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Merrimack County board approves reinvestment of TAN funds; chair abstains
Summary
The board voted to invest up to $18 million of Tax Anticipation Note proceeds with Bar Harbor Bank & Trust at 3.85%; the motion passed 2–0 with Chair Trachy abstaining due to a conflict of interest.
The Merrimack County Board of Commissioners voted March 9 to invest up to $18 million in Tax Anticipation Note proceeds with Bar Harbor Bank & Trust at an interest rate of 3.85%, Finance Director Aaron Turner recommended after soliciting bids from local banks.
Commissioner Shurtleff moved to make the investment as presented and Commissioner Lovlien seconded. The motion carried 2–0; Chair Trachy abstained from the vote, citing a conflict of interest. The board did not provide additional public detail about the nature of the conflict during the meeting.
Turner said some local banks did not submit proposals during the solicitation process. The vote was recorded in the public minutes; no further action on the TAN investment was taken at the March 9 meeting.
