Residents are reminded that a town meeting will be held at Botelle School Monday, October 6, at 7:00 p.m. to vote on additional funding to build a new firehouse.
While final figures are still being developed, townspeople will be asked to approve a maximum amount of $10.4 million for building with the amount to be borrowing at a maximum at $4 million.
Members of the Fire House Committee are confident that the final cost for the building will be less than the $10.4 million requested, but the sum provides a buffer against any contingency. Similarly, it is expected that the $4 million authorization for borrowing will be more than is needed.
First Selectman Matt Riiska said the bond counsel he consulted this week recommended that the town take out a bond anticipation loan to use during construction. The town would borrow against the sum to pay bills incurred during construction, with formal bonding to be completed at the end of the project.
He said there is no way of knowing what interest rates will be in 18 months when the bond is finalized. It is hoped that the town can pay back the money over a period of 25 years.