Committee: delay second borrowing tranche; use short-term BANs to limit interest
Town finance representatives told the committee both projects are tracking under original budgets and recommended delaying a second borrowing tranche until cash flows are clearer; short-term BANs (short-term borrowing) are planned to avoid early principal payments and reduce interest exposure.
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Sharon told the committee both projects are coming in under original budgets and described a plan to postpone the second tranche of permanent borrowing until project cash-flow needs are clearer. "Both projects are coming in lower than what the original budgets were," she said, and added the team will "only borrow when we absolutely need to."
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