Fayette voters are going along with a plan to try to get a bond at a low interest rate that would refinance existing debt and allow the town to spend $600,000 on new plow trucks, equipment and road improvements.

All the articles, including the new bonding proposal, were adopted as proposed during the annual Town Meeting on Saturday at Fayette Central School with 55 people voting on the various items.

The proposal is to refinance a 2010 bond that has 3.99 percent interest.

Town Manager Mark Robinson said the intent is to try to secure a larger bond to cover additional purchases, but at an interest rate around 2 percent. Some $384,000 remaining from the 2010 road bond would be refinanced in the new bond that would total $984,000. With interest at 2 percent over the six-year term, the town would pay an estimated $56,500 in interest.

The bond would include some $180,000 to finance a new wheeler plow truck with new plow equipment and a sander as well as a used utility truck with quick switch plow.

The roadwork would be done on Moose Hill, North Lovejoy Pond and Richmond Mills roads and Lovejoy Pond Drive.

Robinson said Monday that if the lower interest rate is unavailable, the plan would not be pursued. He added that the application is due April 4 to secure the bond through the Maine Municipal Bond Bank with the decision on the application due the end of September.

The school budget of just over $1.6 million, some $15,486 less than the current year, also was approved. The town budget will be $895,377 if the road bond is issued.

Robinson said the tax rate reflecting the budget adopted Saturday would not be set by selectmen until September.

Property owners in Fayette currently pay $15 for each $1,000 of taxable property value.

Betty Adams — 621-5631

badams@centralmaine.com

Twitter: @betadams