Tax or other revenue anticipation notes or warrants are often issued to assist units in dealing with a delay in receiving anticipated funding. Shanahan & Shanahan LLP assists units of local government in meeting their operational and other expenditure needs through short-term borrowing when the receipt of property tax or other revenues has not yet occurred. We have also assisted grant recipients in funding their projects prior to the actual receipt of state, federal or private grants.

Notes and warrants enable governmental units to borrow to meet cash flow needs, but tax laws require an analysis of a governmental unit's cash flow needs if the borrowing is to be done on a tax-exempt basis. For example, requisite need can be demonstrated by preparing cash flow estimates for the funds for which the borrowing will be made. Shanahan & Shanahan has experience working with local governmental units to comply with tax regulations.