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Scotland closes $5 million line of credit with M&T Bank to support bridge, town hall and other capital work
Summary
The town finalized a line of credit with M&T Bank on Jan. 21, 2026, made an initial $50,000 draw and reports $5 million in working capital to be used for grant‑reimbursable capital projects including bridge work and a Town Hall renovation that is expected to be largely CDBG reimbursed.
Town officials told the Board of Selectmen that the closing on a line of credit with M&T Bank was finalized Jan. 21, 2026 and the town made an initial draw of $50,000. The administration said the facility provides $5 million in working capital to be used for upcoming capital projects that are expected to be grant‑reimbursable.
Treasurer David Zito provided an accounting of FY26 capital expenditures incurred through Jan. 31, 2026: Kemp Road Bridge engineering costs of $40,600; Town Hall renovation spending…
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