OXFORD — Selectmen signed off on a six-year municipal bond for major road projects at their business meeting Thursday night.

Town Manager Adam Garland presented two options proposed by Androscoggin Savings Bank: one for six years at an interest rate of 5.79%. The other was also for a six-year term, but with a rate of 5.29% if Oxford agreed to transfer all its banking business to Androscoggin.

Garland recommended going with the first option, as the town receives a full percent more on its accounts with Northeast Savings Bank. In addition, he cautioned that a comprehensive move of that nature would require a great deal of labor and time.

The board unanimously approved the bond package for six years at 5.79%.

Voters approved major reconstruction of several main roads during town meeting last month.

Garland said that the town’s road engineer, Rob Prue of Pine Tree Engineering, will complete plans for the designated road projects by the end of the summer, solicit bids by winter and start construction next spring.

Rabbit Valley Road is being rebuilt this summer with a $1.6 million Recovery & Resilience Grant from the Maine Department of Transportation last summer. The grant requires that Oxford provide $85,000 in matching funds. Bedard Excavation of Paris was awarded the construction project last month.