ROCKLAND — Oct. 6, 2026 — The Rockland Select Board last Tuesday adopted the results of an $18,396,000 short-term note covering fire station, track, water and sewer projects, after the town treasurer said interest rates were too high for the long-term borrowing the town had originally planned. The note matures in August, and the treasurer said the town is hoping for a better market by May or June.
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Treasurer Allison Sullivan told the board the borrowing covers several projects and gave a separate figure for each: $12,700,000 for a fire station, $2.25 million for the track, $2 million for the water project and $1.5 million for sewer.
The town had intended to borrow long-term, but its financial advisors and bond counsel recommended a short-term note instead, Sullivan said. Other communities that went to market the previous week saw very high interest rates, which she said is not ideal for a long-term borrowing.
So we’ll have an August maturity, so we’re crossing our fingers that in May or June, the market will look a little bit better.
— Allison Sullivan, Town Treasurer 28:59
After a ratings call, S&P Global awarded Rockland an SP-1+, which Sullivan described as the highest short-term rating attainable.
There were four bidders. Sullivan reported a total principal amount of $18,396,000 and a premium of $195,889.81. Some bidders offered lower interest rates, she said, but the higher premium produced a lower net interest calculation, and the premium can pay borrowing costs so they do not come out of any other budget.
The board voted by voice to adopt the votes as presented and the vote certificate, and to incorporate the text of those votes into the meeting’s minutes. The chair declared the vote unanimous.
The exterior stairs at the library facing Union Street can now be used only for emergency egress, Town Administrator Doug Lapp reported, after the town’s insurance carrier notified officials of the restriction. Earlier repair attempts were not up to code, and the insurance finding accelerated work the town already knew was needed.
The town has retained an architect and an engineer to produce plans, specifications and a cost estimate. An earmark the town requested and received should fund most of the design work, and remaining federal ARPA money set aside for the Union Street facade improvement program will cover additional costs. The design and estimate will support a Community Preservation Act application from the library; if town meeting funds it in May, the repair goes forward. Even after a proper repair, Lapp said, it is not known when the entrance will be fully open, because keeping it as a permanent entrance has staffing implications.
Lapp also reported that the fire department secured a federal FEMA Assistance to Firefighters grant for urban wildland interface firefighter training. The federal share is more than $151,000; the town’s match of a little over $7,000 will be appropriated at the next town meeting.
