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Selectboard tables further paving motions after discussing short-term financing options
Summary
Board members agreed to proceed with the original paving contract scope but tabled additional paving motions. Treasurer Melissa Brown outlined short-term borrowing options: M&T Bank (3–4% interest, ~1 month processing) and Brattleboro Savings and Loan (6–7% negotiable, ~1 week processing).
The Selectboard reviewed a paving recommendation to move forward on the original scope of work and to execute change orders when additional road segments are later identified. Chair Mike DeSocio moved to table further paving motions; member Emily Beer seconded and the motion passed unanimously.
Treasurer Melissa Brown briefed the board on short-term borrowing options if the town needs to manage cash flow during the paving project. She reported current interest rates at M&T Bank of about 3–4% with approximately a one-month initial processing period and an early-payoff borrowing fee; Brattleboro Savings and Loan quoted approximately 6–7% with the possibility of negotiating a lower rate and an initial processing period of about one week and no early-payoff fee. The board did not take immediate action beyond tabling further paving motions so staff can identify additional segments and potential financing.
