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Trappe approves interim financing extensions and renews line of credit

Trappe Town Council · December 4, 2024
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Summary

Council adopted Resolution 6-2024 to extend the maturity of interim financing for the pumping station project and adopted Resolution 7-2024 to renew a $100,000 line of credit; both votes were unanimous.

President Schmidt read two financial resolutions at the Dec. 4 meeting. Resolution 6-2024 authorizes a note modification agreement with Shore United Bank relating to a $1,376,000 general obligation bond and a $599,500 grant (with $435,121.71 already drawn). Attorney Lyndsey Ryan said the measure extends the interim financing maturity date by six months because USDA funding is approved but not yet in place; Commissioner Newnam moved adoption, Commissioner Chase seconded and the council approved the resolution unanimously.

Resolution 7-2024 authorizes renewal of a $100,000 line-of-credit promissory note with Shore United Bank; President Schmidt noted the line currently has no balance. Commissioner Potter moved to adopt, Commissioner Newnam seconded, and the resolution was approved unanimously.

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