Strafford County approves $16 million tax anticipation note; lowest bid from Mnt Bank

The Strafford County Commissioners voted May 12 to award a $16 million tax anticipation note (TAN) to the lowest bidder, Mnt Bank, the board chair announced at the county’s public meeting in Dover. Commissioner Leslie Feliciano said the county received four bids and that the Mnt Bank offer produced the lowest total borrowing cost of $354,500.

Felicitating the bank’s presence, a bank representative identified in the transcript as Jonathan addressed the board. The transcript records his remark about the bid "at a rate of uh 360%." County meeting materials cited a total borrowing cost of $354,500; the transcript language recording the interest rate is likely a transcription error and should be verified against the official loan documents.

A motion to award the TAN to the lowest bidder was made, seconded and approved during the meeting; the transcript records multiple "I" responses on the voice vote but does not record who moved or seconded the motion nor the individual vote tally. Commissioners also voted to authorize and schedule execution of the TAN documents at a signing meeting set for Thursday, May 14 at 9:00 a.m.

The TAN is a short-term borrowing instrument counties use to meet cash-flow needs before tax receipts; awarding the bid and scheduling document execution completes the county’s immediate procurement steps. The meeting was held at the Justice Administrative Building in Dover and was chaired by Commissioner Leslie Feliciano in place of Commissioner George Mclaris, who was absent.

Votes at a glance: the board approved awarding the $16 million TAN to Mnt Bank (mover/second and tally not specified in the transcript); the board approved authorization to sign TAN documents on May 14 (mover/second and tally not specified). The meeting adjourned after the votes.

The county’s official contract documents and bid records should be consulted to confirm the precise interest rate and the formal vote record.