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Dover moves $764,524 from town cash to cover regional school roof payment
Summary
The Board approved an internal advance of $764,524 to Dover Sherburne Regional School to fund Dover’s share of a roof and skylight project that needs payment by July 15; town finance said borrowing internally expedites the payment and will be followed by further borrowing discussions this summer.
The Dover Board of Selectmen voted unanimously July 7 to advance $764,524 from town available cash to cover Dover’s share of the Dover Sherburne Regional School roof restoration and skylight replacement project.
Town finance staff explained the move is an internal advance of funds to meet the school’s July 15 funding deadline and is intended to expedite the payment while the town prepares for broader borrowing activity connected to the capital plan. "The school needs their funding by July 15, and this is how we're gonna expedite that," Chris said.
Officials said the advance is a short-term measure and that the town expects additional borrowing activity this summer for other capital projects. Chris said the finance team is looking at short-term borrowing options ahead of a larger issuance later in the budget cycle.
The motion to advance funds was moved and seconded and the board recorded unanimous approval.
The board said the advance will be managed in coordination with upcoming borrowing decisions and that details about future debt offerings will be brought to the board in coming weeks.
