Page "government" Paragraph 170

Of all advantages, probably none is more important than the elimination of tax anticipation notes.

Borrowing in anticipation of current taxes and other revenues is a routine procedure of the majority of municipalities at all times.

It may be by bank loans, sale of notes or warrants, or by the somewhat casual method of issuance and registration of warrants.

In any event it is a form of borrowing which could be and should be rendered unnecessary.

Its elimination would result in the saving of interest costs, heavy when short-term money rates are high, and in freedom from dependence on credit which is not always available when needed most.

This type of borrowing can be reduced to a minimum if quarterly installment payment of taxes is instituted and the first payment placed near the opening of the fiscal year.

Any approach toward such a system looks toward saving and security.