Commissioners Special Meeting

Commission Chairman Percy L. Brown, Jr., called the special meeting of the Hancock County Commissioners to order at 1:30 p.m. on July 23, 2009 with commissioners Joy and Lawson in attendance.

CFO Philip N. Roy presented the commissioners with a cash analysis of the county’s financial statement through July 1, 2009. He apprised the commissioners of cash flow issues and the reasons associated with them. He explained that some of the TAN documents being presented today are based on a fiscal year and requested that the commissioners sign the note recognizing that there may be a change in some of the TAN paperwork from a fiscal year to a calendar year. Commissioner Joy questioned the need for the funds and requested that the CFO explain the need for his request. Commissioner Lawson preferred to request a TAN of $750,000 rather than $500,000. CFO Roy and Treasurer Planchart presented the commissioners with a proposed tax anticipation note, in the amount of one million dollars, for approval.


  1. That under and pursuant to Title 30-A, Section 932 of the Maine Revised Statutes, as amended and supplemented, there be and hereby is authorized the issuance of up to $1,000,000 principal amount Tax Anticipation Note of the County of Hancock, Maine in anticipation of the receipt of taxes for the current fiscal year of the County which commenced January 1, 2009 and ends December 31, 2009.
  2. Said Note shall be dated July 29, 2009, shall mature on January 28, 2010, shall be signed by the Treasurer and countersigned by the Chairman of the Board of Commissioners, shall bear interest at the rate of 1.99% per annum, shall be payable at Bar Harbor Bank & Trust, Bar Harbor, Maine, and otherwise be in such form and bear such details as the signers may determine.
  3. That said Note is hereby sold and awarded to Bar Harbor Bank & Trust.
  4. Said Note is hereby designated a qualified tax exempt obligation of the County of Hancock, Maine for the 2009 calendar year pursuant to the Internal Revenue Code of 1996.
  5. That all things heretofore done and all action heretofore taken by the County, its officers and agents in the authorization of said Note are hereby ratified, approved and confirmed and the Treasurer and Chairman are each hereby authorized to take any and all action necessary or convenient to carry out the provisions of this voting, including delivering said Note against payment therefor.

MOTION: to take out a tax anticipation note in the principle amount of $1,000,000 in anticipation of tax receipts for the fiscal year by the county and that, if the agreement needs to be modified, we allow such modification to be made and that a commissioner shall sign, on behalf of the commissioners, for the note. (Lawson/Joy 3-0, motion passed) (Lawson/Joy 3-0, motion passed)

Discussion: Commissioner Joy preferred to use as little of the funds as possible and understood that that one million dollars would be the maximum amount of the TAN.

Commissioner Brown has asked CFO Roy to anticipate what the undesignated fund balance would be at the end of the year.

Retiree, Annette Smith thanked the commissioners for hearing her request and asked them to reconsider her previous request for a retiree health insurance buy-out. Commissioner Brown stated that Meritain Health representatives will be attending the August 4th regular meeting in order to answer questions related to the problems employees and retirees have been experiencing with the health insurance. He explained that he was not in favor of a retiree health insurance buy-out and asked her to please be patient with them and allow them to work the problems out.

2:10 p.m.
MOTION: to adjourn. (Lawson/Joy 3-0, motion passed)

Official Website of Hancock County, Maine.                              Copyright 2020 All rights reserved.