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Town of Hampden authorizes short-term internal borrowing to cover water project cash flow
Summary
The Town of Hampden Select Board approved a measure allowing short-term internal borrowing of up to $750,000 from the stabilization fund to manage cash flow for a roughly $1.5 million water-district project until tax receipts arrive.
Town Treasurer Richard Patello told the Select Board on Jan. 5 that the town faces a short-term cash-flow squeeze driven by a major water-district project and asked the board to authorize internal borrowing from the stabilization fund.
"Internal borrowing is a procedure where the general fund can borrow from other funds, free cash or stabilization, on a short term basis," Patello said, explaining that the town…
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