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Colebrook Select Board authorizes up to $750,000 in tax‑anticipation borrowing
Summary
The Select Board voted April 1 to authorize the Treasurer to borrow tax‑anticipation notes up to $750,000 to cover cash‑flow needs while reimbursements and grant proceeds are pending.
The Colebrook Select Board voted to authorize the town Treasurer to borrow tax‑anticipation notes (TAN) of up to $750,000 to meet short‑term cash needs.
Town Manager Tim Stevens asked the board for a motion to approve the TAN request. Sue Collins moved 'to authorize the Treasurer to borrow tax anticipation notes up to $750,000.00 as cash is needed'; Ray Gorman seconded the motion and the board approved it. The minutes record Greg Placy as agreeing and the motion passing without a recorded dissent.
Stevens told the board that staff have been pursuing reimbursements from other agencies; he said Melanie submitted 'a reimbursement for over $200,000.00 last week,' though he could not confirm the exact amount because Melanie was out sick. Collins told the board 'it should be more than that.' The board discussed that pending reimbursements and grants are driving the need for short‑term borrowing.
The board did not set borrowing terms in the minutes; the authorization allows the Treasurer to borrow funds as cash is needed within the approved cap.
