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Select Board agrees to forward intermunicipal borrowing agreement to water commissioners
Summary
Staff asked the board to sign an intermunicipal agreement to allow the town to borrow on behalf of the Santa Fe Valley Water District; the board agreed to sign and to have the water commissioners considered on the May 18 agenda so the district can finalize borrowing.
Staff explained that the Santa Fe Valley Water District was created as a separate entity but that the enabling legislation grants the town authority to borrow on the district’s behalf. The proposed intermunicipal agreement would authorize the town to act on the district’s behalf for borrowing and would allow bond counsel to issue a green-light letter required to proceed with financing.
The treasurer wants the signed agreement as soon as possible to meet borrowing timelines. The board agreed to vote to sign the agreement and to keep the water commissioners on the May 18 agenda so they may complete their side of the authorization. Staff said the action is largely procedural but time-sensitive because it affects the district’s ability to borrow in the current fiscal year.
