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The City Council approved authorization to issue tax anticipation notes in advance of collecting fiscal year 2025 real property taxes, along with a budget transfer to contracted outside services. Both actions passed 4-0, with one council member absent.
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Tax anticipation notes are short-term borrowing backed by expected property-tax collections. The authorization allows the city to use this financing mechanism for fiscal year 2025; the minutes do not state the borrowing amount or terms. The council also approved a budget transfer to contracted outside services, but no dollar amount was provided.
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