Monessen’s TAN note request turned down

By EMILY BENNETT DILULLO

ebennett@yourmvi.com

In a devastating financial blow, the city of Monessen has been denied a Tax Anticipation Note, and a council member is concerned the city won’t make payroll.

Councilman and former director of accounts and finances Anthony Orzechowski said Community Bank denied the $500,000 short-term debt security at a meeting Tuesday because of “declining revenue.” 

Also known as a TAN note, these funds are usually acquired to borrow money, typically for one year or less at a low interest rate, as a way to finance a capital expenditure, such as road work or building repairs. 

Orzechowski said he received an email from Mayor Matt Shorraw around 10 a.m. Tuesday informing him of the meeting at the bank. Orzechowski said Shorraw wanted him to attend because of his time as council’s director of finances. 

“He never told us until today (Tuesday), and that’s when I said I could try to make it,” Orzechowski said. 

He said council members Lois Thomas and Donald Gregor attended the meeting with the bank as well as City Administrator John Harhai, while Shorraw and Councilman Gil Coles did not. Shorraw appointed Coles as director of accounts and finances last week. 

To read the rest of this story, please see a copy of Wednesday’s Mon Valley Independent, call 724-314-0035 to subscribe or subscribe to our online edition at https://e.monvalleyindependent.com.