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Bradford board approves 10‑year Bond Bank plan, sets July 22 for fire station bid opening
Summary
The Bradford Select Board voted 3‑0 to pursue a 10‑year level‑principal Bond Bank loan to fund capital projects, with officials noting a worst‑case tax increase of about 1.3–1.4 mil; the board also scheduled a July 22 meeting to open fire station bids due July 17.
The Bradford Select Board voted unanimously July 1 to pursue a 10‑year, level‑principal loan through the Maine Municipal Bond Bank to fund planned capital projects, including a future fire station. Chair Edward Nevells motioned for the 10‑year level‑principal option; Select Board member Levi Surette seconded and the motion passed 3‑0.
The town discussed repayment options before the vote. Joyce provided a handout comparing level‑principal to level‑debt repayment schedules and noted that Bond Bank loans generally cannot be prepaid. The town manager said the 10‑year level‑principal option would result in an estimated worst‑case tax increase of roughly 1.3 to 1.4 mil.
Bids for the proposed fire station are due July 17. Contractors will be present when bids are opened; the board agreed to hold a special meeting on July 22 to open the packets and allow Plymouth Engineering to review submissions. The board tabled further financing and repayment‑schedule details for later discussion.
The vote was taken as part of routine meeting business and followed presentations from staff and from Joyce on financing mechanics. The board adjourned at 7:32 p.m.
