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Select Board authorizes staff to pursue up to $900,000 bond with Meredith Village Savings Bank
Summary
The Select Board voted to move forward with Meredith Village Savings Bank to secure financing up to $900,000 for an approved capital purchase, citing competitive local rates and a need to close within the seller's timetable; the board authorized interim managers to engage bond counsel and finalize documents.
Plymouth — The Select Board voted at its April 27 meeting to authorize town staff to proceed with Meredith Village Savings Bank to secure financing of up to $900,000, following a review of proposals from several local banks and a discussion of bond‑bank timing and interest rates.
Town staff presented three local proposals and noted that Meredith Village Savings Bank offered the most competitive guaranteed rate in the town—s timeline (quoted around 4.35–4.5% for a five‑year term). Staff also reported that the state bond bank could offer lower historic rates but would require additional application materials and a longer timetable that might not meet the seller—s requested closing schedule.
Select Board members discussed timing options (including partial advance payment to the seller and financing the balance) and confirmed that the town has budget flexibility for initial payments. The board voted to authorize the interim manager and staff to engage Meredith Village Savings Bank, work with bond counsel to finalize purchase and sale documents, and return finalized documents to the board for signature or ask the interim manager to sign if authorized.
No roll‑call vote was recorded on the transcript; the motion was seconded and approved by voice vote.
