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The Select Board approved the sale of $9,599,331 in bond anticipation notes at a 4.00% interest rate, with proceeds split between Jefferies LLC and Truist Securities, Inc. The town expects approximately $2.5 million in remaining school-project reimbursements before the notes mature in March 2027, but must address a separate $56,000 FY26 debt-service shortfall.
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The borrowing provides short-term financing connected to the Hadley Elementary School project and other approved costs. Town officials expect pending reimbursements to allow the school-related borrowing to be paid off without converting it to long-term debt. The $56,000 shortfall resulted from a required principal-payment calculation, not higher interest rates, and may require a budget transfer or supplemental appropriation.
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