(WBIR-Jellico, Tn) The City of Jellico is in the process of making a request to the state Comptroller's office to seek financing through bonds.
Last month, the city's mayor said Jellico was more than $400-thousand dollars in debt. Part of the reason was an accidental deletion that removed property taxes. The IRS also told the city it had not received payroll taxes for three months in 2011.
The State Comptroller's office reviewed the city's budget earlier in the year and found it did not meet the city's financial needs. That means the Comptroller has to approve any financing Jellico gets in order to continue to operate.
Once the Comptroller's office agrees to the financing plan, it will take 90 to 180 days to get the funds.