FARMINGTON — A special selectmen’s meeting begins at 6:15 p.m. Tuesday, Sept. 15, at the town office for the board to approve filing an order for a November vote on the proposed new police station.
The brief session will be followed by a meeting of the Budget Committee at 6:30 p.m. The committee will discuss and is expected to make a recommendation on the police station vote.
According to laws regarding referendum voting, the board needs “to approve an order for such a vote to be filed with the town clerk 45 days prior to the election, which is coming right up,” Town Manager Richard Davis said.
The question the board is ordering placed on a ballot for Nov. 3 asks voters to approve construction of a police station, appropriate the sum of $2,750,000 to fund the project and authorize the town treasurer and the Board of Selectmen chairman to secure bonds necessary to pay for the project.
With an estimated interest rate of 4.5042 percent for 30 years, the estimated costs for the project would be $2,750,000 in principal and $1,919,918 in interest for a total of $4,669,918.
The town currently has $3,404,391 in unpaid bonds and an additional $131,000 in authorized but yet unissued bonds. With the anticipated bonds of $2,750,000 for the project, it would bring the town’s debt to $6,285,391. It is an amount that is a small portion of the debt allowed for the town, Davis said.
The board will hold a public hearing at 6:30 p.m. Oct. 13 at the Municipal Building.
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