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Selectboard authorizes short-term BAN, road bond and $2.2M TAN application to finish projects
Summary
Windsor's Selectboard authorized a $350,000 bond anticipation note from Mascoma Bank, a $350,000 road bond, an application for a $2.2 million tax anticipation note for FY27, and a $13,705 tax-sale expense allocation to complete a skate park and paving work; all motions passed unanimously.
The Windsor Selectboard voted to authorize multiple borrowing steps to finance town projects and cash flow. J. Johnson moved to authorize: a $350,000 bond anticipation note (BAN) from Mascoma Bank for four months to provide gap funding to complete the skate park and paving of Central Street and the entrance to River Street Commerce Park; a $350,000 road bond to pay off the BAN and fund construction; authorization to apply for a $2.2 million tax anticipation note (TAN) for FY27 to facilitate cash flow; and a $13,705 allocation from reserve funds for tax sale expenses. The motion passed on a unanimous roll-call vote.
T. Marsh told the board that engineering on Central Street is complete and the board opted to repave rather than undertake more extensive construction at this time; Marsh said the repaving should last about five years. The minutes record Mascoma Bank as the lender for the BAN; the BAN was described as a four-month instrument to bridge cash flow while construction proceeds.
