Committee member moves to award roughly $17.98 million sale after two bank bids; motion approved unanimously

A committee member said the body had received two bids for a roughly $17,980,000 offering and asked the finance director to briefly summarize the proposals. "We received two bids, one from Camden National Bank, which is our bank that we do business with for the rate is 3.992%. The second bid is from JP Morgan at a 4.57%," the committee member said.

The committee member relayed the finance advisor's explanation that the second issue — being for an amount under $20 million and for a shorter period — commonly attracts fewer bidders because banks find the margins too small. The member said Webster Bank, which bid in a prior round, declined to bid on this smaller issue, telling staff it would not be profitable for them.

A motion was made and seconded to "award Tan to International," language that appears verbatim in the transcript and may be garbled or incomplete. The committee member reported the motion passed by a unanimous vote; the transcript records the outcome as unanimous but does not specify vote counts.

There were no questions from the public during the item. The committee moved to adjourn, signed the certificate of the board, and the committee member said the documents would be available for signature the following day. The meeting ended after brief closing remarks about recordkeeping.

The transcript does not provide further identifying details about the mover, the second, or precise vote tallies. The motion language in the transcript was unclear; the article quotes that language exactly where used.