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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 this fiscal year of $21,900 (total project costs to date $287,000 with $241,000 reimbursed to date); Town Aid Road paving (Kemp Road) $96,100; CNR Public Works purchases $124,000 for pickup truck and tractor; CNR Fire $70,000 for extrication tool and hose; CNR Town $10,000 for a septic‑tank replacement. The town reported $343,000 available in CNR funds as of Jan. 31.
On procurement for bridge work, officials said the town selected the financing approach it considered most favorable from M&T Bank and has advertised for a consulting engineering firm for both Brook Road bridges; the application deadline published in the Hartford Courant was extended two weeks. The written bank contract is in development and the town said the contract will not be awarded until costs and funding availability are finalized.
Other announcements included routine maintenance and community updates: the public works crew has been active in recent storms, a new sewer drainpipe was installed at Town Hall, and the siting council approved a solar project Jan. 9. The town also reminded residents that landfill permit stickers are available for $25 per household from the Town Clerk during posted hours.
Board members did not take formal action at the Jan. 20 meeting specifically to draw additional funds beyond the initial $50,000; the line of credit closing and the initial draw were recorded in the treasurer’s report. Future procurement and contract awards for bridge engineering and construction were described as contingent on bid results and confirmed funding.
