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Marlborough finance committee approves $581,007 transfer to cover bond anticipation note interest
Summary
The finance committee approved a $581,007 transfer from free cash to short-term interest to cover an interest payment on a bond anticipation note issued May 22, 2024, after staff reported a missing budget line for the payment.
The Marlborough City Finance Committee on May 1 approved a $581,007 transfer from free cash to the short-term interest account so the city can pay interest due on a bond anticipation note issued May 22, 2024.
Comptroller Brian Doheny told the committee he discovered the bond anticipation note (BAN) had an interest payment due that was not covered by any existing line in the fiscal 2025 budget. “As I was getting the budget ready … I noticed there was a ban that was taken…
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