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Resolution 2010 Apr. - Tax Refund Loan


03-23-2010

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Resolution 2010 Apr. - Tax Refund Loan

Resolution R2010.4.2 - "Loan needed to refund Sara Lee taxes"

Passage of this resolution gives the Town Board the ability to borrow money in order to cover the Sara Lee tax refund.

Note: The Wisconsin Tax Appeals Commission settlement between Department of Revenue and Sara Lee revised Sara Lee's assessments effective January 27, 2010, necessitating the refund. Because the refund is $399,331.58, a loan is required to cover the amount. This figure includes amounts from other tax jurisdictions including Fox Valley Technical College, School District of New London, Outagamie County and the State of Wisconsin. The actual amount the Hortonia owes is about $49,200 plus interest on the loan. Because Hortonia annually collects the full amount of taxes, Hortonia has to refund the full amount per state statutes.

Adopted April 8th, 2010 and published April 9th, 2010.

Please click the 'Download' button next to the GREEN arrow to download the resolution PDF to your computer.