FARMINGTON – Franklin County commissioners accepted a bond agreement with Franklin Savings Bank for $800,000 Tuesday. The amount is needed to cover towns that opted to finance the extra six months county tax expected due to the change to a new fiscal year.

The county offered towns two options – to either pay 18-months’ tax all at once or lease the extra six-month amount through the county with towns paying the interest. The county will switch to a fiscal year starting July 1 leaving towns responsible this year for the extra six-month amount from January through June 30.

Five bids from area banks were received for the bond, which is expected to be paid in five yearly installments made on Dec. 1 of each year until 2013.

Franklin Savings’ bid offered an interest rate of 3.9 percent, which was the lowest offer.