GREENWOOD — Voters will decide at a special town meeting at 6 p.m. Tuesday whether to approve a $500,000 bond issue to repair town roads.
Residents at the annual town meeting in May authorized the Board of Selectmen to apply for a general obligation bond with rates and terms to be determined at a later date.
Tuesday’s meeting at the Town Office will determine whether voters will authorize the $500,000 bond to be financed for five years at a 4.15 percent interest rate. The bond would come from the Maine Municipal Bond Bank or another institution and would fund the engineering, oversight, repaving and improvement of town roads.
The treasurer and chairman of the Board of Selectmen would be allowed to issue general obligation securities from the town, including temporary notes of anticipation, in an amount not exceeding $500,000 if the article is approved.
The warrant does not say which roads would be repaired. However, the town meeting warrant listed the roads as Greenwood Road, Rowe Hill Road, Gore Road, Vernon Street and Old County Road.
A financial statement included with the warrant says the town currently has $88,071 in outstanding bonds after budgeted payments. The estimated cost of the road bond at the 4.15 interest rate is $22,499.47, resulting in a total debt service of $522,499.47.
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