Liberty Township Trustees Monday morning authorized Fiscal Officer Nancy Denutte to make an advance of $57,000 from the general fund for the repayment of the Fire Tax Anticipation note.
“The note was taken out when the tax levy failed,” Denutte said.
Due to the failure of the fire levy in 2012 the trustees at that time took action by issuing a $4.8 million tax anticipation note to fund the township’s fire department. The fourth principal and interest payment of $1,029,100 is due Oct. 1.
According to Denutte, the township’s general fund has $972,551 and is just short the $57,000 which the resolution will cover. She said the township is expecting a tax credit from the State of Ohio that will cover the $57,000 for the note, but it’s not expected until after Oct. 6.
The resolution states that upon the the “receipt of the payment from the State of Ohio” the fiscal officer will return the $57,000 to the general fund.
Denutte had not looked up what the penalty would be if the payment was missed because she didn’t plan on missing the deadline.”We needed to make that one and I wasn’t planning on being late,” Denutte said.
The resolution was first presented to trustees for their approval at the Sept. 19 trustee meeting. At that time there were questions about the reason behind the advancement of the funds and was tabled.
According to Cathy Buehrer, administrative assistant, the term inter-fund transfer was used instead of the term advance funds. “It is something that has been done in years past,” she said. “It was tabled because of a word.”
D. Anthony Botkin may be reached at 740-413-0902 or on Twitter @dabotkin.