Whitman-Hanson committee approves $6 million short-term loan and authorizes $258,675 in extra state funds to close FY26

Whitman-Hanson Regional School Committee members voted to approve a short-term borrowing plan and to authorize additional state funds to close the district’s 2026 fiscal year.

Business manager Mr. Wells told the committee the district received two bids for a $6 million revenue anticipation note (RAN) meant to cover operating costs until state and town receipts arrive in late July and August. He said the low bid carried a coupon of 6.05% and included a $16,800 bond premium that reduced the net interest cost to 4.312069% and produced a borrowing cost of $43,066.53. The note is dated June 15 and payable August 13. “We have a $6 million RAN… the coupon rate was 6.05%… [the bond premium] reduced the net to 4.312069,” Mr. Wells said.

Committee members discussed term length (60 days vs. 90 days); Mr. Wells said the 60-day option cost the district less and that revenues are expected to arrive in early August, including roughly $2.1 million at the end of each month in Chapter 70 receipts and town assessments beginning August 1. The committee then approved a motion authorizing the sale of the note on the terms Mr. Wells read into the record.

Separately, the committee voted to authorize Superintendent Dr. Marcus to utilize $258,675 in additional Chapter 70 funding to support closing FY26. Mr. Wells explained that the district’s budget process fixes on the governor’s budget early in the year and that available funds can change as final state budgets are enacted; the appropriation allows the superintendent to apply extra Chapter 70 revenue to close the year, with detailed line-item transfers to be reported when the year is closed and brought back to the committee in September.

Votes at a glance

- Revenue Anticipation Note: motion approved to sell a $6,000,000 60‑day RAN dated June 15, 2026, payable August 13, 2026, with a 6.05% coupon and $16,800 premium (net interest ~4.312069%). - Chapter 70 appropriation: motion approved to authorize the superintendent to utilize $258,675 in additional Chapter 70 funds to close FY26.

What happens next

Mr. Wells said the district expects to receive state Chapter 70 funds at month-end and town assessments starting August 1, which will be used to repay the RAN. The committee will receive a detailed closing report and any required line-item transfer documentation when fiscal-year closing work is complete.