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Trappe renews $100,000 line of credit with Shore United Bank
Trappe Town Council · December 4, 2024
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Summary
The council adopted Resolution 7-2024 to renew a Shore United Bank line of credit promissory note for $100,000; the line currently has no balance.
President Schmidt read Resolution 7-2024 authorizing renewal of a Shore United Bank Line of Credit Promissory Note in the principal amount of $100,000. Attorney Ryan and the minutes indicated the line does not currently have a balance. Commissioner Rose Potter moved to adopt the resolution; Commissioner Jeremy Newnam seconded and the council approved it unanimously.
The renewal preserves the town’s credit capacity for town expenses; there was no recorded discussion about immediate draws on the line.
