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Select Board reviews town line-of-credit scenario; treasurer outlines interest and tax‑exempt complications
Summary
Town finance staff described the town’s line-of-credit scenario used to cover shortfalls, noted $2,000,000 as a working example for liquidity needs and estimated monthly interest, and said tax-exempt rates may not apply without a robust cash-flow projection.
Town finance staff told the Select Board that the town maintains a line of credit as a short-term liquidity tool and described how a $2,000,000 draw would translate into monthly interest costs.
"If you did have to hit on it, $2,000,000 would be about $13,000 a month, just an interest," a finance spokesperson estimated, explaining the line-of-credit…
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