Northfield Select Board approves up to $6.2 million bond anticipation note for Main Street water main and Cheney Farm tank

At a Dec. 29 special meeting, the Northfield Select Board approved increasing a bond anticipation note for the Main Street water main and Cheney Farm water tank project to as much as $6.2 million to ensure the town can meet bills while waiting for state reimbursements.

The motion to increase the line of credit was made by John Stevens and seconded by Mary Chernock; the chair called for vocal affirmation and declared the motion approved after recording affirmative responses. The transcript records two vocal “aye” responses and the chair’s statement, “The ayes have it, and that motion has been approved.” The meeting did not include a full roll‑call vote in the transcript.

Explaining the move, the meeting host said the town had taken the step because “the state has been late in reimbursing us for the monies,” and the town was near its existing line‑of‑credit level. The host added, “We were authorized to take $6,200,000 out and we're going to take it up to $6,200,000, and we, quite honestly do not think that we'll ever achieve that, but that is the most we can take out.”

An attendee clarified the broader voter authorization for the project: “The public authorized $7,200,000,” and the host said the town only pays interest on amounts actually drawn and will repay the bank as state reimbursements arrive.

According to comments during the meeting, the board drew on the note to maintain cash flow while waiting for state payments; the transcript notes a line‑of‑credit level of about $3.2 million and emphasizes the town expects to borrow only what is needed.

After approving the increase, the board adjourned this portion of the meeting to immediately convene a special budget and financial review subcommittee meeting focused on the capital improvement plan.