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The Select Board unanimously approved the formal award of $32.3 million in bond anticipation notes to J.P. Morgan Securities LLC. The Town retained its AA+ bond rating, and permanent debt will be phased in to avoid a significant tax-rate spike.
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The notes provide short-term borrowing for Town needs while permanent borrowing is phased in over time. Officials said this approach is intended to manage the effect on residents’ tax rates. The Board also approved a $77,560.26 contract for a replacement automated brine system, which applies saltwater to roads before storms and reduces the need for traditional road salt.
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