Buxton selectmen last week approved taking out a short-term loan of $740,000 to start construction of a new public works garage next to town hall on Portland Road.
In the June election, Buxton voters approved borrowing up to $1.8 million for the garage. With interest, the garage could cost $2.7 million over 20 years.
In last week’s action on Thursday afternoon, three selectmen agreed to borrow the $740,000 from KeyBank, N.A., at 3.74 percent interest until Nov. 7. Selectmen accepted the offer from KeyBank, which submitted the lowest of six bids. The short-term borrowing is in anticipation borrowing the bigger bond.
Two of the five selectmen, Cliff Emery and Linda Pulsoni, were absent when selectmen approved the borrowing at last week’s emergency meeting.
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