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Cushing selectmen accept Camden National Bank tax anticipation bid at 0.74%
Summary
At their Sept. 8 meeting the Cushing Board of Selectmen accepted a tax anticipation note bid from Camden National Bank at a fixed interest rate of 0.74% and authorized borrowing under Section 5771 of Title 30-A, Maine Revised Statutes.
The Cushing Board of Selectmen on Sept. 8 accepted a tax anticipation note bid from Camden National Bank at a fixed interest rate of 0.74 percent and voted to authorize the borrowing under Maine law.
Chairman Alton Grover opened three bids for the Tax Anticipation Note: a bid listed as “First” at 0.80 percent, Bar Harbor Bank & Trust at 0.76 percent, and Camden National Bank at 0.74 percent. Selectman Daniel Staples moved to accept Camden National Bank's bid; Selectman Martha Marchut seconded. The motion carried, 5-0-0.
The board then voted to authorize tax anticipation borrowing pursuant to Section 5771 of Title 30-A of the Maine Revised Statutes, on a motion by Selectman Robert Worthing seconded by Laurie Haynes; that motion also passed, 5-0-0. The minutes record the authorization and cite legal counsel Jensen, Baird, Gardner & Henry, Attorneys at Law, in connection with the borrowing.
Why it matters: smaller towns commonly use tax anticipation notes to cover cashflow needs between property tax collection cycles. The selectmen did not specify the total principal amount of the note in the minutes; the rate and authorization were recorded in the board’s motions.
What’s next: The board’s recorded votes complete the authorization; the minutes do not state a closing date or a disbursement schedule.
