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Commission approves short-term borrowing award to M&T Bank after receiving two bids
Summary
The commission received two bids for a short-term municipal borrowing; M&T Bank submitted the lowest bid and the commission voted to award the transaction, with staff instructed to sign the certificate of award and term sheet and to adjust the debt service budget accordingly.
Speaker 5 reported that the town received two bids for short-term borrowing (tax anticipation note): one from Camden Bay and one from M&T Bank. Speaker 5 stated that M&T Bank submitted the lowest bid and recommended awarding the borrowing to that firm.
Speaker 1 moved to award the borrowing to M&T Bank as shown on the attached…
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