 603 p.m. Our meeting focused on the short term line of credit possible act to approve that is our action item for the evening. So Tara was going to bring us some information about that. So I'm going to turn things over. There are two lenders that we work with all the time. Community National Bank who does your tax anticipation though and then Mascoma who handles your primary and based on my conversations and discussions the recommendation would be to go with a line of credit because then we're only drawing down the funds that we need to as we need them rather than taking the single disbursement and paying interest back on the entire loan amount in the event that I don't need it then we don't have to pay interest on it. To give you an update as of today I still do not have the 910 education fund check for your district. I have emailed and left voice mails for both the Ministry of Education and the Department of the Treasury to find out the status of our check because it is the only district I haven't received yet so I need to know why. And then as we discussed the other night with the delay in the Bethel tax payments for the month because usually they were doing August and because they delayed them until September based on the state allowing them to do so that is also the revenue that we're missing right now in order to cover our current expenditures for August and September. So I do feel it is important that we do obtain the line of credit so that I can pay the bills and make sure payroll is covered. The recommendation that I have is that we get $600,000 and that's what I've been approved for by both of the lenders. If you went with Community National Bank the interest rates change on Mondays or Tuesdays so the interest rate as of today is the same interest rate that we discussed at your last board meeting. So for the line of credit that would be 1.89% and mascomas is 2.8%. Neither lender has any fees or penalties for the lines of credit so as we get the revenue in we can pay back what we have to draw down and there's no fees or penalties for that. We just pay the daily interest on the amount that we borrow or we pull down. So I still don't understand why you wouldn't just do the lump sum pay off the line of credit or the can and basically use the can as the line of credit because it works basically the same way where you can get money when you get it back. That gives you a smaller interest rate as long as there's no other key. I guess you could do that ultimately. And like I wouldn't be suggesting that if it wasn't less than the tan. So you know you're already saving money by paying back. We can do either one. Yeah, the recommendations from the banks is to go with the line of credit. Right. But I mean just as a thing of math that's going to cost more. It's probably only a few hundred dollars or whatever. But if you can pay 1.49 and 1.89, you can pay 1.49 and it doesn't seem like I don't see why we wouldn't do that. I think in my mind the reason why we wouldn't do that and usually I agree with you on things financial Andrew is that we may not have to take all six hundred thousand dollars. And so potentially by taking the line of credit we are paying less because we're only going to take what we need. The thing is is that if we pay off use the six hundred dollars and pay down the hand. Yeah. Anything that we borrow is at one point five nine instead of one point eight. So you know you still whatever we borrow wind up needing is still paying less of an interest rate than we will be able to pay back the entire time you would still be paying interest at that lower that lower rate on the tan. But just to make sure we're clear. No I'm clear about that. You know we basically maxed out our tan now. Yes. So we take six hundred thousand dollars and pay off six hundred thousand dollars. And we now have six hundred thousand dollars credit at the tan rate as opposed to six hundred thousand dollars of credit at the line of credit. If you look at the total amount of credit and the rate that that credit has doing the lump sum payment works out. But I don't want to argue too much about. So I guess I would advise will I would like the board to give us the opportunity to do either. I just need to make certain just so folks are clear. It needs to happen quick enough because I got payroll next week. Yeah. OK. Yeah. I would make a motion to authorize the business office to enter a line of credit or short term loan. In the amount of six hundred thousand dollars in the form that they see that work. Can I elect which lender Andrew. And you can elect from the bank and the form that they will go for the lowest interest rate. Yeah. We're going to I mean we'll go with Community National Bank at the projected one point four nine. That's why one point eight nine. OK. I don't have a second for that motion yet to open it up for a greater discussion. I will second that. But I'd love for Andrew to repeat that motion. So I get it down. Make sure you under in there Andrew because you have to specify what lender. OK. I make a motion that we authorize the business office to take out a loan from Community National Bank for six hundred thousand dollars either a line of credit or a loan. Okay. All right. So that was seconded by Lisa McCrory. Is there any discussion on this point. So any questions and any clarifications that people need to deal with before we vote on this motion. I would just like to know what Jamie thinks. I mean I'm comfortable with either. The only thing I'm cautioning you about Andrew is my concern is is that if we take out the full amount and pay off and I get your idea of paying off the 10 but I'm worried that money is going to get used and when that Ed fund reimbursement comes in I just I want to make certain what I don't I don't understand why we like basically you wind up with six hundred thousand dollars of credit. So what difference does make if it's a line of credit or I know what I guess what I'm saying to you is if we use the money right now the six hundred thousand which we're going to if that Ed fund payment doesn't come in. I'm worried that Ed fund payment comes in that that money's going to keep we're going to keep trying to catch up because we have the deficit and the cash flow issue and the money might not always necessarily get put in that team. And when it's a line of credit at least I can watch the line of credit closely as your superintendent. That's my only worry. OK. I'll leave it up to you guys. It is like OK. You know we've got calls into the agency right now to figure out why we don't have our money. So I think that's a great list. I can't hear what's being said in the conference right now. Bob said that yeah. So Tara can explain part of our hold up. So I had multiple towns because the state issued an extension for the Listers to file their grand list and they had until September 15th to file it. Not realizing that it was going to impact their Ed fund payments. So Bethel and Tumbridge both filed their grand list last Thursday when I called them all to say this is why we're not getting our Ed funds is because your town didn't file their grand list. Their Listers immediately got on it and got it filed. I already received the first branch Ed fund payment so I should have received the right river unified payment as well. And that's why I'm not understanding why it hasn't been issued because if Bethel and Tumbridge filed on the same day they should have got processed on the same day. My question is what's your problem with the file. There was no indication of that. So hopefully the tragedy when they respond to me will let me know what that will go. Right. Any other discussion related to this motion that we have on the floor. OK. Please say you're not muted. I'm just you are now muted. I just wanted to make sure that you didn't want to jump in. OK. So all in favor of approving a line of credit or loan in the amount of six hundred thousand dollars from the Community National Bank. Please say aye. Aye. Aye. Any opposed. Any abstentions. OK. So that motion is approved. Thank you. I just want I just like to go on record as saying I think we should do a line of credit. Do you want to share your rationale on that Bob or you just want to go on record as saying you support the line of credit. I know where we're going to be at the end of the year. I'd like to hope that we're going to be able to we're going to be able to pay this at the end. So yeah. And I think if we control the borrowing like with a line of credit maybe we'll be more thrifty. And I think that if whatever you do Jamie's got to know what's going on. Got to be able to make those decisions. Thank you. I would entertain a motion to adjourn this meeting and go back to our our previously attended retreat. So moved. OK. We'll do that at 6.15 p.m. Thank you.