The Livermore forestry truck, seen Aug.27, will be replaced by a used 2020 Ford F-350 pickup, which was approved by the Select Board during a special meeting in Livermore. File photo/Franklin Journal

LIVERMORE — During the September 26 Select Board meeting, officials discussed the use of funds from reserve funds and an ongoing loan repayment strategy for the new Volvo plow truck, which cost $165,000.

Viking Cives is the company responsible for equipping the new truck, which cost $103,495. Selectperson Scott Richmond explained, “They put the body and the plow gear on the new truck.”

The sale of the old plow truck generated $21,625, which has been applied toward the new vehicle. The truck was financed through Androscoggin Savings Bank. “The $21,625 from the sale of the old plow truck is being used to put toward this bill,” Richmond said. “The $253,375 was the funding we got from Androscoggin Savings Bank, and anything that will be left over after all bills are paid will be added directly back to the agreement with Androscoggin.”

“We are trying to pay down the principal on the loan,” Vice Chair Brett Deyling added. “The loan is already established for that value. What is not taken to pay this bill is put directly on principal so we don’t have to pay interest on that value for the remainder of the loan. So we put that $7,000 or $8,000 back to principal. We are trying to reduce the debt load to the town and the interest we are accruing.”

“You don’t know exactly how much you need for these plow trucks, so you take out a little bit more,” Richmond said, noting that similar strategies have been used in the past. “When you get to the end, you have a little bit left over. You are going to have around $7,000,” he said.

Selectperson Jeremy Emerson clarified, “It’s going to be $6,505,” which will be applied directly to the principal.

“Our payment won’t change, but that last bill we receive will be less,” Deyling said.

A motion was made by Emerson to use $21,625 from the reserve account and pay the remaining $81,870 using Androscoggin Savings Bank funds to cover the total cost of the $103,495 bill to equip the truck.

In other business, Administrative Assistant Carrie Judd reported that the town received a $2,000 discount from Harris’ TRIO software due to confusion with Livermore Falls. The TRIO software, used by municipalities across Maine, will soon undergo an upgrade. “They sent a paper saying we will be doing the upgrade ASAP, stand by for the dates,” Judd said.