RUMFORD — The Board of Selectmen has appointed Brad Adley, John Madigan and Jeff Sterling to create a policy for administering the Poland Spring Rumford Community Fund.

The fund is part of a 15-year agreement drawn up last year between the Rumford Water District and Poland Spring Water Co., allowing the company to pump up to 150 million gallons a year from two district wells.

In lieu of taxes, Poland Spring’s parent company, Nestlé Waters North America, will put $50,000 per year for the first four years into the fund for town projects, and $20,000 per year for 15 years into the fund in lieu of taxes.

Town Manager Linda-Jean Briggs said the town will invest the money with the understanding that only the interest would be spent.

The policy drafted by the committee will be reviewed by lawyer Kendall A. Ricker of Boothby Perry LLC of Turner, and given to selectmen for consideration.

Voting for the appointments were John Pepin, Peter Chase, Mark Belanger and Chairman Chris Brennick. Jim Windover was absent.

In other matters at the Sept. 6 meeting, the board voted 4-0 to approve a request by EnvisionRumford for $1,000 from the cable franchise fund to go to the Pumpkin Fest fireworks display. The board agreed to waive the fee for the hawkers and peddlers license for the festival.

Pumpkin Fest, scheduled for Saturday, Oct. 20, will be at Hosmer Field. Fire Chief Chris Reed said he is looking to organize a 10 a.m. parade, and asked that anyone interested in participating contact him at creed@rumfordme.org.