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Allen County to borrow $10.5 million – from itself

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press
Friday, February 21, 2014 12:01 am
Allen County government will have to borrow $10.5 million – from itself – to weather a temporary cash-flow problem.

County Council on Thursday agreed to borrow the money from the county's rainy day fund to maintain normal operations until taxes are distributed to local governments by the state. Governments often take short-term loans in similar situations, but borrowing from the rainy day fund will allow the county to do so without having to pay interest to a bank. Even after the loan, the fund would contain about $2 million for unforeseen emergencies or other uses, said Auditor Tera Klutz.

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