Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Finance Loader topic
No spam. Unsubscribe anytime.
Selectboard approves $144,500 promissory note for town loader, sets repayment schedule
Summary
Concord approved borrowing $144,500 from the Connecticut River Reserve Fund to purchase a loader, agreeing to a $5,000 annual assessment in lieu of interest and a three-year repayment schedule starting Dec. 1, 2026.
The Concord Selectboard on April 7 approved a promissory note borrowing $144,500 from the Connecticut River Reserve Fund to finance a town loader. Under the agreement the town will pay a $5,000 annual assessment in lieu of interest; the principal will be repaid in three installments of $50,000, $50,000 and $44,500, with the first payment due December 1, 2026. Denis LaMadeleine moved to accept and approve the Town Loader Promissory Note; Richard Casavant seconded and the motion passed 4–0.
The promissory note had been discussed at a March 17 special meeting and returned for final review. The board's approval formalizes the borrowing arrangement and creates scheduled repayment obligations; the minutes record the dollar amounts and dates but do not include additional contingencies or financing covenants beyond the assessment in lieu of interest.
