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Board authorizes signing of short‑term loan paperwork for fire‑truck refurbishment
Summary
The Select Board authorized the town to sign bank paperwork for a $150,000, 360‑day loan at 5% interest to cover outstanding refurbishment costs on a fire truck; the loan was presented as the approved approach to finance a $127,000 remaining balance.
Town staff presented bank paperwork for a previously authorized short‑term borrow to cover refurbishment costs on a fire apparatus. The loan package shows 5% interest for 360 days on a $150,000 principal; as staff explained, the outstanding balance on the project is approximately $127,000 and the planned short‑term borrowing would cover it until reimbursements are processed. Jackie noted the bank terms in the record: "it's at 5% for 360 days at a $150,000."
Board members discussed whether any internal reserve or FEMA‑returned funds could cover the balance without borrowing; staff explained FEMA money is dedicated to highway projects and not available for the fire department general fund. After discussion the board voted to authorize signing the loan paperwork so the town can complete payment for the refurbishment.
