Carbon County has officially taken the steps to take out an $8 million tax anticipation note to help cover costs for the 2025 budget.

The commissioners adopted the resolution last week for the issuance of the tax anticipation note.

Attorney Peter Edelman of Stevens and Lee, the law firm hired to handle the tax anticipation note process, as well as Ryan Hottenstein, senior vice president of FSL Public Finance, who acted as the county’s municipal adviser, outlined the action that was being taken.

Edelman explained that following a competitive process to identify the best and lowest interest rate for the county, the tax anticipation note will be taken with M&T Bank.

“This resolution takes care of all necessary action with respect to the note,” he told the board, adding that it would be filed with the Commonwealth Department of Community and Economic Development to notify the state that Carbon is moving forward with this transaction.

Edelman added that the closing date would take place this week.

The interest rate Carbon County received on the $8 million note is 4.25%.

The commissioners noted that it will be paid back this year after taxes begin to come in.

Carbon County made the decision late last year to move forward on a tax anticipation note after the budget process showed a significant deficit from both previous years of utilizing fund balances to fill in deficits in budgets, as well as delays in state reimbursements for Children and Youth Services.

At one time, the county was owed over $4.2 million from the state for three quarters of the year for Children and Youth. That has since been received.