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PARIS The Oxford County Commission approved borrowing up to $1.5 million from its Casino Fund to avoid taking out tax anticipation notes to cover temporary budget shortfalls while waiting for towns to pay their county tax.
The decision will save the county thousands of dollars in interest.
Funds will be borrowed as needed. The amounts borrowed plus interest will be paid back to the fund as tax revenues are collected from the municipalities. All money will be repaid no later than Nov. 15.
As of April 1, the Casino Fund had $1,791,900, which grows monthly. Each month the county receives 1% of the revenue earned by Oxford Casino in Oxford from its slot machines and table games.