JUNE 14, 2011 MUNICIPAL ELECTION FALMOUTH HIGH SCHOOL GYM 7:00 AM - 8:00 PM
FOR TOWN COUNCIL Three Year Term - Vote for Two (2) JONATHAN BERRY PATRICIA KIRBY CHRIS ORESTIS TERESA S. PIERCE
FOR SCHOOL BOARD Three Year Term - Vote for Three (3) JAN ANDREWS MICHAEL DOYLE KARYL A. HAZARD ANALIESE LARSON EYDIE PRYZANT LUCY L. TUCKER
FOR PORTLAND WATER DISTRICT TRUSTEE (Town of Falmouth & the Town of Cumberland) Five Year Term Vote for One (1) WILLIAM M. LUNT III
_______________________________________________________________________________________________________________________
Question 1: Shall the order entitled “Order authorizing the renovation of the Plummer- otz/Lunt School complex into a
community center, relocated Falmouth Memorial Library, and leasable space at a cost not to exceed five million six hundred fifty thousand dollars ($5,650,000) using up to $1,500,000 from the Town’s undesignated fund balance and other available sources, but not including new property tax revenues” be adopted?
The Town Council recommends that Question 1 be approved
Question 2: Do you favor approving the Town of Falmouth school budget for the upcoming school year that was adopted at the Town Council meeting held May 16, 2011?
Question 3: hall the Order entitled, “Order Authorizing: (i) an Energy Conservation Project at Falmouth Middle School including the installation of a Biomass Boiler and the construction of a storage building and related facilities and improvements with a total project cost not to exceed $1,995,000 (THE “PROJECT”), (ii) Acceptance of a Federal United States Department of Agriculture Grant administered by the Maine Department of Conservation in an estimated amount of up to $500,000 to
provide financing for the project and (iii)an issuance of Bonds, Notes or Lease Purchase Agreements in the amount not to exceed $1,200,000 (plus issuance costs) (which issuance is conditioned on the acceptance of the foregoing Grant) to finance the project with the balance of project costs to be paid with funds from the previously established Falmouth Schools Capital Reserve Fund” be adopted?
TREASURER'S STATEMENT
The undersigned Treasurer of the Town of Falmouth hereby provides the following statement as required by 30-A MRSA §5772(2-A). As of April 25, 2011:
1. The Town has $51,988,500 of general obligation bonds outstanding and unpaid.
2. The Town has $2,000,000 of general obligation bonds authorized but unissued.
3. The total amount of general obligation bonds contemplated to be issued if Question 3 is adopted is $1,200,000.
4. The anticipated interest rate on the proposed bonds is between 4.5% and 5.5%. Assuming a borrowing of the full $1,200,000 proposed to be authorized, level principal payments over a 20 year term and an average annual interest rate of 5.0%, the interest cost associated with the borrowing would be $630,000, which would result in a total cost of principal and interest to be paid at maturity of $1,830,000.
The foregoing represents an estimate of costs associated with the financing and such estimates will change due to market conditions. The validity of the voters’ ratification of the bonds shall not be affected by any errors in the foregoing estimates. The ratification by the voters is nevertheless conclusive and the validity of the bond issue is not affected by reason of any variance of actual costs from the estimates provided hereinabove.
Informational Note: The Project described in this Question 3 will only be undertaken and the bonds, notes and lease purchase agreements to finance the Project will only be issued if the United States Department of Agriculture Grant described in this Question 3 is awarded to the School Department. The Project may also serve the new Falmouth elementary school and the Falmouth Town Hall provided the project budget is not exceeded. ___________________________ Treasurer, Town of Falmouth
The Town Council recommends that Question 3 be approved. The School Board recommends that Question 3 be approved.
|
