With property taxes delayed this year, the City of Brazil is in need of a loan.
The Common Council of the City of Brazil approved an ordinance authorizing the city to receive a Tax Anticipation Warrant Loan for a total of $493,900.
"It is a temporary loan that is for cash-flow purposes only," Brazil City Clerk/Treasurer Karen McQueen said. "With tax rates just recently coming in, the collection of property taxes will be later and we needed a little help for the time being."
According to the ordinance, the loan will be split among the General ($242,500), Motor Vehicle Highway ($138,100), Cemetery ($17,000) and Parks and Recreation ($96,300) funds. It also states that the interest rate is not to exceed 5 percent, and that the payment of the loan is due on Dec. 31, the day the loan matures.
"Once we get our property tax collection in, we will be paying this loan off," McQueen said.
The council also reviewed a rough draft of a new sign ordinance.
City Attorney Bob Pell has spent the last couple of months working on the draft to replace the current ordinance, which was passed in 2006 and was viewed as too stringent.
"It is a complicated process to sit down, gather information, and try to get this to work," Pell said.
Some of the proposed changes include:
* Electronic message signs will be allowed, but will be prohibited if they flash,
* Portable and "A" frame signs will be allowed as long as they do not take up more than 25 percent of the sidewalk width and they are visible only during business hours, and
* Any damage to a sign must be repaired within 45 days of the initial occurrence, or within 30 days of being notified of the damage.
Area business owners in attendance pointed out other small changes that needed to be made to the draft and commended Pell for his dedication and hard work on the ordinance.
With changes still to be made, the council tabled the issue and will review a new draft at its regular meeting in August.
A hearing regarding the tax abatement for Eutectic Resources/Genesis Enterprises was also tabled in order to allow accurate employment information to be obtained.
The next meeting of the Common Council of the City of Brazil will be Tuesday, Aug. 12, at 7 p.m., in the Council Chambers at City Hall.