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Commission considers removing special carve-out for tax anticipation notes in borrowing language
Summary
The commission debated whether the revised charter should treat tax anticipation notes differently from other bonds and notes. Staff recommended deleting the special exception to avoid ambiguity and potential bond-rating concerns.
Commissioners and finance-focused speakers discussed proposed borrowing language and whether the charter should include a specific exception for tax anticipation notes.
Background and debate
The draft charter language proposed to treat issuance of bonds and notes generally as requiring authorization by resolution of the board of selectmen, but it included a sentence creating an exception for tax anticipation notes. Some commission members, citing concerns…
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