The Select Board voted to approve a $1 million bond to cover the rest of the cost of purchasing the Little Harbor Country Club. That bond will be repaid by Community Preservation Funds — collected via property tax surcharge — over the course of ten years.

The town was able to secure a 2.61% interest rate, which officials were pleased by.

The town’s Financial Director, John Foster, said that was a favorable rate.

“We thought we’d be up over three, and we came out at 2.61,” Foster said, noting that interest rates continue to be on the rise.

The bond will be held by the Robert W. Baird Company.