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Belknap County panel authorizes up to $16 million in tax‑anticipation borrowing
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Summary
The Belknap County Executive Committee voted to authorize up to $16,000,000 in tax‑anticipation notes for 2026 to cover projected cash‑flow needs; the treasurer said an initial borrowing of about $8.5–9 million is likely and the debt will be repaid when tax revenues arrive in December.
At a meeting of the Belknap County Executive Committee, members voted to authorize the county to borrow up to $16,000,000 in anticipation of 2026 tax receipts to cover projected cash‑flow needs.
"I am here to request that the executive committee authorize the county to borrow up to $16,000,000 in anticipation of taxes for 2026," Treasurer Muzzy said, adding he had provided a projected cash‑flow statement and a 15‑year history of borrowings to justify the request. The treasurer also said he is not running for reelection and that this was his twentieth time making the request.
The treasurer told the committee bond counsel limits initial borrowings to projected six‑month cash needs and that the county would likely make an initial borrowing in the $8.5–9,000,000 range, with additional borrowings later in the year if needed, up to the authorized $16,000,000 cap. "So we will be making an initial borrowing somewhere on the $9,000,000 range… and then if additional borrowings are needed, they'll take place in the fall up to a total of 16,000,000," he said.
Committee members discussed interest rates and repayment. One member noted rates of about 3.1% on a March borrowing and 4.35% in October of the prior year; Treasurer Muzzy said he expected rates "comparable to where they were last year" and estimated an average near 4% for the year. When asked whether the borrowing would be repaid within the year, the treasurer replied, "Yes. That borrowing will be paid back once the proceeds from the tax revenue get received by the county in December."
Unidentified Speaker 2 moved to accept the treasurer's request, and Unidentified Speaker 3 seconded the motion. The committee approved the authorization by voice vote. The motion sets a cap and authorizes the schedule approach described by the treasurer; any specific draws will follow bond counsel guidance and the county's cash‑flow needs.
The committee concluded the meeting with no significant public comment and adjourned.
