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Trappe extends maturity on interim loan as USDA financing finalizes
Summary
The council adopted Resolution 6-2024 to modify a Shore United Bank note, extending the maturity by six months while USDA funding is finalized; the resolution passed unanimously and minutes record $435,121.71 previously drawn from the BAN.
Trappe Town Council on Dec. 4 adopted Resolution 6-2024 to authorize a note-modification agreement with Shore United Bank that extends the interim financing maturity for the pumping-station project by six months. Attorney Lyndsey Ryan told the council the current loan matures the next day and that while USDA funding is approved it would not be in place before the maturity date, creating the need for the extension.
President Schmidt read the resolution, which references a General Obligation Bond in the principal amount of $1,376,000 and a General Obligation grant of $599,500; minutes state $435,121.71 has been drawn and borrowed from the BAN note for project expenses. Commissioner Newnam moved to adopt the resolution; Commissioner Chase seconded and the motion passed unanimously.
