GPCOG Executive Committee Meeting Agenda Packet May 2026
GPCOG Weighs $500,000 Credit Line with Maine Community Bank
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Description
The GPCOG Executive Committee is considering a resolution to authorize an operating revolving revenue anticipation line of credit of up to $500,000 with Maine Community Bank to manage short-term cash flow needs in FY 2026. The Executive Director and Chief Operating Officer would be empowered to execute the note, related security agreements, and deposit account control arrangements within statutory borrowing limits.
Contract Details
Contract Amount
up to $500,000
Vendor
MAINE COMMUNITY BANK
Agency
Portland Area Comprehensive Transportation System, ME
Contract Type
FINANCIAL_SERVICES
Document Date
May 5, 2026
Contract Term
stated maturity of not more than one year from date of issuance; revolving revenue anticipation line of credit
Renewal Info
Single-year revenue anticipation note structured as a revolving line; renewal or extension beyond the one-year stated maturity would require new authorization.
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