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Select Board accepts five‑year paving loan from Adams Community Bank at ~7.5%
Summary
After reviewing bank responses, the board voted to accept a five‑year paving loan from Adams Community Bank (quoted at about 7.45%–7.5%) to fund the town paving program; first payment is expected in 2027, clerk said.
The Stamford Select Board voted to accept a five‑year loan from Adams Community Bank to finance the town paving project after the clerk reported limited competitive offers.
Clerk Laurie (S4) said Beacon Bank declined to provide a quote and several other banks either did not respond or offered less favorable terms. Laurie presented Adams Community Bank's quote of 7.45% for a five‑year loan and the board discussed timing: the current paving loan will be paid off this year and the first payment on the new loan is scheduled to begin in 2027. "I have a motion to accept Adams Community Bank loan for 7.5 percent for 5 years paving," the Chair announced; the motion was seconded and approved by voice vote.
Board members noted the need to get updated figures before closing and the potential for rate changes if the board waits; staff will collect preliminary figures for the next meeting and check whether banks will hold quoted rates for a specified period.
The board did not provide a detailed amortization schedule during the meeting; Laurie said she would return with payment timing and billing details at a subsequent meeting.
