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Select board reviews truck financing quotes but delays decision
Summary
Clerk Laurie presented loan quotes for a $150,000 truck: Adams Community Bank offered 7.4% (5 years) and Ford Credit quoted about 7.59% (5 years); the board discussed using the equipment replacement or land-sale funds but agreed to hold off on finalizing a loan.
Clerk Laurie told the board she had solicited financing quotes for a $150,000 truck purchase and presented two written offers: Adams Community Bank offered a 7.4% loan over five years; the dealer's Ford Credit option was quoted at about 7.59% over five years. "Adams Community Bank is willing to offer a 7.4 loan over a 5 year term," Laurie said, and she added that Beacon (the successor to Berkshire Bank) had not submitted a competing proposal.
Board members discussed the equipment replacement fund balance (the chair noted $22,000 in the fund) and the option of temporarily borrowing from the land-sale fund to close the purchase quickly. Members also weighed the administrative requirements of borrowing terms longer than five years, which would trigger public-bid or bonding procedures. After comparing rates and recognizing paperwork lead times, the board agreed to hold off on selecting a lender immediately and to revisit the decision if documents or timeline change.
