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Hancock County approves authorization to borrow up to $5 million in tax anticipation note
Summary
Hancock County Commissioners voted unanimously June 16 to authorize borrowing up to $5,000,000 in anticipation of 2026 tax receipts, accepting an offer from Machias Savings Bank at 6.47% and authorizing county officials to execute related documents under Title 30‑A M.R.S. §932.
Hancock County Commissioners voted 3‑0 on June 16 to authorize borrowing up to $5,000,000 in a tax anticipation note to bridge cash flow ahead of 2026 tax receipts. The board accepted an offer from Machias Savings Bank carrying a stated interest rate of 6.47% per annum and authorized the county’s treasurer and commissioners to execute the note and related documents under the authority of Title 30‑A M.R.S. Section 932.
The motion, made and seconded by Commissioners Clark and DiBella, ratified any prior administrative acceptance by county officials and included contingency language allowing designated deputies or successors to sign if primary officials are unavailable. The vote follows routine seasonal borrowing practices to align cash flow with tax collection timing.
Commissioners did not debate specific repayment sources beyond the general reference to anticipated 2026 tax receipts. The motion recorded no roll-call names beyond the 3‑0 tally. The meeting agenda and minutes state the authorization in form presented to the meeting and delegated execution to appropriate county officials.
Next steps: county officials are authorized to finalize and sign the note documents; the transcript does not specify a closing date for the borrowing or the anticipated repayment schedule beyond the reference to 2026 tax receipts.
