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Proj ect:
<br />CPA Category:
<br />Amount Requested:
<br />Amount Recommended:
<br />CPC Vote:
<br />ARTICLE 10 (e)
<br />Debt Service
<br />Open Space, Historic Resources
<br />$2,989,550
<br />$1,949,550* (see #4 below)
<br />-0
<br />FY22 debt service obligations are shown as an aggregate. They consist of four components
<br />totaling $2,989,550* and are described below:
<br />1) Wright Farm: $339,250:
<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 $2.95 million bond
<br />for a ten-year term. The first debt service payments of principal and interest on the bond were
<br />made in FY15. Debt service on the bond for FY22 is $339,250, representing $295,000 of
<br />principal and $44,250 of interest.
<br />2) Community Center Acquisition: $850,500:
<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 was
<br />issued for a ten-year term to retire the BAN. The first debt service payments of principal and
<br />interest on the bond were made in FYI 5. Debt service on the bond for FY22 is $850,500, of
<br />which $740,000 represents principal and $110,500 represents interest.
<br />3) Cary Memorial Building Upgrade: $759,800
<br />Under Article 2 of the Special Town Meeting in March 2014, Town Meeting approved an
<br />appropriation of $8,677,400 to fund the cost 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 />that 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 Community Preservation Fund (CPF).
<br />An appropriation of $1,000,000 for this purpose, plus $960 for the interest due on that note, was
<br />approved under Article 30 of the 2015 Annual Town Meeting. The first debt service payments of
<br />principal and interest on the $6,569,000 bond were made in FYI 6. FY22 debt service is
<br />$759,800, of which $655,000 represents principal and $104,800 represents interest.
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