Town Hall Project Bond Update
At a Special Meeting January 12, 2021, the Pownal Selectboard voted unanimously to place the following article on the March Ballot:
"Shall the Town of Pownal ratify and confirm the action taken at the October 29, 2019 special meeting authorizing the construction of a Town Office building at an estimated cost of Eight Hundred Sixty-Five Thousand Dollars ($865,000) and cover the cost thereof through the issuance of bonds or notes in an amount not to exceed $600,000, the expenditure of $175,000 from the Municipal Office Fund, and the application of $90,000 from undesignated surplus funds?"
- Rather than adding the needed 90k project increase to a Bond, which would accrue interest over 20 years (which would be paid by the taxpayer), this article proposes to re-appropriate 90k from surplus funds from Fiscal Year 2020 into the Town Office Fund.
- This allows the Town to retain the original Bond amount from the Special Meeting Vote in 2019 of 600k.
- Because interest rates are presently lower than October 2019, this means that the total tax burden for this project will actually be LESS that what was originally proposed in the original vote.
- This article also asks for a VERIFICATION of the original vote. This means it is asking the voters to confirm the original vote.
- Any questions? Please write to: email@example.com or firstname.lastname@example.org
Rebecca Dragon, Board Liaison