PLACENTIA
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The city will receive $4.6 million Monday as part of a tax revenue anticipation note that was issued last month to cover operational expenses until property tax revenue comes in.
During the first four months of the fiscal year, the city will need additional money to pay for payroll, supplies and other materials. The note, a one-year short-term loan, will cost the city 2.4% annual interest, after discounting a premium Oppenheimer Funds paid to handle the issue.
Fitch IBCA, which has worked with Placentia for many years, gave the city its highest rating. The F1+ rating is usually reserved for cities with an excellent credit standing, said Steve Brisco, director of finance for the city.
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