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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 term sheet; the motion was seconded. Commissioners discussed the bids and several members thanked Commissioner Lovett for introductions that led to productive meetings with M&T representatives.
Speakers praised M&T Bank’s municipal lending experience in New England and noted the bank’s active participation in the TAN market. Speaker 5 asked for signatures on the certificate of award (three signers) and requested that Pam sign the M&T term sheet. Speaker 5 also said the town would modify its debt service budget to reflect the transaction.
The motion to award the borrowing to M&T Bank passed on the floor; no individual vote tallies were specified in the transcript. Speaker 5 said staff would finalize paperwork and asked designated officials to sign the certificate of award and the term sheet.
The commission did not record further conditions or amendments to the term sheet during the meeting; staff were directed to complete documentation and to update the town’s debt service budget.
