The document is dated October 30, 2015 and it shows a box with borrowing: BAN or bond anticipation note otherwise called short term borrowing. The fiscal year 2017 has a line item of $10,000.00 for short term interest but shows no short term debt. Back to the box, BAN utilized during construction of new school. Borrowing rate of 3.5%, for 28 years. Debt forecasts include the reduction of NRSD debt of $438,000.00 in FY 2018/2019. That is a budget line item, so it looks like the plan is to use that already going out the door expense will just shift over to pay for the school, rather than for the town to use for savings and other things. I think what needs to happen is to have that as an article for town meeting. Let the towns people vote on it and tell them clearly what is involved with no sales pitch.
posted by Jeff Bennett
So the interest rate was 3.5% for 28 years. So will we get the same rate when we go to the new school ? I hate to bea killjoy, but I don,t think so. I guess I schould look up the rate for FDA. Loans, the Skelton special. I will let you know what I find.
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