Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Town clerk outlines flood-recovery funding options; Line of Credit due in July
Summary
Town Clerk Patti McClure reported the Vermont Bond Bank has no 2025 funds available for unexpected flood costs but may have funds in 2026; Community National Bank said it could convert the town’s Line of Credit to a payment-only loan if repayment is not possible in July and suggested a possible non-arbitrage loan for bridge funding.
Town Clerk/Treasurer Patti McClure informed the Select Board that the Vermont Bond Bank told her this year’s funds for unexpected flood-related costs are already allotted but that additional financing might become available in 2026. McClure also reported that Community National Bank said the town’s Line of Credit, which matures in July, could be rewritten as a payment-only loan if the town lacks funds to repay it at maturity.
McClure said Community National Bank indicated the town might be able to secure a non-arbitrage loan for the bridge project if additional funds are needed. The minutes do not provide specific loan terms, interest rates, or amounts; the board recorded the funding options as informational rather than approving a financing action at the meeting.
