Select Board approves validation resolution and accepts $110,000 Community Bank note

The board voted to approve a validation resolution related to a Community Bank note and then moved to accept a $110,000 loan from Community Bank for the town. The Chair made the motion to approve a validation resolution (explaining a 10‑year loan must be treated as a bond), and a board member seconded it; the Chair called the vote and announced the resolution passed. The Chair then moved to accept the $110,000 loan; after a second the board approved acceptance and the Chair noted signature(s) would be required that evening and documents would be scanned.

Board members discussed that because the loan was 10 years it had to be treated as a bond and that certain validation steps were omitted at closing; the validation resolution cures that omission. A board member said the loan documents were with staff and that signatures would be collected, and another member said the documents would be filed the next day. The meeting record shows the validation resolution and loan acceptance passed by voice vote.