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Isle La Motte authorizes $100,000 short-term loan to cover $502,000 education tax due June 1
Summary
The Selectboard approved borrowing $100,000 to bridge cash flow ahead of a $502,000 education tax payment due June 1, 2025; the town plans to repay the loan when a CD matures June 23, 2025.
Sylvia, Town Treasurer, told the Selectboard that "the amount of $502,000.00 is due to the State of Vermont for education taxes on 6/1/25," and described a plan to bridge timing between the tax payment and a certificate of deposit (CD) that matures later in June.
Chair Peter Brzozowy moved to authorize a $100,000 short-term bank loan to cover the timing shortfall; Pat Treckman seconded and the motion passed with all members recorded "in favor." The town treasurer said the CD maturing on 6/23/25 would be used to repay the loan once it becomes available. The board recorded the planned repayment approach and did not attach additional conditions to the borrowing motion.
