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Bond-bank says $1,000,000 loan approved; closing penciled for July 23
Summary
Clerk told the board Ken Lang from the bond bank secured approval for a $1,000,000 loan but the close was penciled for July 23; members discussed timing risk if bills arrive before funds clear.
The Clerk reported that Ken Lang from the bond bank messaged the town today saying his board approved a $1,000,000 loan for the town, but that the closing cannot occur until July 23 and is only penciled in. "Ken Lang from the bond bank messaged me today and said he's happy to report that he managed to get approval, from his board for the $1,000,000 loan ... now it has to close July 23 penciled in, not inked in," the Clerk said.
Members flagged the cash-flow risk if a large bill arrived before that closing date; the discussion centered on whether the town could wait two weeks to pay a bill and contingency plans if a payment were urgent. The Clerk said the town would still likely manage short-term obligations and would confirm the final closing date.
