Greenbelt City Council Seeks Short-Term Funding for the City

City council members will consider issuing a $3.5 million tax anticipation note to help the city through the first quarter of fiscal year 2014 at tonight’s meeting.

A tax anticipation note is a short-term debt security with low interest rates that assists state and local governments with expenses. The city of Greenbelt would borrow funds from Columbia Bank until mid-October when it would receive real estate property tax receipts.

The city council states in its meeting agenda that the funds are needed because the city withdrew $1 million from its General Fund to cover the cost of the city’s Public Works facility. If this withdrawal had not taken place, the city would have used those funds to support first quarter costs.

A tax anticipation note has been issued by the city each of the past three fiscal years, according to the agenda.

The city council is expected to introduce the ordinance for first reading, initiate a suspension of the rules, introduce it for a second reading and then move for adoption tonight.

During the meeting the council will accept the Partners in Preservation award for the Greenbelt Theatre. Earlier this year, the city was selected to receive a $75,000 preservation grant award, which will finance the renovation of the theatre’s lobby. Representatives from the Washington field office for the National Trust for Historic Preservation will attend the meeting to present the city with a commemorative plaque.

Other agenda items include deciding whether to approve a grant application for a new playground in the Belle Point neighborhood, accept an invitation from the Berwyn Heights police department to enter a mutual aid agreement and release $205,000 of the Apparatus Replacement Fund to finance the purchase of a new fire engine truck.

The meeting will take place at 8 p.m. in the Council Chambers, which are located at 25 Crescent Road. Other meetings this week include a city council work session Wednesday, where members will be briefed on the city’s new website.

Click here to see the full agenda for tonight’s meeting.