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Strafford County awards $16 million tax-anticipation borrowing to M&T Bank at 3.60%
Summary
The Strafford County Commissioners voted by voice to accept the lowest bid for a $16,000,000 tax anticipation borrowing from M&T Bank at a 3.60% interest rate; estimated borrowing costs including counsel fees are $354,500.
On Tuesday, May 12, the Strafford County Commissioners voted to award a $16,000,000 tax-anticipation borrowing to M&T Bank, accepting the bank's lowest bid and terms presented at the meeting.
Jonathan, the M&T representative present for the bid opening, told the board the bank's offer carried a 3.60% interest rate and that counsel and related fees bring estimated total borrowing costs to about $354,500. The board recorded that it had received four competitive bids for the borrowing.
A commissioner moved to accept the lowest bid; the motion was seconded and approved by voice vote. The board did not record roll-call tallies in the transcript; the action was passed by the commissioners present.
The county administrator and finance staff were identified as present during the discussion. The county will proceed with the administrative steps to finalize the tax-anticipation borrowing under the terms reported at the meeting.
Next steps: signatures and closing documentation were handled with the M&T representative before the meeting ended.
