JAY — Regional School Unit 73 directors June 25 authorized $770,000 for a Spruce Mountain Primary School roof project and approved borrowing for an $880,230 boiler project, advancing more than $1.65 million in planned building work.
The board approved using money from the Capital Improvement Buildings and Grounds Account for the roof project. It also approved a resolution authorizing up to $880,230 in general obligation bonds for the boiler project, along with a bond anticipation note to allow work to move forward before permanent financing is in place.
Superintendent Scott Albert said both are expected to be completed by the end of summer.
Albert told the board voters had previously approved moving $570,000 from the Undesignated Fund Balance into the Capital Improvement Account for the roof project. The account held $200,000, bringing the total available for the project to $770,000.
The voter-approved transfer moved the money into the capital account, Albert said, but the board still needed to authorize its use for the roof project.
Board members also approved borrowing for the boiler project. Albert said voters had authorized the district to seek financing through the Maine Municipal Bond Bank, but that process would not allow the district to immediately begin the work.
The short-term financing will cover the project until the district applies for bond financing in August and receives a decision later in the fall, Albert said.
“This will cover us so that they can start their project right away,” he said.
The board approved both actions. Specific details on the scope of the roof and boiler work were not discussed during the meeting.
The next RSU 73 meeting is tentatively scheduled for July 23 at 6 p.m. at Spruce Mountain High School, 25 Cedar St. in Livermore Falls. The Finance Committee is scheduled to meet at 5:30 p.m.
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