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Council urged to use reserves, avoid new loans while rebid proceeds
Summary
A council member recommended avoiding new loans and exploring use of unrestricted reserves and reimbursement resolutions to bridge a roughly $1.5–1.8 million gap; staff agreed to prepare options and consult a financial adviser if needed.
A council member urged caution on taking any new borrowing to fund the projects and said the town has unrestricted money-market funds that could be used to bridge the gap in the near term.
"I wouldn't recommend the council take any additional loans out at this point," the committee member said, urging the council to wait for rebid results and to consult a financial adviser before pursuing borrowing. Staff noted Georgina indicated some funds were available and described a reimbursement resolution as an option that "isn't an obligation" but would allow future reimbursement if the council chose to finance later.
Council discussed the gap figures during that exchange: staff said using the two qualified bidders would leave a little over $1.5 million in needed funds, while committee members identified the overall gap as about $1.8 million. The council directed staff to draft financing options, including a reimbursement resolution and scenarios that use reserves versus seeking loans.
