Select Board approves sale of $16 million bond anticipation note

The Yarmouth Select Board voted to approve the sale of a $16,000,000 general-obligation bond anticipation note dated April 17, 2025, with a maturity of April 17, 2026. The board recorded the sale as approved by voice vote and the motion was described in the meeting record as passing unanimously.

The motion as read into the record specified a 4.00% note and noted a premium of $171,040. The board incorporated the written vote language and supporting documentation into the meeting minutes during the April 1 session. The full motion text, read aloud during the meeting, began: “I approve the sale of $16,000,000 general obligation bond anticipation note of the town dated 04/17/2025 and payable 04/17/2026… plus a premium of $171,040 and further incorporate the attached vote of the board of selectmen.”

The meeting record shows the vote was taken in open session with the required public-notice language read aloud; the motion included certification language referencing the public-meeting notice requirements under state law. Meeting audio and minutes indicate no roll-call tally was read; the board recorded the vote outcome as approved and unanimous.

Why it matters: bond anticipation notes supply short-term cash to allow the town to begin or continue capital projects while longer-term financing is arranged. Approving the BAN enables Yarmouth to cover near-term borrowing needs for projects the town has authorized at recent town meetings.

Next steps: The town administrator and finance staff will complete closing paperwork and incorporate the BAN proceeds and premium into the town’s cash and debt-management schedules.