KINGFIELD – A special town meeting will be held to ask voter approval to refinance the subsurface waste water system. The meeting will begin at 6 p.m. Tuesday at Webster Hall prior to selectmen’s regular meeting.

After expense estimates for purchasing the land and constructing the system came in lower than anticipated, the town seeks to refinance for a bond with the Maine Municipal Bond Bank at a lower interest rate of 1.2 percent over 20 years instead of the initial 5 percent, said Administrative Assistant Greg Davis.

The refinancing would bring the annual payment down to about $36,000, instead of about double that amount, he said.

The bond is being paid for by with tax increment financing money coming from the water works agreement with Poland Spring. By lessening the finance charges, it will free more money for special projects, he said.

Following the meeting, selectmen will hear a presentation from the High Peaks Alliance on the organization’s Back Country Trails Initiative. Lloyd Griscom from the alliance will present information on their efforts to map and chart cultural and recreational attributes of northern Franklin County, parts of Somerset and Oxford counties for purposes of increasing tourism, he said.

Three residents, Ray Meldrum, Merv Wilson and Scott Hoisington, have turned in nomination papers to run for the selectman’s position held by John Dill, who has chosen not to rerun, Davis said. Papers are due on Jan. 21 in preparation for the March 7 town meeting.