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good job husbanding the resources, building up reserves and had met all their obligations.
The mayor said that the town couldn't describe the outcome of a situation that has not occurred.
“It’s just not a question we have to deal with until it happens,” Leggett said. "All we can do is conserve our money, keep our credit good and proceed with a gradual improvement.”
If such an incident were to occur, Leggett said, alternatives would include borrowing money, increasing revenue, or in the worst case declaring bankruptcy. He added that the town has a good credit rating, making loans a good possibility.
“I don’t think there’s a real reason for fear to citizens of the town,” Leggett said. “There is no imminent threat. We do have a substantial number of resources.”
Earlier at the meeting the council reviewed plans for a
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