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Northumberland moves to replace $5 million short-term loan with two long-term financings; Webster Bank recommended
Summary
County financial adviser Davenport recommended two long-term financings to take out a $5,000,000 revenue anticipation note and reimburse prior capital outlays; board voted to move forward with the plan and authorizes staff to finalize terms and conduit arrangements.
Kyle Laux, the county’s financial adviser with Davenport, told the Northumberland County Board of Supervisors that the county had issued a $5,000,000 revenue anticipation note (RAN) to cover short-term cash needs and that the note comes due in December. "That $5,000,000 is due at the December," Laux said, and Davenport presented a plan to replace the short-term borrowing with two long-term financings: a tax-exempt "2025a" issuance to fund new capital projects and a taxable "2025b"…
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