You immediately honor **payables** the **county** will later honor in either **USD** or as **property tax**. That approval is the **white-list**. You originate **CC**, take **CC** at **par** for **property tax**, and pay **sovereign currency** under the **conversion option** the **creditor** actually presents.
What you do
- Record a **payable** of **face** **F** due at time **T**.
- Credit the **creditor** **CC₀**, where **CC₀** is **F** **grossed up** by **demurrage** over the interval to **T**.
- Accept **CC** at **par** for county **property tax**.
- At **T**, pay **USD** only for **CC** the named **creditor** presents, up to remaining **face** **F**.
- Hold **maximum tax dollars saved**: those the **creditor** does not redeem at **T**. **CC** that continues in the **circuit** is subject to **demurrage** unless used to pay **property tax**.
**Treasurer** window
- **Tax tender** at **par**.
- **Conversion option** for the named **creditor** only.
- **Demurrage** on **CC** that continues in the **circuit** unless used to pay **property tax**.
- **Cap** on **outstanding** **CC**.
Worked example
Gravel **payable**: **F** = 1,000 **USD**, **demurrage** $r$ = 4.16%/year (1-year Treasury), term 90 days, **CC₀** ≈ 1,010.30, 500 already converted. Honor a new **payable** with Honor a payable. When you want the conversion window open in the demonstration, use Open T on that row.
Open the demonstrationUsername county · password cc-demo
What you do not do
You do not **mint** except against an approved **payable**. You do not convert for anyone except the original **creditor**, and not above remaining **face** **F**.