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Select Board accepts Berkshire Bank bid for $300,000 tax anticipation note at 4.25%
Summary
The board approved accepting Berkshire Bank's 4.25% bid for a $300,000 tax anticipation note to cover near-term cash needs and authorized officers to sign loan documents so funds can be disbursed to meet obligations.
Town treasurer presented two bids for a $300,000 tax anticipation note: Adams Community Bank at 4.85% and Berkshire Bank at 4.25%. Board moved and seconded to accept the lower bid from Berkshire Bank. The motion passed with a recorded "Aye" from members present, and the board authorized signature authority to expedite funding so the town can meet near-term obligations such as school payments.
Chair asked whether a signing authority could be delegated so the loan can be funded promptly; members agreed and authorized staff to proceed. The decision places short-term debt with a fixed interest offer and requires staff to complete closing procedures and report back to the board.
