MSAD 75 School Board sends school improvement bond to referendum. Maria Skillings, The Times Record
The Maine School Administrative District 75 School Board voted March 24 to send a $9 million dollar school improvement bond to referendum in June.
Of that bond, $7.35 million would be used to fund improvements to Mt. Ararat Middle School. While the remaining $1.65 million would cover the cost of 30 paving projects across the district.
“The primary focus of the project involves replacing the building envelope and windows at Mt. Ararat Middle School, as well as a water line repair,” Interim Superintendent Robert Lucy wrote in an email. “The project also involves parking lot paving and related site improvements to sidewalks, roads and playground surfaces at facilities across the district, including Bowdoin Central School, Bowdoinham Community School, Harpswell Community School, Williams-Cone Elementary School, Woodside Elementary School, Mt. Ararat Middle School, Mt. Ararat High School, the (district office) including Republic Avenue and Merrymeeting Adult Education.”
Business Manager Consultant Gwen R. Bedell Gadbois recommended at the meeting that the district enter a 10- or 15-year bond.
“Two months ago, the cost of a 10-year bond would have been $9.5 million. Interest rates have gone up in the last two months. The cost is now just over 10 million,” said Gadbois.
Gadbois said the first-year interest payment on a 10-year bond would be $91,000, while the first-year interest payment on a 15-year bond would be $103,515. The $9 million dollar bond’s total cost after 10 years would be about $10.2 million, while a 15-year bond would cost about $10.7 million, Gadbois said.
The Maine Municipal Bond Bank wouldn’t support a 20-year bond because of the paving projects involved.
No decisions were made regarding whether to go with a 10- or 15-year bond at the meeting.
Board member Kim Totten said it was urgent to get this passed so the school board could send the project out for bid.
Topsham Town Manager Derek Scrapchansky declined to comment on how the bond would impact local tax rates.
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