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Select Board approves $225,000 bond note to buy Munger property for conservation
Summary
The Brentwood Select Board voted to authorize a $225,000 bond note to buy the Munger property for conservation use, approving a resolution that sets a 4.75% maximum interest rate and a principal schedule; the board imposed a caveat that counsel fix a dated loan agreement and confirm an omitted exhibit before final delivery.
The Brentwood Select Board voted to authorize issuance of a $225,000 bond note to finance purchase of the Munger property for conservation use and instructed town officers to execute a loan agreement for the bond.
The resolution, read into the record by the chair, sets a maximum net interest cost rate of “4.75 percent per annum,” directs principal payments of $15,000 per year according to the maturity schedule in Exhibit A and authorizes officers to execute a loan agreement substantially in the form presented, subject to ministerial…
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