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Carroll County approves $17 million tax‑anticipation note; board hears calls to reduce borrowing
Summary
The Carroll County Board of Commissioners voted May 4 to approve a $17 million Tax Anticipation Note (TAN) with $13,624,660 non‑taxable at 4.875% and $3,375,340 taxable at 6.25%, authorizing signatures and related filings. Public commenters urged building reserves to avoid future borrowing.
The Carroll County Board of Commissioners voted on May 4, 2026, to authorize a $17,000,000 Tax Anticipation Note through Bank of New Hampshire, approving a non‑taxable tranche of $13,624,660 at 4.875% and a taxable tranche of $3,375,340 at 6.25% by roll call (Chairman Charles McGee 'aye', Vice‑Chairman Harold B. Parker 'aye', Clerk Gene Chandler 'aye'). Documents required to issue the notes and related filings, including IRS Form 8038‑G, were approved and signed.
The vote covered standard administrative authorizations: permission for a majority of the board and the treasurer to sign or have facsimile signatures on the notes, the treasurer’s authority to deliver the notes to the purchaser, and the Board’s authorization to act as its own paying agent where appropriate. County staff noted the certificate and schedules presented were adopted as being in the best interest of the County.
Why it matters: TANs provide short‑term cashflow to cover county expenditures before apportionments and receipts arrive. Approving the $17 million line sets the county’s borrowing ceiling and the authorized terms for 2026, and directs officials to complete the paperwork needed for the sale and delivery of the notes.
Public and board comments highlighted alternatives to borrowing. Ed Comeau asked for the County’s typical draw from the TAN and the resulting interest cost, and suggested the Delegation set aside a reserve to avoid future borrowing. County records provided at the meeting showed historic borrowing and interest paid: in 2023 the County approved $17 million, borrowed $8 million and paid $149,891 in interest; in 2024 it approved $17 million, borrowed $8 million and paid $128,827 in interest; and in 2025 it approved $17 million, borrowed $5.2 million and paid $60,329 in interest. Chairman McGee said, "It would be helpful if towns paid their County apportionment twice a year rather than the current December‑only due date," and Commissioner Chandler suggested considering paying non‑profit appropriations at the end of the year to reduce the need to borrow.
The board signed the TAN documents at the meeting; the documents are available for public review in the Finance Office. No further Board action on the TAN was scheduled during the meeting.
