PARIS — Selectmen authorized the town manager to take out a $645,000 tax anticipation note to finance operation until the next round of tax payments comes in.
Town Manager Amy Bernard said the loan, through Androscoggin Savings Bank, has an interest rate of 0.85 percent. She said the note would help the town cover payroll for the next six weeks, the next two payments to the school district and utilities.
Board of Selectmen Chairman Sam Elliot said short-term borrowing “is a relatively common process” for towns.
“That being said,” Selectman Robert Wessels said, “we want to do everything we can so we don't have to do this next year.”
Elliot agreed.
The board had discussed holding a public hearing on moving to quarterly tax payments, but opted to wait until the town meeting in June to have the discussion.
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