MECHANIC FALLS — Town Manager Vic Hodgkins advised councilors Monday night that the town has entered a five-year agreement with Androscoggin Savings Bank to earn 5.5% interest — the federal rate — on its deposits.
He estimates the town will earn between $100,000 and $150,000 in interest in the long term. In addition, there are no bank fees and the town has an annual opt-out clause.
The town had been getting .85% interest on its deposits, he said, and last year earned $17,000.
In other business, the Town Council approved moving $43,500 from the Police Training Reserve account to the Solid Waste Reserve account, which stands at $81,000. The money was moved for the future purchase of a new bulldozer.
Hodgkins said Public Works Director Scott Penney advised the old dozer broke down recently and required almost $8,000 in repairs.
He also said the new trash compactor at the Transfer Station should be operating by Thanksgiving.
Mary Martin, chairwoman of the Regional School Unit 16 Board of Directors, told councilors the board will hold a public question-and-answer session Tuesday from 6-7:30 p.m. at the Poland Regional High School on Route 26. It will focus on whether the elementary grades will be reconfigured as two schools in Mechanic Falls and Poland and Minot Consolidated School closed, or keep the prekindergarten-to-sixth grade elementary schools in each town.
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