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Selectmen approve one‑year $450,000 bond at 4.25% to reduce fire-truck balance
Summary
The board authorized a one‑year $450,000 borrowing at about 4.25% to lower the outstanding balance on a new fire apparatus, directing staff to plan payoff strategies for upcoming town meetings.
The Acushnet Board of Selectmen voted Aug. 5 to authorize a one-year bond borrowing of $450,000 at an interest rate of about 4.25 percent to reduce the outstanding balance on a recently purchased fire apparatus.
Chair said the town initially borrowed $200,000 from EMS reserve receipts and that the new borrowing would bring the remaining balance down to $450,000. "So is there a motion to approve the bond for $450,000 of 4.25 percent for 1 year?" the chair asked; the motion passed unanimously. Members discussed options to pay off the borrowing within several years—through free cash at a fall town meeting or reserve accounts—and directed staff to prepare balance‑sheet information and plan potential payoff strategies for future town meetings.
The board instructed the treasurer/collector to submit the borrowing first thing the following morning so the town meets timing requirements for that short-term financing.
