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ARTICLE 10 (o)
<br /> Project: Debt Service
<br /> CPA Category: Open Space, Historic
<br /> Amount Requested: $2,390,998
<br /> Amount Recommended: $2,390,998
<br /> CPC Vote: (6-0)
<br /> FY18 debt service obligations are shown as an aggregate. They consist of four components
<br /> totaling$2,390,998 and are described below:
<br /> 1)Wright Farm: $395,300
<br /> Under Article 9 of the 2012 Annual Town Meeting, voters approved the $3,072,000 acquisition
<br /> of a substantial portion of the Wright Farm property. Of this appropriation, the Town was
<br /> authorized to borrow $2,950,000. In February 2013, the Town sold a$2.95 million bond
<br /> anticipation note (BAN) that came due in February 2014. The interest payment on the BAN was
<br /> $36,875. The BAN was refinanced in February 2014 through the issuance of a $2.95 million
<br /> bond for a ten year term. The first debt service payments of principal and interest on the bond
<br /> were made in FY15. Debt service on the bond for FY18 is $395,300, representing $295,000 of
<br /> principal and $100,300 of interest.
<br /> 2) Community Center Acquisition: $991,100
<br /> At the Special Town Meeting in March 2013, voters approved an appropriation of$10,950,000
<br /> to fund the acquisition of a portion of the Scottish Rite Property at 39 Marrett Road, to become
<br /> the Lexington Community Center. The CPA portion of this purchase was $7,390,000. In
<br /> November 2013 the Town sold a$7.39 million bond anticipation note that came due in February
<br /> 2014. The interest payment on the BAN was $9,237. In February 2014 a $7.39 million bond
<br /> was issued for a ten year term to retire the BAN. The first debt service payments of principal
<br /> and interest on the bond were made in FY15. Debt service on the bond for FY18 is $991,100 of
<br /> which $740,000 represents principal and $251,100 represents interest.
<br /> 3) Cary Memorial Building Upgrade: $966,120 ($869,800 + $96,320)
<br /> Under Article 2 of the Special Town Meeting in March 2014, Town Meeting voters approved an
<br /> appropriation of$8,677,400 to fund the costs of renovations to the Cary Memorial Building. Of
<br /> this amount, $8,241,350 was requested in CPA funding to be financed through the issuance of
<br /> debt. A bond anticipation note in the amount of$3,286,000 was issued in June 2014; the note
<br /> came due in February 2015 at which time a bond of$6,569,000 was issued, comprised of two
<br /> components: the conversion of$2,286,000 of the June 2014 note to long-term debt and new
<br /> financing of the project in the amount of$4,283,000. In February 2015, the residual portion of
<br /> the June 2014 note, $1,000,000 was refinanced as a note with a term of four months at which
<br /> time it was proposed that it be retired with cash from the CPA fund. An appropriation of
<br /> $1,000,000 for this purpose,plus $960 for the interest due on that note was approved under
<br /> Article 30 of the 2015 Annual Town Meeting. The first debt service payments of principal and
<br /> interest on the $6,569,000 bond were made in FY16. FY18 debt service is $869,800 of which
<br /> $660,000 represents principal and $209,800 represents interest.
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