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Selectboard authorizes $50,000 CD for revolving loan fund and approves farm lease
Summary
The board authorized placing $50,000 of the revolving loan fund into a five‑month CD at Mascoma Bank (3.65%) and approved a three‑year lease for town agricultural fields at $400/year to a new tenant.
The Selectboard authorized the Revolving Loan Fund committee to invest $50,000 of its balance in a five-month certificate of deposit at Mascoma Bank, which committee members reported is offering 3.65% for that term. Rita (committee member) explained the recommendation and noted the committee's intent to preserve funds while earning interest.
The vote authorizes staff to complete the deposit and track liquidity needs for anticipated loans. The meeting record notes the fund holds about $109,000 total and the committee expects typical loans to be below the $50,000 level, so the move was described as conservative and reversible after the five-month term.
Separately, the board approved a three-year agricultural lease (about eight acres) with a prospective tenant for $400 annually; staff were authorized to sign the lease on behalf of the town. The lease terms mirror prior agreements with the town’s agricultural tenants except the food-truck clause was removed. The tenant intends to plant crop(s) consistent with prior use of the fields.
Administration will document the CD placement and the lease signature; the committee will report back on any new loan applications before using CD proceeds.
