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Selectboard authorizes temporary $350,000 BAN for public improvements and permits bidding at tax sale
Summary
Windsor's Selectboard authorized a temporary Bond Anticipation Note up to $350,000 to start public highway and recreation projects before bond proceeds arrive, and approved authorization for the town to bid on properties at a June 23 tax sale.
The board authorized a temporary Bond Anticipation Note (BAN) in an amount not to exceed $350,000 for public highway improvements (Depot Avenue, Central St., River St., Commerce Park) and other public improvement projects, including the skate park, for a four-month term. Town Manager T. Marsh explained bond proceeds will not be available until August, and the BAN allows projects to begin earlier. M. McNaughton moved to approve the BAN; E. Caffrey seconded and the motion passed unanimously.
Separately, the board authorized the town to bid on properties at the tax-sale auction scheduled for June 23 at 2 p.m. T. Marsh explained the town's approach is to bid up to the amount of delinquent debt owed to protect the town's interest; the board approved that authorization unanimously. "Bond monies will not come until August, but allows projects to begin," the minutes record.
The minutes do not include detailed project budgets, financing terms for the BAN, or a list of specific properties the town might bid on at the tax sale; staff will follow up with more detailed financing steps and the list of properties if the town proceeds.
