Penacook/Boscawen Water Precinct Minutes 2026-05-13
Water Precinct Approves $4M Construction Loan with Franklin Savings Bank
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Description
The Penacook/Boscawen Water Precinct authorized the Chair to sign an application with Franklin Savings Bank for up to $4 million in construction loan financing for the Chandler Street Project. This loan will be interim financing pending final USDA loan conversion. The board discussed payment terms, interest rates, and contingencies.
Contract Details
Contract Amount
$4,000,000 (maximum)
Vendor
FRANKLIN SAVINGS BANK
Agency
Penacook Boscawen Water Precinct, NH
Contract Type
FINANCIAL_SERVICES
Document Date
May 13, 2026
Contract Term
30 years fixed, interest only during construction loan (2 years), then USDA loan for remaining term
Renewal Date
2056-05-13
Renewal Info
Initial construction loan period is 2 years; then refinancing with USDA for 30 years. Board discussed process, with approval contingent on final USDA commitment letter.
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Penacook/Boscawen Water Precinct Minutes 2026-05-13
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