Trappe extends interim financing maturity while awaiting USDA funds (Resolution 6-2024)
Resolution 6-2024 authorizes a note modification with Shore United Bank to extend the maturity of interim financing for the pumping-station project; the council adopted the resolution unanimously after Attorney Ryan explained USDA funding is approved but not yet available before the current loan's maturity.
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President Schmidt read Resolution 6-2024, which authorizes a note modification agreement with Shore United Bank related to a $1,376,000 general obligation bond and a $599,500 grant (with $435,121.71 already drawn from a BAN note). Attorney Lyndsey Ryan explained the purpose is to extend the interim financing maturity by six months because USDA funding has been approved but is not yet in place before the current loan matures the following day.
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