GPCOG Executive Committee Meeting Minutes May 5 2026
GPCOG Approves $500K Line of Credit with Bank
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Description
The GPCOG Executive Committee approved a corporate borrowing resolution to establish an operating revolving line of credit of up to $500,000 with Maine Community Bank, including a $250 underwriting fee. The line will serve as a cash-flow backstop for reimbursement timing gaps and will be used only if necessary.
Contract Details
Contract Amount
Up to $500,000; $250 underwriting fee
Vendor
MAINE COMMUNITY BANK
Agency
Portland Area Comprehensive Transportation System, ME
Contract Type
FINANCIAL_SERVICES
Document Date
May 5, 2026
Renewal Info
Revolving operating line of credit authorized by corporate borrowing resolution; specific maturity date and renewal terms were not discussed in the minutes.
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