SUNBURY – Like many municipalities, the City of Sunbury has agreed to borrow $250,000 in a tax anticipation note. Communities commonly borrow in advance of expected tax revenue later in the year. During a special meeting Wednesday, City Council unanimously approved to borrow the tax anticipation note, which must be repaid by December 31, 2019 or the city’s credit rating will fall. The tax anticipation note is from Northumberland National Bank. City Treasurer Kevin Troup says the note should be paid by May or June.
The city has chosen this route to pay its bills, instead of taking out a $500,000 loan, something Troup was uncomfortable doing at the time.