orangeleader.com (Orange, Texas)

Local News

October 22, 2012

County requests $6 million loan as security blanket

ORANGE —  

A $4 million revenue shortfall has forced Orange County leaders to request a $6 million short-term loan to make sure the county will be able to pay its bills through the end of 2012.
Before county commissioners voted at their regular Monday meeting to approve the County Tax and Revenue Anticipation Notes loan application, County Judge Carl Thibodeaux explained that the shortfall was the result of a number of factors that occurred over the past two to three years, including the long-term effects of two major hurricanes and several expensive capital improvement projects.
“We didn't realize this situation existed until a short time ago,” he said.
Thibodeaux said he and the county treasurer went over all the numbers and found the county could be facing a cash-flow problem in the final quarter of 2012. 
“That would mean we might not be able to pay all of the county's on-going bills through Dec. 31, and we will be facing some big bills between now and the end of the year. We can't tell our creditors that we can't pay them now, but will pay them in January,” he said. “The county will take in nearly 90 percent of its tax revenue during the first months of 2013, and it has plenty of money in the bank now. But that won't help us now.”
The county also is waiting for Hurricane Ike recovery money, but Thibodeaux does not know when those funds will arrive.
After recognizing the potential situation, Thibodeaux contacted Wells Fargo Bank, which handles the county's banking. 
“This a loan against our projected tax revenue. The bank immediately sent me all the paperwork and explanation of how the loan would work,” he said. “We will pay 3.99 percent interest, which would total approximately $85,000 through the end of March 2013.”

Text Only
Local News
  • BC High School Yearbook.JPG Rising above...

    Bridge City High School yearbook students Bree Newsom, editor and Gabriel Alvarez, assistant editor, traveled to Texas A & M University in College Station to attend the Balfour Communications Workshop July 18 - July 21.

    July 28, 2014 1 Photo

  • Instructor recognized LSC-O instructor receives international recognition

    An instructor at LSC-O has receive international recognition for her work as an instructor in information technology.

    July 28, 2014 1 Photo

  • New Trustee Welcome to the Board

    Nathaniel Colbert, standing at left, was officially sworn in earlier this week as the newest member of the West Orange-Cove Consolidated Independent School District’s Board of Trustees.

    July 27, 2014 1 Photo

  • Sabine River 1 Have you seen the Sabine?

    There is more to the Sabine River than meets the eye, if one only looks.

    July 27, 2014 6 Photos

  • T-Byrd Tracy Byrd schedules Labor Day weekend event

    Country music star Tracy Byrd is hitting the stage once again this summer.

    July 26, 2014 1 Photo

  • Texas A&M launches new Family Nurse Practitioner program

    The Texas A&M Health Science Center College of Nursing has announced plans for a Master of Science in Nursing - Family Nurse Practitioner (M.S.N.-FNP) graduate program.

    July 26, 2014

  • VIDEO: Hibbett Sporting Goods to open in Pinehurst

    Hibbett Sporting Goods, Inc., the national sporting goods retailer based in Birmingham, Alabama, announced the execution of a lease for a new store in the city of Pinehurst.

    July 26, 2014

  • Shop Talk BC officials begin budget talks

    City officials are already working towards a balanced budget in this Orange County community.

    July 26, 2014 1 Photo

  • Hello, Mr. Cosby Cosby opens Lutcher's 35th season in style

    The Lutcher Theater for the Performing Arts 35th season kicked off in fine fashion with two sold-out performances on Thursday and Friday nights by the legendary Bill Cosby. The capacity crowd laughed from start to finish as Cosby spoke about marriage, bodily functions, age, his hotel and the papermill. The Lutcher’s 35th season continues with the next production being Lyle Lovett and His Large Band on Tuesday, Sept. 9. Visit www.lutcher.org for more information.

    July 26, 2014 1 Photo

  • Update: New information release on Bridge City shooting

    July 25, 2014

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide