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Madrid board adopts $520,000 bond anticipation note for water district; subject to 20‑day permissive referendum
Summary
The Madrid Town Board adopted a Serial Bond and Bond Anticipation Note resolution to borrow $520,000 for the Water District; the action is subject to a 20‑day permissive referendum. David Fisher moved the resolution, seconded by Clark Putman.
The Madrid Town Board on Oct. 8 adopted a resolution to take a Bond Anticipation Note (BAN) for $520,000 to fund the Water District, with the measure recorded as subject to a 20‑day permissive referendum. David Fisher moved to adopt the Serial Bond and Bond Anticipation note resolution; Clark Putman seconded and the board voted "All in favor."
The meeting minutes state: "The Serial Bond and Bond Anticipation note Resolution was offered by David Fisher, who moved to adopt, seconded by Clark Putman. All in Favor." The minutes do not record a roll-call vote or a tally by name. The BAN provides short-term financing to be refinanced later by serial bond authority, according to the recorded motion. No further implementation timeline or trustee/underwriter details were provided in the minutes.
