Minutes of 11-11-2013 Special Meeting of Electors to approve short-term borrowing
Minutes are unofficial until approved by Town Board
The Special Meeting of Electors was called to order by Chairman Lund at 6:50 P.M. at the Town Hall.
Chairman Lund indicated that notice of the meeting was posted as required by Statutes.
Town Board members present were David North, Dennis Duckworth, Jim Lund and William Peavey.
Chairman Lund and Clerk Peavey reviewed the possible need for short term borrowing of up to $40,000 for up to 6 months for cash flow reasons. Town is waiting for LTRIP, State shared revenue and FEMA reimbursement and timing with Road Expenses could be an issue. Complete repayment of principal and interest is included in 2014 budget. No borrowing would be done unless necessary but authorization is requested. Motion by Dane Rasmussen second by Bill Hanson to authorize the Town Board to borrow up to $40,000 for up to 6 months with full repayment in 2014, motion carried 8 yes 0 no.
Chairman Lund closed special meeting of electors at 7:10
William Peavey Clerk/Treasure