Ballot preview

QUESTION 1: Shall the Town (1) approve a capital project consisting of a public works garage project, including but not limited to construction, engineering, site work, and any other expenses reasonably related thereto; (2) appropriate the sum of $3,050,000 to provide for the costs of the project; (3) authorize the Treasurer and Chair of the Select Board to fund the appropriation through the issuance of general obligation securities of the Town (with or without call provisions, with or without premiums, and including temporary notes in anticipation of the sale thereof) in an aggregate principal amount for the bonds not to exceed $3,050,000; and (4) delegate to the Treasurer and the Chair of the Select Board the authority and discretion to fix the dates, maturities, interest rates, denominations, calls for redemption (with or without premium), form, and other details of said securities, including authority to execute and deliver the securities on behalf of the Town.

FINANCIAL STATEMENT

1. Total Town Indebtedness

A. Bonds outstanding and unpaid: $ 940,920.70
B. Bonds authorized and non-issued $ 0
C. Bonds to be issued if this article is approved $3,050,000.00
D. Total indebtedness with approval of this article $3,990,920.40

2. Costs

At an estimated interest rate of 4.5%, the estimated costs of these bonds over a period of 30 years will be $2,513,405 interest or a total debt service of $5,563,405.

3. Validity

The validity of the bonds and of the voters’ ratification of the bonds may not be affected by any errors in the above estimates. If the actual amount of the total debt service for the bond issue varies from the estimate, the ratification by the electors is nevertheless conclusive and the validity is not affected by reason of the variance.

Question 2: Shall the Town (1) approve a capital project consisting improvements to the municipal complex, including but not limited to construction, engineering, site work, and any other expenses reasonably related thereto; (2) appropriate the sum of $700,000 to provide for the costs of the project; (3) authorize the Treasurer and Chair of the Select Board to fund the appropriation through the issuance of general obligation securities of the Town (with or without call provisions, with or without premiums, and including temporary notes in anticipation of the sale thereof) in an aggregate principal amount for the bonds not to exceed $700,000; and (4) delegate to the Treasurer and the Chair of the Select Board the authority and discretion to fix the dates, maturities, interest rates, denominations, calls for redemption (with or without premium), form, and other details of said securities, including authority to execute and deliver the securities on behalf of the Town.

FINANCIAL STATEMENT

1. Total Town Indebtedness

A. Bonds outstanding and unpaid $   940,920.70
B. Bonds authorized and non-issued $            0
C. Bonds to be issued if this article is approved $   700,000.00
D. Total indebtedness with approval of this article $1,640,920.70

E. Total indebtedness if Question 1 & 2 approved. $4,690,920.70

2. Costs

At an estimated interest rate of 4.50%, the estimated costs of these bonds over a period of 30 years will be $576,847 interest or a total debt service of $1,276,847.

3. Validity

The validity of the bonds and of the voters’ ratification of the bonds may not be affected by any errors in the above estimates.  If the actual amount of the total debt service for the bond issue varies from the estimate, the ratification by the electors is nevertheless conclusive and the validity is not affected by reason of the variance.