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Selectboard authorizes 5‑year loan for F‑600 purchase at 4.99% interest
Summary
The board authorized the Town Treasurer to submit a 5‑year, $110,000 loan application with Community Bank NA at 4.99% interest (level principal payments of $11,000) for purchase of a 2025 F‑600 truck.
Treasurer Deb Jones presented two loan options for financing a $110,000 purchase of a 2025 F‑600. The Selectboard authorized the Town Treasurer to submit an application with Community Bank NA for a five‑year loan at 4.99% interest with semi‑annual payments and level principal payments of $11,000 per year. Ted Austin moved the motion, Scott Henkels seconded, and the motion passed unanimously.
The board’s action authorized staff to pursue the loan application; the minutes do not record the loan closing date or total interest cost over the term. The action establishes financing terms to guide staff as they finalize procurement for the F‑600 vehicle.
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