Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Trustees authorize $200,000 line-of-credit borrowing and signatories
Summary
The board authorized borrowing $200,000 from the Katahdin Trust Company line of credit and empowered named district officers and staff to sign and draw advances.
The Caribou Utilities District Board of Trustees voted to authorize borrowing up to $200,000 from a line of credit with Katahdin Trust Company and to designate who may sign loan documents and initiate advances.
The motion, read at the meeting, authorized President Gary Aiken and Treasurer Dave Martin to sign any necessary documents on behalf of the district and also authorized Jonathan Hellstrom and Sue Sands to initiate advances on the line of credit.
Trustees moved and seconded the resolution and approved it by voice vote. No roll-call vote was recorded in the meeting minutes.
Board members noted that a signed resolution and executed paperwork are needed to finalize the bank’s signature process; staff said they would obtain the required signatures after the meeting.
