Strafford County meeting authorizes short-term borrowing of up to $35 million
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Summary
County commissioners approved a tax-insufficient note authorizing short-term borrowing of 'up to $35,000,000' to cover cash flow ahead of finalizing the budget; the measure passed by voice vote. A repayment timing comment in the transcript appears inconsistent and should be verified.
STRAFFORD COUNTY, N.H. — County commissioners voted to authorize a tax-insufficient note allowing the county to borrow up to $35,000,000 to cover short-term cash needs, the chair announced during the meeting.
The chair (Speaker 2) recognized Treasurer Pam Arnold to outline the need for the borrowing and said, "we do need to borrow again, which is not unusual, of course." The chair and other members said the county plans an initial borrowing now and a second round later after the budget is finalized.
The transcript records the speaker saying the borrowing would be "paid out in, December, 2006," a date that is inconsistent with the meeting record and flagged in the audit as requiring verification. The record does not provide further detail on the specific uses of the borrowed funds, interest rate terms, or the planned lender; the chair said additional borrowing decisions would follow as the budget is finalized.
A motion to approve the borrowing authorization was moved and seconded; the body approved the action by voice vote (ayes from the meeting were recorded). The transcript does not list a roll-call vote with member names or a detailed tally in the public record.
Next steps indicated by speakers include finalizing budget details and returning with any additional borrowing requests or clarifications for formal approval.