City of Montpelier AgendaPacket Regular City Council Meeting 2026-06-10
$2 Million Tax Anticipation Loan Awarded to Community Bank
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Description
The City of Montpelier awarded its $2 million FY27 Tax Anticipation Note to Community Bank, N.A. at a 2.80% interest rate with ICS reinvestment. The loan supports short-term operational cash flow and will mature by June 30, 2027.
Contract Details
Contract Amount
$2,000,000 (note principal); 2.80% interest rate
Vendor
COMMUNITY BANK N.A.
Agency
City of Montpelier, VT
Contract Type
FINANCIAL_SERVICES
Document Date
June 10, 2026
Contract Term
July 1, 2026 – June 30, 2027
Renewal Date
2027-06-30
Renewal Info
Annual competitive bidding; no automatic renewal. Note matures and is repaid June 30, 2027.
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