THE RIVER CITY NEWS MORE COVINGTON NEWS THAN ANY OTHER SOURCE
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by Michael Monks
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The precarious state of the City of Covington's finances will be addressed by two city commission meetings next week as the current fiscal year comes to a close and a new one begins. Tuesday night, a special meeting of the Covington City Commission will take place outside City Hall, and across the street instead at the Madison Event Center. Presentations by Mayor Chuck Scheper and Management Partners, the Cincinnati firm that reviewed each department at Covington City Hall, will be the highlights of the evening. Here is the agenda for Tuesday night's meeting at the Madison:
- The commission will hear a first reading of plans to reappropriate funds to meet the expenses of the current fiscal year
- A first reading will also be presented on the issuance of tax and revenue anticipation notes. What are "tax and revenue anticipation notes"? Here is how the Commonwealth of Kentucky explains them:
As the receipt of revenues and expenditure demands of a particular fund or account of the Commonwealth render it necessary, the commission may issue tax and revenue anticipation notes to discharge expenditure demands in anticipation of estimated revenues that are required to be deposited in that fund or account during the fiscal year in which the tax and revenue anticipation notes are issued. Tax and revenue anticipation notes may be sold and issued in the manner and have terms
relating to the payment of interest, principal, and premiums or discounts as market conditions warrant. Tax and revenue anticipation notes may be issued in an amount not to exceed seventy-five percent (75%) of the estimated revenues anticipated to be deposited during the fiscal year in the fund or account for which the tax and revenue anticipation notes are being issued. Tax and revenue anticipation notes, together with interest thereon, shall be repaid from revenues required to be deposited in the fund for which the tax and revenue anticipation notes were issued. Revenues to be deposited in that fund or account shall be pledged for the repayment of tax and revenue anticipation notes so long as any tax and revenue anticipation notes remain outstanding. Any lien on and security interest in taxes or revenues that may be created as provided in this section shall be prior and superior to any other lien or security interest created by law or otherwise.
Then on Thursday, the City Commission convenes again, this time in their usual home inside City Hall where final actions on the budget will be made. In addition to voting on the items introduced Tuesday night, the 2012-13 city budget will be voted upon.
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Other items of note on the agendas:
Other items of note on the agendas:
- Assistant City Solicitor Alex Mattingly's resignation will be accepted as he prepares to become Elsmere's first city administrator
- A parking agreement between the City and Gateway College involving the Midtown Parking Garage will be considered
- Katie Hushebeck will likely be named the new executive assistant to City Manager Larry Klein
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THE RIVER CITY NEWS MORE COVINGTON NEWS THAN ANY OTHER SOURCE
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