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Trappe council adopts resolution renewing $100,000 line of credit
Summary
The Trappe Town Council unanimously adopted Resolution 4-2025 renewing a $100,000 line-of-credit promissory note with Shore United Bank; Town Attorney Lyndsey Ryan said the line is renewed annually and currently has a zero balance.
President Newnam read Resolution 4-2025 at the Dec. 3 meeting, authorizing renewal of a Shore United Bank promissory note with a $100,000 principal amount. Town Attorney Lyndsey Ryan reviewed the line-of-credit history and said the LOC is renewed annually; the note had a zero balance at the time of the meeting.
Commissioner Rose Potter moved to adopt Resolution 4-2025, and Commissioner Walter Chase seconded. The council voted unanimously to adopt the resolution (Sullivan — yes; Newnam — yes; Potter — yes; Chase — yes).
The resolution renews the town’s authority to draw on the line as needed pursuant to prior legislative acts; no immediate draw was reported in the minutes.
