County to borrow money to help cover expenses

Staff Writer

SMETHPORT — The McKean County Board of Commissioners acted at a special meeting Wednesday to finalize a Tax Revenue Anticipation Note (TRAN).
The loan is for $3 million from Northwest Bank with a low interest rate of 2.25 percent. Juniata Valley Bank of Port Allegany submitted the only other bid for the loan.
The loan will help cover county expenses until county property taxes begin to arrive in April. The county plans to re-pay the loan by June 30.
The county most years approves TRANs to help cover expenses pending the arrival of tax revenue. 
The previous county TRAN was for $3.5 million.