisors approved a revenue anticipation note (RAN) with First Citizens Bank & Trust for $5 million to help with cash flow from August until October when real estate and personal property tax payments start coming in.
Kyle Laux with Davenport & Company said the 4.09% interest rate was “very attractive” and that “given the tax collection cycle the county would be in good shape cash-flow wise” to repay the loan by the required December 31 due date. He also stressed “that part of our mission here is to think about ways to not have to do a RAN in the future, but for the moment we think this is a very attractive financing proposal to make sure you’re in good shape from now until the end of the calendar year.”
