FARMINGTON — Financing for $1 million for the Community Center roofing project was once again approved at a special town meeting June 10 that saw only a few in attendance at the municipal building.
At the May 27 meeting, Town Manager Erica LaCroix informed selectmen of the need for the special meeting.
“Is this just a housekeeping measure,” former selectman Joshua Bell asked on June 10.
“This is my fault that we have this meeting tonight,” LaCroix said. “This issue was on the town meeting agenda in March.”
She said she was not familiar with the difference between town meeting and town council towns. “In a council town, you don’t need this treasurer’s statement until you go to actually apply for the bond or the financing,” she said. “In a town meeting town it needs to accompany the warrant article, which it did not.
The treasurer’s statement confirms the town has the bond rating and ability to do the borrowing and includes the anticipated interest rate, LaCroix said.
“The bond bank told me to estimate 4.5% over a 10 year loan,” she said. “That is another $200,000 so the total cost of borrowing would be just over $1 million instead of $800,000 because we have to pay interest on the loan. That’s the purpose of this article and this town meeting.”
With no other questions, the article was unanimously approved.
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