Originally published in The Weekly Packet, January 11, 2018
Selectmen secure TAN for continued operations
Jim Fisher signs appointment papers for the position of town manager in Deer Isle on his first day, January 8.
by Faith DeAmbrose
In a meeting moved up to beat an impending winter storm on January 4, the Deer Isle Selectmen, signed a Tax Anticipation Note for $2.5 million which will be used to keep the town running until taxes come in in 2018.
A tax anticipation note, also called a revenue anticipation note, is a provision of state law that allows a municipality to borrow money in anticipation of taxes yet to be committed. Legally, the loan must be repaid one month after the end of the municipal fiscal year.
Using a public notice to request loan bids, the town received two and voted to give their business to Bar Harbor Bank & Trust at an interest rate of 1.97. The other bidder was Camden National Bank, with a rate of 2.05. “We will probably begin to draw from it in February,” said Selectman Lew Ellis.
In other business the selectmen formalized the position of town manager by signing appointment papers for the position. Jim Fisher signed an employment contact December 31, and began the job January 8.