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Select Board authorizes $1.7M Tax Anticipation Note to bridge cash until tax receipts arrive
Summary
To cover operating expenses until property tax revenues arrive, the Bristol Select Board authorized a Tax Anticipation Note up to $1,700,000 with Franklin Savings Bank at a fixed 4.5% tax‑exempt rate for one year, with named signers; the vote passed 4‑0‑0.
The Select Board voted April 16 to authorize a Tax Anticipation Note (TAN) in an amount up to $1,700,000 with Franklin Savings Bank to cover operating expenses until property tax payments are received in June 2026. Don Milbrand moved the motion, which was seconded by Scott Sanschagrin and carried 4‑0‑0.
According to Town Administrator Christina Goodwin, the TAN will be unsecured, will accrue interest only on funds drawn, remain open for one year, and carry a fixed tax‑exempt interest rate of 4.5 percent. The board named authorized signers for the note: Shaun Lagueux, Scott Sanschagrin, John Miller, Don Milbrand, Scott Severn, and Kathleen Haskell.
The board discussed whether the amount was sufficient but decided to proceed with the same amount previously approved to avoid additional costs. Goodwin stated tax revenue is expected to begin in June 2026, with tax bills due to the Town Clerk/Tax Collector’s Office by May 15 and payments due by July 1, 2026.
Other administrative business during the meeting included approval of minutes, consent agenda items and two motions to indefinitely seal nonpublic session minutes.
