School districts in Maricopa County are on the hook for more than $100 million and it's all because of a taxing error.
All taxing districts across the county are told they must pay to help the county cover the $329 million it owes to property owners after a lawsuit.SCOTTSDALE, Ariz. — The Scottsdale Unified School District must pay Maricopa County $27.5 million after a taxing error that wasn't the district's fault.
The district's chief financial officer said they have about $10 million in excess cash, which is more than $15 million short of what they need. The governing board explored the idea of tax anticipation notes, or TANS, to cover the rest. "If they hit that credit line, they pay interest based on that amount and that's based on prime, which is over 8% right now. So this is a way for the district to have additional funds in their monies that are held by the county so that they don't have that extra interest expense," Coombs said of TANS.Coombs said it wouldn't be clear until they determined the rate of the TANS. It would also depend on how long it took the district to pay it back.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
12 Beach Cover-Ups That Double as Dinner Outfits — Under $27If you're looking for a new dress, why not have it double as a beach cover-up? These beach dresses are all under $27 on Amazon — read on!
Read more »
An Austrian Heiress Chose 50 Random People to Her Give Away Her $27 Million FortuneHeiress and activist Marlene Engelhorn picked 50 strangers, who decided which organizations would receive funding from her $27 million inheritance.
Read more »
Pro-tax Austrian heiress gives away $27 million of inheritanceReuters
Read more »
US Navy to send $27 million to Tustin after disastrous hangar fireMonths after a massive fire at a Navy hangar fouled the air in Tustin, people living there are still uneasy about what's been left behind.
Read more »
Sarah Jessica Parker's Blue Palazzo Pant Look Is Just $27If you're ready to ditch denim in favor of loose, flowy, airy pants this summer, get ready — your new faves are on Amazon!
Read more »
$27 million streetscape project will transform Logan Square, officials sayAld. Carlos Ramirez-Rosa (35th) joined Mayor Brandon Johnson to break ground Wednesday on the project that will finally deliver on the vision brought to Ramirez-Rosa by Logan Square Preservation shortly after he took office in 2015.
Read more »