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Board accepts Partners Bank bid for $1.55M tax anticipation note at 4.4%
Summary
The board voted 2-0 to accept a Partners Bank tax anticipation note for $1,550,000 at 4.4% after receiving a competing bid from Machias Savings Bank at 5.03%; staff described the TAN as a short‑term loan closed by year‑end to cover seasonal revenue timing.
The board reviewed two bids for a tax anticipation note (TAN) to cover short‑term cash‑flow needs until property tax revenues arrive later in the year. Staff reported a Machias Savings Bank bid for $1,550,000 at 5.03% and a Partners Bank bid for the same principal at 4.4%.
After brief discussion the board moved to accept the Partners Bank bid. A motion to accept the loan was made and seconded and the board approved the TAN (vote recorded as 2‑0). Staff described the TAN as a short‑term instrument typically closed out at year‑end when tax receipts arrive and said the loan addressed seasonal timing of expenses such as payroll and operations.
Board members called the decision a practical fiscal step to manage cash flow and noted that staff had reviewed the bids.
