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Trappe renews $100,000 line of credit; minutes note no current balance
Summary
The council unanimously adopted Resolution 7-2024 to renew a $100,000 line-of-credit promissory note with Shore United Bank; the minutes state the line of credit "does not currently have a balance."
Trappe Town Council adopted Resolution 7-2024 on Dec. 4 to renew a promissory note establishing a $100,000 line of credit with Shore United Bank. President Schmidt read the resolution and made explicit that the line currently had no outstanding balance.
Commissioner Potter moved to adopt the resolution and Commissioner Newnam seconded; the motion was approved unanimously. The resolution authorizes renewal of the credit line for use on various town expenses as needed.
