**C2** is government to **legal persons**. The **county** originates **CC** by immediately honoring **payables** it will later honor in either **USD** or as **property tax**. **Property owners** who need to settle the **levy** acquire **CC** from those who received it. That is the **circuit**.
One **CC** is accounted at **par** with one **USD** for **mint**, **tax tender**, and the **conversion option**.
The **circuit**
- **County** honors a **payable** and **mints** **grossed up** **CC** to the **creditor**.
- **Creditor** spends or holds to time **T**.
- **Participants** pass **CC**.
- **Property owner** tenders **CC** at **par** for tax.
- At **T**, that **creditor** only may present remaining **CC** up to **face** **F** for **USD**.
- **Maximum tax dollars saved** are those the **creditor** does not redeem at **T**. **CC** that continues in the **circuit** is subject to **demurrage** unless used to pay **property tax**.
Roles
- **County** — approves **payables**, **mints** **CC**, takes tax in **CC**, pays the **conversion option**.
- **Creditor** — **legal person** on the **payable**; receives **CC** at once; conversion at **T** is personal.
- **Property owner** — tenders **CC** at **par** for the **levy**.
- **Participant** — holds and sends **CC**; bears **demurrage** while holding.
Worked example
Gravel **payable** already on the Fremont ledger: **face** **F** = 1,000 **USD**, **demurrage** $r$ = 4.16%/year (1-year Treasury), term 90 days, **CC₀** ≈ 1,010.30, 500 converted. Each role page points at that person’s next click on those numbers.
Demonstration accounts, password cc-demo for each: county, creditor, owner, participant.