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APPROPRIATION COMMITTEE <br /> REPORT TO OCTOBER 20 SPECIAL TOWN MEETING <br /> RECOMMENDATIONS SUMMARY <br /> (Continued) <br /> CAPITAL PROGRAM FINANcING RECOMMENDATIONS <br /> By unanimous vote, the Appropriation Committee recommends that the Board of Selectmen: <br /> ■ Seek voter approval this fall of an $80 million debt exclusion override to finance Phase 1 of the School Project <br /> and debt authorized by previous Town Meetings, but not yet issued: <br /> SCHOOL PROJECT': PHASE 1 '} s r a: <br /> $70,920,000 <br /> AU'mORIZED Bur UNISSUED DEBT: <br /> School Renovations, Design 6,265,000 <br /> Library Repair, Construction 2,666,666 <br /> Land Acquisition 150.000 <br /> DEBT EXCLUSION TOTAL $80,001,666 <br /> See Exhibit A for details of the$9,081,666 in bonding authorized by previous Town Meetings. <br /> FY 1999 BUDGET IMPACT OF AUTHORIZED BUT UNISSUED DEBT �•;; <br /> • An operating override will be required in the spring of 1998 if the Town's voters do not approve a debt exclusion <br /> for the debt service related to the $9.1 million of unissued debt. <br /> Debt service for the$9.1 million authorized but unissued debt in FY 1999 is estimated to be$1.1 million. If this debt <br /> service is paid from the general tax levy, then the Appropriation Committee forecasts an FY 1999 budget deficit of$1.7 <br /> million. (See Exhibit D.) <br /> Appropriation Committee Report Page 3 of 13 <br /> October 13, 1997 <br />