2016-04-25-CEC-STM4-rpt - Laserfiche WebLink

Browse Search

CAPITAL EXPENDITURES COMMITTEE REPORT TO APRIL 25,2016, STM 2016-4 Warrant-Article Explanations and Recommendations Cites of the "Town Warrant"refer to "TOWN WARRANT, Town of Lexington, Special Town Meeting 2016-4"for Meeting on April 25, 2016. Article 2:MINUTEMAN Fund REGIONAL SCHOOL Authorization Funding Source Committee Recommends BONDING Requested AUTHORIZATION None N/A Approval(4-0) "To see if the Town will approve the amount of $144,922,478 for the purpose of paying costs of designing, constructing and originally equipping a new district school, to be located at 758 Marrett Road, Lexington, Massachusetts, and for the payment of all other costs incidental and related thereto (the "Project")...To meet this appropriation, the District is authorized to borrow said amount, under and pursuant to Chapter 71, Section 16(d) of the General Laws, and the District Agreement, as amended, or pursuant to any other enabling authority...and that the amount of borrowing authorized pursuant to this vote shall be reduced by any grant amount set forth in the Project Funding Agreement that may be executed between the District and the MSBA." "DESCRIPTION: The Minuteman Regional School Committee voted on March 15, 2016 to incur debt for a new district school. If no member town votes its disapproval within 60 days of the School Committee vote, the debt will be deemed approved." [Town Warrant for 2016-4] All funding for the Minuteman district, including the apportioned payment of debt financing for the new district school, would come through the assessment process and be an expense of the Operating Budget. Nonetheless, this Committee is reporting on this matter—as it did on the February 8,2016, STM 2016-1's Article 2 regarding the amendment to that District's Regional School District Agreement. Inaction by any District Town in this matter is considered as acquiescing to the use of debt financing for this project. While this Town's overwhelming support of the amended District Agreement (latest iterations passed 143 votes for, 3 opposed, and 3 abstentions)—which Agreement set the stage for the new-school project—showed this Town's endorsement of the project, this Committee applauds the Board of Selectmen's decision to bring this Bonding Authorization to Town Meeting for an on-the-record vote which explicitly affirms the Town's acceptance of the apportioned expense of the debt financing. This Committee appreciates such debt financing is the only feasible means for achieving that new school. In the absence of this authorization, the member towns would be required to undertake a renovation cost at a greater cost and over a longer period of time—and resulting in a lesser facility. Therefore, this Committee adds its endorsement of the Bonding Authorization. Please read the Appropriation Committee's report to this STM, Part 1, released April 18, 2016, for an extensive description of the background on the school, this new-school project, and the funding of the project. 1