Penobscot County approves $15.8 million tax anticipation note; adopts 2026 municipal tax assessment

Penobscot County commissioners voted unanimously Feb. 27 to issue a $15,800,000 tax anticipation note and to adopt the county's 2026 municipal tax assessment of $29,009,406.

Finance Director Trevor Moore asked the commission to approve the tax anticipation note, explaining that under federal tax law a portion of the issuance is tax-exempt up to the statutory limit and noting that the county received no competing bids before finalizing terms with the named lending institution. "We have the tax anticipation note that we have worked out with the [bank]," Moore said, asking the commission for approval of issuance in the amount of $15,800,000.

The commission moved, seconded and approved the issuance by voice vote. Chair noted the vote was "unanimous of those present." Commissioners also approved the treasurer's presentation of the municipal tax invoices; the county tax for 2026 was presented as $29,009,406 and that assessment was approved by motion and unanimous voice vote. Commissioners then moved to approve the printed warrants; that motion also passed unanimously.

Commissioners and staff framed the TAN and tax assessment decisions in the context of broader county budget pressures. The chair said the county had secured a portion of required cash internally and that the $15.8 million issuance was part of managing near-term operating needs. Officials noted the finance office had earlier sought bids but received none and therefore worked with the cited bank to complete the loan.

Next steps: the county will execute the TAN financing documents and proceed with the adopted tax assessment. Commissioners did not schedule additional debate on the measures at this meeting; other budget discussions and the county's budget advisory processes were referenced as ongoing.

Action items recorded at the meeting include the motion to issue the $15.8 million tax anticipation note, approval of the 2026 municipal tax assessment totaling $29,009,406 and approval of warrants as printed. No roll-call tallies were read aloud; each measure passed by unanimous voice vote of those present.