Finance Committee Meeting | May 26, 2026

The City of Watertown Finance Committee met on May 26, 2026, primarily to review and authorize borrowing related to contract numbers 11 through 26 for a utility extension project totaling approximately $1.1 million. The committee discussed three loan offers from different banks, with Exonia Bank providing the most favorable interest rate below prime and no prepayment penalties. The borrowing is intended as a short-term line of credit to cover project costs from July to October, with repayment expected by March or April of the following year. A motion to proceed with preparing the borrowing was passed unanimously. There was some discussion about the implications of the borrowing on special assessments for affected properties, but it was clarified that such matters would be addressed in a future Public Works meeting and were not on the current agenda. The meeting also included a closed session to discuss employment and legal strategy matters, but no procurement-related decisions were made during that session.