Oakwood City Council voted Monday night to take out a short-term loan of up to $400,000 to cover expenses.
“Based on cash flow this year, we think it’s necessary to do a tax anticipation note for the revenue we expect to come in on the 2014 taxes, to give us the ability to pay the bills for the rest of the year,” City Manager Stan Brown told the council.
“We have basically exhausted reserves in land investments and we have bills and obligations to be paid.”
Brown added, “We feel like when we start receiving tax revenue in December, we’ll be able to pay this (loan) back before the year ends.”
In other business, the council voted to name a new city road that will run between Ga. 13/Atlanta Highway and Ga. 53/Mundy Mill Road as Milton Martin Toyota Way.
Milton Martin Toyota is planning to build a dealership off the new road.