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Fredonia board authorizes treasurer to seek up to $825,000 revenue anticipation notes
Summary
Trustees delegated authority to the village treasurer to issue up to $825,000 in revenue anticipation notes to cover near-term cash needs; board members were told the notes are expected to be one-time, due in June, with estimated interest in the 3%–6% range.
The Village of Fredonia Board of Trustees on Jan. 31 passed a resolution delegating authority to the treasurer to sell and issue not-to-exceed $825,000 in revenue anticipation notes (RANs). The resolution passed by roll call and took effect immediately.
The measure authorizes issuance of RANs in anticipation of receipt of sales tax, rents, rates, fees, charges and other income permitted under section 25-a of New York’s Local Finance…
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