Committee directs finance director to seek short-term loans for Oshkosh Street work and bucket truck

The New London Finance and Personnel Committee voted to direct Finance Director Judy to submit applications for short-term loan financing to cover the purchase of a Department of Public Works bucket truck and about $386,000 of local costs for the Oshkosh Street reconstruction project.

The committee’s action comes as city staff weigh whether to temporarily use the city’s reserves, take a state trust fund loan, or borrow from a local bank while awaiting a state grant reimbursement. "I didn't want to submit them ... as soon as we get them, we put them aside," said Judy (Finance Director), explaining why she wanted committee direction before filing applications.

The decision matters because the city has a $2.1 million state grant for Oshkosh Street that cannot be requested until the project is completed; contractors and engineers recommended leaving the binder layer on over winter and paving the final surface next year to reduce settlement issues. Judy told the committee the city would likely wait to request…