It didn't take long for Lynn Maloney to come up with a landing place for $500 given to Newcastle from Central Maine Power.

“I would like to see us start a capital reserve fund,” she said. “It's small amount, but we have to get started somewhere.”

Maloney, Newcastle's town clerk and interim town administrator, proposed the plan during the Monday, Nov. 25 board of selectmen meeting.

Maloney said the town use to have a reserve, or rainy day fund, but it has been depleted in recent years. Maloney added that previous reserve accounts were CDs, but that they no longer paid out as well as they used to. Instead, the town should simply open a bank account.

The $500 comes from CMP as it seeks to purchase a small parcel of land from the town for its substation project. Newcastle voters will need to pass the plan during the special December 9 town meeting.