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Scotland finalizes $5 million line of credit and advances town-hall renovation; treasurer previews January finances
Summary
Scotland closed a $5 million working-capital line of credit with M&T Bank and presented preliminary January financials, including $589,000 in general-fund cash and a range of FY26 capital expenditures; auditors issued a repetitive finding to the Board of Education.
Scotland officials reported a newly available $5 million working-capital line of credit and reviewed preliminary January financial statements at the Board of Selectmen meeting on Feb. 17.
Treasurer David Zito said the closing on the line of credit with M&T Bank was finalized on Jan. 21, 2026, and an initial draw of $50,000 was made per loan stipulation. The line provides up to $5 million in working capital intended for grant-reimbursable capital projects. Zito presented month-end preliminary General Fund figures through…
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