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Merandy defeated Molloy 454-261.
In the race for two seats on the village board, Marie Early and Frances Murphy were elected with 508 votes and 498 votes, respectively. Bob Ferris, who ran with Molloy, came in third with 257 votes.
"The outcome is surprising," Molloy said. "But given the margin, I don't think there's much we could've done differently. I wish them luck."
Molloy said he hopes Merandy will be able to address Cold Spring's finances and infrastructure issues. Molloy, who serves as chair of the planning board, has three years remaining on his term.
"I'm not planning on going anywhere," Molloy said.
Merandy will be replacing Ralph Falloon, who declined to run for re-election.
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