Bank Loan Could Keep Winchester Schools Open

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WINSTED — Town Manager Dale L. Martin said he has a possible solution that will keep the town’s schools open, if the board of selectmen and voters concur.

Martin said that Bank of America has agreed to loan the Town of Winchester $2.5 million to tide the cash-strapped school system over until the state delivers $4 million in an education grant scheduled to arrive in April.

“It’s like doing the paycheck advance,” Martin said Wednesday night. “We’ll get the money to get through the end of December and January. We will have to pay it back in April.”

Martin said the board of selectmen is planning a special meeting Thursday to consider the loan. If the selectmen support it, Martin said, the board will send the proposal to a townwide referendum.

Read more of Kathleen Megan’s article from the Hartford Courant here.

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