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Town authorizes staff to proceed on $4 million loan renewal for sewer cash‑flow; council asks staff to seek better terms
Summary
Council authorized the finance director to continue work with Seacoast National Bank to renew a $4 million loan used to cash‑flow the wastewater plant, and asked staff to explore monthly interest payments and shop for better rates; council approved the motion with an amendment to investigate alternatives.
The Lake Placid Town Council on Jan. 12 authorized staff to move forward with renewing a $4 million loan that the town has used to temporarily finance wastewater treatment plant construction costs.
Finance Director Rachel Osborne told council that the line of credit had been used to cover construction invoices pending DEP reimbursement and that the bank was requesting annual renewal.…
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