ORDER
STANDISH TOWN COUNCIL
DATE: April 11, 2006
ORDER NUMBER: 55-06 SUBMITTED BY: Simpson
TITLE: PLACE Referendum QuestionS on THE Ballot at the June 13, 2006 ANNUAL Municipal Election and Call FOR Public Hearing
ORDERED that the following referendum questions be placed on the ballot at the June 13, 2006 Municipal Election for the noted expenditure:
Question 1.
To see if the Town will vote to acquire for $325,000 a certain parcel of land and the buildings thereon on town tax map 14 lot 9 and located at 270 Northeast Road measuring approximately 8.0 acres in size and currently owned by James Cummings to serve as the future site for a Community Center.
Explanation: The purchase price is to be funded from the Town’s dedicated reserve accounts for Community Center and for Conservation/Recreation in the combined amounts of $305,000, plus the earnest money on deposit of $20,000.
Commit Question 2.
To see if the Town will vote to approve a capital expenditure by the Municipal Officers of a sum of money not to exceed $609,300 be approved to purchase the following items:
Excavator
Highway Truck
Pavement Maintenance
Road Rehabilitation
Northeast Road Extension Realignment
Pave Brush Storage Area
White Bridge/Route 35 Intersection
with pavement maintenance and road rehabilitation projects planned for the following town ways: Corey Lane, Dolloff Road, Liza Lane, Middle Jam Road, Spear Road, Sunrise Street, Twin Springs Drive and other priority ways as available, said expenses to be funded through use of $140,635 reserve funds and the issuance of general obligation bonds or notes in the amount of $468,665 hereby authorized with the dates, maturities, denominations, interest rates(s) and other details of such borrowing to be determined by the Municipal Officers.
The issuing of bonds by the Town of Standish is one of the ways in which the Town borrows money for certain purposes. The following is a summary of the bonded indebtedness of the Town of Standish as of April 30, 2006.
Bonds now Outstanding and Unpaid ……………………. $2,708,834
Interest to be Repaid on Outstanding Bonds …………… $ 398,375
Total to be Repaid on Bonds Outstanding ……………… $3,107,209
Authorized Principal Amount of Bonds
Authorized but not Yet issued ……………………….. $ 0
Total Additional Bonds to be issued if
Approved by Voters ……………………………………….. $ 468,665
Interest to be Repaid on Additional Bonds if Approved $ 103,107
Total to be Repaid on Additional Bonds if Approved. $ 571,772
When money is borrowed by issuing bonds, the Town must repay not only the principal amount of the bonds but also interest on the bonds. The amount of interest to be paid will vary depending upon the rate of interest and the years to maturity at the time of issue. The validity of the bonds and of the voters’ ratification of the bonds may not be affected by any errors on the estimates made of the costs involved, including varying interest rates, the estimated cost of interest on the bond amount to be issued and the total cost of principal and interest to be paid at maturity. If the actual amount of the total debt service for the bond issues varies from the estimate, the ratification by the electors is nevertheless conclusive and the validity of the bond issue is not affected by reason of the variance.
____________________________
Dana M. Fischer, Town Treasurer
FURTHER ORDERED that the Public Hearing on these referendum questions will be held on Tuesday, May 9, 2006, during the regularly scheduled monthly council meeting which begins at 7:00 pm.
APPROVED __________________ DISAPPROVED__________________
ROLL CALL YEA NAY ABSTAIN
CHRISTY ________________________________________________
HOPKINS _________________________________________________
LYMBURNER_______________________________________________
RICHARDSON ______________________________________________
RUSSELL _________________________________________________
POMERLEAU_______________________________________________
SIMPSON __________________________________________________
CLERK/SECRETARY ____________________________
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