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Orange Select Board approves closure of FEMA Recovery Fund and applies $28,152.51 to FRAN loan
Summary
The Select Board authorized closing the town's Road Recovery Fund (balance $28,152.51) and directed the Treasurer to use the funds to pay down the FRAN loan principal; the TAN loan was noted as paid off Dec. 10, 2024.
The Orange Select Board voted on Dec. 17, 2024 to close the town's Recovery Fund Account, which had been dedicated to FEMA-related expenses, and to use the account balance of $28,152.51 to reduce the principal on the town's current FRAN loan.
According to the Treasurer's request, the Road Recovery Account had a balance of $398.59 for the last year; the Management Costs award of $27,753.92 from the state was deposited to the Recovery Fund, bringing the current balance to $28,152.51. The Treasurer said closing the account and applying the funds to the FRAN loan would create a clean paper trail while keeping the money segregated for the road recovery project. Betsy Coble moved to direct the Treasurer to close the Recovery Fund and use the $28,152.51 to pay down FRAN principal; Aaron Allen seconded. The motion passed, recorded as 3–0–0.
Meeting minutes also note the town's TAN loan was paid off on Dec. 10, 2024. No further action items or repayment schedules were specified in the minutes; the Treasurer was directed to execute the transfer and update accounting records.
