Resolution to Adopt a Continuing Budget and Tax Rate...and to Authorize the Issuance of Tax Anticipation Notes

WHEREAS, it appears that the 20___ - 20___ fiscal year budget of _____________ County, Tennessee will not be approved during the 20___ July term of the Board of County Commissioners;

NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of ___________ County, Tennessee that amounts set out in the 20___ - 20___ Appropriation Resolution are hereby continued until a new 20___ - 20___ Appropriation Resolution is adopted; and,

BE IT FURTHER RESOLVED, that the property tax rate as adopted for the 20___ - 20___ fiscal year shall remain in effect for the fiscal year beginning July 1, 20___ until a new property tax rate is adopted; and,

BE IT FURTHER RESOLVED, that the County Executive and County Clerk are hereby authorized to borrow money on tax anticipation notes, not exceeding 60% of the appropriations of each individual fund of the continuing budget, to pay for the expenses herein authorized until the taxes and other revenues for the fiscal year 20___ - 20___ have been collected. Such notes shall first be approved by the State Director of Local Finance. The notes evidencing the loans authorized under this section shall be issued under the authority of Title 9, Chapter 21, Tennessee Code Annotated. All of said notes shall mature and be paid in full without renewal not later than June 30, 20___.

BE IT FURTHER RESOLVED, that this resolution shall take effect from and after its passage and its provisions shall be in force from and after July 1, 20___.

Adopted this ___________ day of _____________, 20___.


APPROVED:



_________________________________
County Executive


ATTEST:



_________________________________
County Clerk