Stephens Co. BOE Approves TAN Bid

The Stephens County Board of Education approves a bid for Tax Anticipation Notes.

Thursday, the Stephens County Board of Education approved unanimously a bid from South State Bank for $7 million in Tax Anticipation Notes.

School officials said the interest rate on the TAN’s, as they are called, is less than one percent.

The TAN’s are used to fund school system operations in advance of receiving property tax collections in the Fall.

They are then paid back by December 31 with property tax money that is collected.

Stephens County School Superintendent Bryan Dorsey said that the school system may start drawing on those Tax Anticipation Notes as early as this month.