Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Shapleigh board approves $1.55 million tax anticipation note to smooth cash flow
Summary
The board voted to accept a $1,550,000 tax anticipation note at 4.4% interest, to be paid off by Dec. 31, 2026; staff will provide modeling of longer‑term budget options. The vote was recorded as passing '2 0.'
The Shapleigh board approved a tax anticipation note (TAN) to cover interim cash needs, accepting a $1,550,000 loan at 4.4% interest to be paid off by Dec. 31, 2026. Administrator Michelle presented the final documents and asked the board to ratify the resolution authorizing the loan; a motion was made and seconded and the board voted to approve the TAN.
Michelle said the TAN sets the maximum amount and terms for borrowing needed to bridge the town’s revenue timing. "The note basically just sets the amount of $1,550,000, the interest rate of 4.4%, the term to be paid off by 12/31/2026," she said. Members asked procedural questions while staff confirmed there is no current litigation that would affect the borrowing. The town also signed the arbitrage and use‑of‑proceeds certificate and completed certification that no litigation is pending.
The board recorded the vote as passing (record noted as 'Passes 2 0'). The administration said it will continue preparing related paperwork, including attorney assignments and final signatures, and will provide follow‑up budget materials showing how alternative timing could reduce borrowing needs.
