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Somerville finance committee hears interest-cost details for 90 Washington Street bond anticipation note
Summary
The committee reviewed a $403,980 appropriation to pay interest on a bond anticipation note for the 90 Washington Street property; staff said the BAN carries a 2.8% interest rate and that converting to long-term debt would increase principal and interest obligations if the property is not sold within two years.
The finance committee considered an appropriation request on Nov. 19 to pay $403,980 from unreserved fund balance to cover interest on a bond anticipation note issued to secure the 90 Washington Street acquisition.
Director Bean told the committee the BAN is short‑term borrowing that can be rolled for up to two years; because the paperwork came after budget…
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