$5 Million BAN signed

$5 Million BAN signed 

"THE TOWN HAS FAILED TERRIBLY IN MANAGING ITS CAPITAL PROJECTS AND CORRESPONDING FUNDING:"

Management Letter p13, Tony Roselli, CPA April 25, 2017.

 

Last night the Templeton selectmen signed documents for the placement of a $5 MILLION dollar, six month general obligation bond. 

This bond will cover the $1.2 million dollar deficit in the Templeton Elementary School Project. The redesign will commence.

This borrowing is a general obligation bond to be issued on June 2, 2017 and will be paid back by December 1, 2017. The interest rate for this borrowing is 1.5 %. The premium for this borrowing is $11,212.36.

The vote on debt authorization for the Templeton Elementary School Project   on 11/9/2015:

ARTICLE 1 DEBT AUTHORIZATION: TEMPLETON ELEMENTARY SCHOOL
To see if the Town will vote to appropriate, borrow or transfer from available funds, an amount of money to be expended under the direction of the Templeton Elementary School Building Committee for the purpose of paying the costs of designing, constructing, originally equipping and furnishing a new Templeton Elementary School located at 17 South Road, Templeton MA, including the payment of all costs incidental or related thereto (the “Project"), which school facility shall have an anticipated useful life as an educational facility for the instruction of school children of at least 50 years, and for which the Town, through Narragansett Regional School District may be eligible for a school construction grant from the Massachusetts School Building Authority ("MSBA"). The Town acknowledges that MSBA's grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and any Project costs the Town incurs in excess of any grant approved by and received from the MSBA through the Narragansett Regional School District, shall be the sole responsibility of the Town. Any grant that the Town may receive through the Narragansett Regional School District, from the MSBA for the Project shall not exceed the lesser of (1) 62.84% of eligible, approved project costs, as determined by the MSBA, or (2) the total maximum grant amount determined by the MSBA. 

Submitted by the Board of Selectmen on behalf of the Narragansett Regional School Committee

A Motion was duly made and seconded to move the question. Passed by 2/3/November 9th @ 8:13pm

On a motion duly made and seconded the Town voted to appropriate the amount of Forty-Seven Million, Five Hundred Sixty-Three Thousand, One Hundred Eighty-Four Dollars ($47,563,184) for the purpose of paying the costs of designing, constructing, originally equipping and furnishing a new Templeton Elementary School located at 17 South Road, Templeton MA, including the payment of all costs incidental or related thereto (the “Project"), which school facility shall have an anticipated useful life as an educational facility for the instruction of school children of at least 50 years, and for which the Town, through Narragansett Regional School District, may be eligible for a grant from the Massachusetts School Building Authority ("MSBA"), said amount to be expended under the direction of the Templeton Elementary School Building Committee; and to meet this appropriation, the Treasurer, with the approval of the Selectmen, is authorized to borrow said amount under M.G.L. Chapter 44, or pursuant to any other enabling authority; The Town acknowledges that MSBA's grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and any Project costs the Town incurs in excess of any grant approved by and received from the MSBA, through the Narragansett Regional School District, shall be the sole responsibility of the Town; provided further that any grant that the Town, through the Narragansett regional School District, may receive from the MSBA for the Project shall not exceed the lesser of: (1) Sixty-Two and Eighty-Four Hundredths Percent (62.84%) of eligible, approved Project costs, as determined by the MSBA, or (2) the total maximum grant amount determined by the MSBA; provided that any appropriation hereunder shall be subject to and contingent upon an affirmative vote of the Town to exempt the amounts required for the payment of interest and principal on said borrowing from the limitations on taxes imposed by M.G.L. 59, section 21C “Proposition 2 1⁄2”; and that the amount of borrowing authorized pursuant to this vote shall be reduce by any grant amount set forth in the Project Funding Agreement that may be executed between the Narragansett Regional School District and the MSBA.

Passed by 2/3/November 9th @ 8:14
A motion was duly made and seconded to reconsider Article 1. Defeated/November 9th @ 8:16

 

"THE TOWN HAS FAILED TERRIBLY IN MANAGING ITS CAPITAL PROJECTS AND CORRESPONDING FUNDING:"

Management Letter p13, Tony Roselli, CPA April 25, 2017.