New Castle News

October 11, 2013

Council gives OK to seek loan proposals

Mary Grzebieniak
New Castle News

NEW CASTLE — Every year, the city of New Castle obtains a tax anticipation loan, but it may not need one for 2014.

Nonetheless, city council on Thursday gave the administration permission to seek bank proposals for a loan to meet expenses until tax revenue is received next year.

Business administrator Stephanie Dean said the city didn’t use any of the $1 million it had borrowed this year and ended up paying approximately $7,000 in interest.

She said there is the possibility the city can get by next year without a loan, but asked council to give permission to obtain proposals just in case.

Council also approved an expenditure of $1,462.65 from its contingency account to pay 2013 taxes on a California property.

In 2012, the city fire department was named beneficiary of the property by the estate of Stella Litwinowich. The city plans to sell the property with the proceeds going toward the purchase of a firetruck.