The Walker County government is borrowing $4.5 million to pay off loans.
During a meeting this afternoon, Commissioner Bebe Heiskell announced that she has taken out a tax anticipation note with Rosemawr Management, an investment company in New York. As part of the deal, the county can borrow another $5.5 million by the end of the year, though Heiskell said she was not sure whether that would be necessary.
The loan expires on Dec. 31 with an interest rate of 4.5 percent. That equates to about $200,000 of the total they are borrowing this week.
The money will pay off debts of $4.2 million to Regions Bank and $300,000 to Erlanger Health System. Hutcheson Medical Center took out those loans to make payroll, and Walker County guaranteed them.