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Troy board authorizes $600,000 tax anticipation note to cover December cash flow
Summary
The Troy Board of Selectmen unanimously authorized a $600,000 tax anticipation note with Mascoma Bank on Nov. 20, naming Selectman Thackston as the designated signatory to address December cash-flow needs.
Facing expected December cash-flow issues and after concluding that internal borrowing was not feasible, the Troy Board of Selectmen voted 3-0 on Nov. 20 to authorize a $600,000 tax anticipation note (TAN) from Mascoma Bank. Selectman Richard H. Thackston, III was named the designated signatory on behalf of the Town.
Town officials did not present the TAN's detailed terms at the meeting. The Board discussed the need for short-term borrowing to bridge timing differences between revenues and expenditures in December and directed the Town Administrator to finalize and execute the TAN documents with the bank. The motion to authorize the TAN passed unanimously.
The Board will receive and review the financing terms once they are available; no repayment schedule or interest-rate details were recorded in the minutes. The TAN authorization is intended as a short-term cash-management action; the Board's vote does not increase taxes but does commit the Town to a borrowing agreement whose final terms will be reported to the Selectmen.
