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Cushing board accepts 0.51% TAN bid from The First and authorizes borrowing; approves garage account transfer
Summary
Selectmen accepted The First's 0.51% tax anticipation note bid over competing 0.74% offers, authorized tax anticipation borrowing, and approved transferring funds from the Snow Removal Account to cover an overdrawn Town Garage Account.
At their Aug. 24 meeting the Town of Cushing selectmen opened tax anticipation note bids and approved short-term borrowing to cover cash needs.
Chairman Alton Grover opened bids from Camden National Bank (0.74%), The First (0.51%) and Bar Harbor (0.74%). Selectman Daniel Staples moved to accept The First's bid at 0.51%; the motion carried 5-0-0. The board then recorded a separate motion authorizing tax anticipation borrowing.
Later in the meeting Chairman Grover said the Town Garage Account was overdrawn and recommended transferring funds from the Snow Removal Account. Grover moved the transfer and Selectman Laurie Haynes seconded; the motion passed 5-0-0.
Chairman Grover also noted the town received a $1,351 dividend from the Maine Municipal Association related to good loss experience and loss prevention programs.
