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AYER — The Board of Selectmen has approved the sale of the general obligation bond for $1,867,000 for a 12-year term.

Selectman Richard Gilles made the motion at a meeting May 28, which Selectman Cornelius “Connie” Sullivan seconded after the bond was presented by town Treasurer Dennis Callahan.

The board voted 4-0. Selectman Gary Luca was not present at the meeting.

The town received five competitive bids for the bonds and sold them to Roosevelt & Cross Inc. with an average interest rate of 3.32 percent, Callahan said in a statement. — Gayle Simone