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Selectmen approve $30,771.93 suspense transfer and authorize up to $875,000 equipment financing with Liberty Bank
Summary
The board voted unanimously to transfer $30,771.93 of unpaid taxes to the suspense list and approved a resolution authorizing equipment lease/purchase or loan agreements up to $875,000 over 4.5 years with Liberty Bank; both actions were approved 5–0.
The Board of Selectmen approved two financial actions at its May 4 meeting.
On a motion by Mark C. Neumann, seconded by Frederick A. Moffa, the board voted unanimously (5–0) to approve Collector of Revenue Kendra Gilbert’s recommendation to transfer $30,771.93 of unpaid taxes to the suspense account after collection efforts have been exhausted. The town retains the ability to collect those funds in the future.
The board also unanimously approved a resolution authorizing the execution and delivery of equipment lease/purchase or loan agreements (promissory note) in an amount not to exceed $875,000 for a term of four and one-half years with Liberty Bank. The resolution authorizes the Town Manager to execute necessary documents — including UCC financing statements, security agreements and disbursement authorizations — and ratifies prior actions taken in pursuit of the transaction.
Both measures passed by unanimous vote; no amendments were offered at the May 4 meeting.
