2017-03-27-CPC-ATM-rpt - Laserfiche WebLink

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It is projected that the final piece of the financing for the project will be issued as a note in an amount not to exceed $96,000 (the remaining unissued portion of the original debt authorization) in June 2017, coming due in July 2017 at which time it is proposed that the note be retired from funds on-hand. The projected FY18 debt service payment for the BAN will be $96,320, representing $96,000 of principal and $320 of interest. 4) Community Center Renovations: $38,478 At the November 2013 Special Town Meeting, voters approved $3,169,000 in initial renovation costs to prepare the former Scottish Rite building for use as a Community Center and to enable Town Departments to move into the building. Subsequent to that time, the recommendations of the Selectmen-appointed Ad hoc Community Center Advisory Committee resulted in an accelerated construction schedule and modifications to the scope of renovations at the Community Center. The revised total cost of the project was $6,720,000 of which $6,297,184 was CPA eligible. The bulk of this cost was financed from cash on hand under Article 3 of the March 24, 2014 and Article 10 of the June 16, 2014 Special Town Meetings. Of the revised amount, the Town was authorized to borrow $451,000. $315,000 was issued as a bond anticipation note in February 2016 which came due in July 2016. An FY17 debt service payment in the amount of$317,432 was authorized to pay for the retirement of the note plus accrued interest. It is projected that the final piece of financing for the project will be issued as a note in an amount not to exceed $38,350 (the remaining unissued portion of the original debt authorization) in June 2017, coming due in July 2017 at which time it is proposed that the note will be retired from funds on-hand. The projected FY18 debt service payment for the BAN will be $38,478, representing $38,350 of principal and $128 of interest. 26