Board debates repayment schedule and funding sources for promissory note tied to Connecticut River fund

Board members spent significant time reviewing a financial packet and discussing terms for a promissory note to repay the Connecticut River Enhancement Fund after the town’s purchase of a loader. A staff member (Speaker 5) presented account balances and noted that a $50,000 annual reimbursement back to the Connecticut River Fund had been discussed previously; members then debated timing, term length and interest.

Discussion centered on making first payments sooner to avoid accumulated interest versus delaying until the amount can be budgeted. Multiple members described a structure with principal installments of $50,000 in year one and two and a smaller final principal payment thereafter; the transcript records a separate interest assessment referenced as $5,000 a year. Members weighed funding the initial installment from equipment reserves, ARPA funds, or surplus; one member suggested splitting the first payment (for example, $25,000 ARPA and $25,000 from equipment reserves).

The board agreed Committee member (Speaker 3) would prepare a polished promissory note for the April meeting and to include the chosen repayment schedule and funding-source decisions then. The transcript records a proposed first installment due date of December 1, 2026 and a suggested purchase date of January 28, 2026; the transcript also includes a smaller third-year principal listed as "$44.05," which is unclear in the transcript and likely a partial transcription of a larger figure. The board did not yet take a formal vote on the promissory note; members directed staff to prepare the document for a formal vote at the April meeting.