Council asks how bond disbursements would be managed; trustee mechanics explained
Councilors pressed staff on who will control bond disbursements for the Gateway sewer project; a councilor explained a trustee (for example, New York Mellon) typically holds bond proceeds and disburses funds to contractors on the town's authorization after percent‑complete verification.
The full story
Councilors spent time clarifying how bond proceeds and disbursements would be handled for the Gateway project and who would sign checks to contractors.
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