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Terre Haute Gets $5 million Tax Advance

Terre Haute City Council approved a $5 million tax anticipation warrant. Mayor Duke Bennett said the city needs the money to continue functioning after losing $35 million in property taxes.
Terre Haute City Council Thursday night approved taking out a $5 million tax anticipation warrant.

That means the city will get that money in advance and pay it back over a three year period.

Mayor Duke Bennett says the city needed the money after losing $35 million in property taxes.

The warrant comes with a one percent interest rate.

"By locking it in to three years, we'll get a lower interest rate locked in and we won't have bond originating fees. We'll only do that once," said Mayor Duke Bennett. "So we'll have about $25,000 in origination fees and we'll lock in that interest rate which could be tens of thousands of dollars so it puts us in a position to take that advance and not have to pay it back for three years."

Mayor Bennett says tax payers will not be affected by this.

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