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Sharon selectmen back NBT loan option for 10-year capital plan
Summary
The Sharon Board of Selectmen voted to recommend the NBT financing proposal to the Board of Finance for the town's 10-year Capital Projects Plan, noting the town does not need to borrow the full $7,000,000 immediately and thanking staff and volunteers for preparing the plan.
The Sharon Board of Selectmen on March 24 recommended that the Board of Finance accept a financing proposal from NBT to support the town's 10-year Capital Projects Plan. The board said it would avoid borrowing the full $7,000,000 at once to limit interest on unspent proceeds and voted to forward the NBT proposal to the Board of Finance for final consideration.
First Selectman Flanagan presided over the discussion reviewing the plan's anticipated allocations and financing options. Carol Flaton presented options and the board acknowledged detailed work by Flaton, Mr. Hecht, and Treasurer Pitcher in preparing the financing materials. Mr. Brett moved that the selectmen recommend the NBT proposal and Ms. Kearcher seconded; the motion carried with all in favor.
Why it matters: Approving a lending recommendation advances the capital program that funds projects such as roadwork and building maintenance over the next decade. The board emphasized a staged borrowing approach so the town pays interest only on amounts actually needed.
What comes next: The selectmen's recommendation goes to the Board of Finance for approval of the financing terms and schedule. The selectmen noted the capital plan and any loan are contingent on further review and the BOF decision.
Ending note: The board thanked the town staff and volunteers who prepared the plan and the financing options for the board's consideration.
