Clearfield Co. Facing Cash Flow Issues, Seeking Proposals for Tax Anticipation Note

CLEARFIELD – Clearfield County is facing “cash flow issues,” and the commissioners need funds to cover operations for the coming months.

On Tuesday Commissioner Tony Scotto, chair, announced the county is seeking tax anticipation note proposals from local financial institutions.

Tax anticipation notes (TAN) are issued to finance current operations before the receipt of tax revenues.

“We do have reserves, but the gap may be too big until tax revenues come in April,” said Commissioner John A. Sobel.

The county is seeking a TAN of $2-$3 million, according to Scotto. It has already received proposals from CBT Bank, CNB Bank and Northwest Bank.

The commissioners, however, encourage other county financial institutions to submit TAN proposals.

The deadline for the proposals is 10 a.m. Jan. 31. Proposals should be sent to the commissioners at the county’s administrative offices in Clearfield.

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