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Board approves $10 million grant-anticipation note to smooth cash flow for capital projects
Summary
The Board of Finance unanimously approved authorizing staff to pursue a $10 million grant-anticipation note (GAN) to bridge timing gaps between project spending and grant reimbursements for multiple capital projects, with officials saying proceeds will be tied to committed grant awards.
The City of Burlington Board of Finance voted May 19 to authorize pursuing a grant-anticipation note (GAN) of up to $10 million to manage seasonal cash-flow challenges and bridge reimbursement timing for capital projects tied to committed grant funds.
Finance staff described the GAN as a short-term borrowing vehicle Burlington would draw on only as needed; interest costs would accrue only on drawn amounts. City staff said they calculated the $10 million request…
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