READFIELD – The School Committee of Community School District 10, comprised of the towns of Manchester, Mount Vernon, Readfield and Wayne, will ask voters in June to authorize a general obligation bond for up to $170,000.
The bond will finance critical repairs at the Maranacook High School complex. Repairs include replacement of roofing shingles over the high school gymnasium and Multi Purpose room, replacement of the carpet in the high school Media Center, replacement of the drainage and tennis courts, and repairs to the outdoor track.
By putting these repairs in to a general obligation bond the cost is spread out over 7 years. The first year’s payment is only the interest of $3,400. The payments for the rest of the term of this bond will start in 2005. The principal payments will be $24,300 each year with a declining interest rate of approximately 4 percent. The first full year highest interest will be $6,800. Municipal lease/purchase and interest rates are extremely low at this time, which was another important consideration made by the School Committee before unanimously voting to present this bond to the public.
A fact sheet going into more details will be available at all four town offices, or call the superintendent of schools at 685-3336 or receive a copy in the mail.
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