Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Selectboard approves $300,000 transfer from special funds to cover cash flow and TAN interest
Summary
The Selectboard approved a motion to borrow $300,000 from Special Funds to cover cash-flow needs and to pay Tax Anticipation Note interest (approx. 2.4% as of Oct. 1, 2025), to be repaid by Oct. 15, 2025.
The Selectboard voted unanimously on May 13 to borrow $300,000 from the town’s Special Funds account to cover cash-flow needs and to pay interest on a Tax Anticipation Note (TAN). Board member Linda Saarnijoki moved the measure; Katie Fitzpatrick seconded, and the motion passed without objection.
Town Treasurer Kim Seymour advised on terms, saying the interest rate to be used for calculation is approximately 2.4% as of Oct. 1, 2025 and that the amount will be repaid to Special Funds no later than Oct. 15, 2025. The board gave staff direction to calculate simple interest and document the repayment schedule for the record.
