Town Council Settles On One Year Bond—To Fulfill “The Letter Of The Law”
On January 29, the Town Council consented to issue a $1.05-million “open space bond” as a one-year note—money that will be borrowed, held in a bank account, not spent, and paid back at the end of a year. Borrowing money just to issue the bond violates common sense. Thus, the Town Council may want to propose amending the Charter language so that a bond does not need to be issued unnecessarily.