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Selectmen approve $1 million tax-anticipation note to fund bridge work
Summary
The Sugar Hill Board of Selectmen voted July 14 to borrow a $1,000,000 Tax Anticipation Note (TAN) to cover bridge construction costs; the note will close Dec. 31, 2025 and the town expects reimbursement from the NHDOT. A second TAN will be sought for 2026.
The Sugar Hill Board of Selectmen voted July 14 to borrow a $1,000,000 Tax Anticipation Note to fund bridge construction work.
Selectman Rusty Talbot moved to approve borrowing the One Million Dollar TAN that will close on Dec. 31, 2025; the motion was seconded by Selectman Chris Ellms and passed unanimously. The minutes record the board agreed the town will request the TAN and that a second TAN will be needed in 2026.
Town Administrator Jennifer Gaudette told the board that the 1994 Town Meeting warrant and minutes were sent to the bank and the town attorney to allow the board to borrow. The minutes state that construction funding will be paid out by the town and later reimbursed by the New Hampshire Department of Transportation (NHDOT).
Road Agent Doug Glover separately reported that utility work — including moving power poles — must be completed before related projects can begin, a scheduling consideration tied to project financing and start dates.
The board recorded the motion and the unanimous vote during the July 14 meeting. The town plans to close the TAN on Dec. 31, 2025; the minutes note that additional borrowing for 2026 will be required to continue financing until reimbursements are received.
