Selectmen authorize temporary borrowing

By Chris Reagle | Aug 06, 2018

ROCHESTER — Selectmen at the board's Aug. 6 meeting authorized borrowing of $1.2 million to fund the town's stabilization fund.

"We do this every year," Town Administrator Suzanne Syndlar told selectmen. "It's temporary borrowing to get the check into our stabilization fund. It's just floating the money until the tax rate is set."

The stabilization fund is a pool of money used to pay for unexpected expenses or, set aside over time, to pay for capital projects without long-term borrowing.

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