Your school, your money - if you feel it is worth it, vote No on question 8. If you are worried, concerned that Templeton cannot afford to do this now, vote yes on question 8.

Where was the interest figure when the first vote happened?

Now on a document dated 10/30/2015, there is a box titled Tax Impact. This was a presentation on the school project by the elementary school building committee. Within this box is the following:

Cost to Templeton $24,634,287.00
Cost per year @ 3.5% $ 1,406,865.00

Less NRSD debt $ 438,073.00

Net new debt $ 968,792.00

annual residential tax $1.74

annual tax increase per $1000.00
home valuation

If the $438,073.00 is old debt and will be paid off in 2019, how does that reduce the amount of the new debt?
Looks like the old debt was/is used to show since you are already paying that, the Town will just keep it on for another 28 years and the additional new debt will cost you an additional $1.74, however, what will the total tax rate impact be to you for the new debt? That is the true cost of the debt payment. If the old debt is costing you .60 cents per thousand and it is kept on for another 28 years and the new debt is an additional $1.74 per thousand, I believe you have to add the two together to show the complete cost for the new debt, as $1.74 plus .60 equals $2.34 per thousand. By the way, since there is no free lunch, the interest for 24 million at 3.5% for 28 years is between 12 and 14 million, which means Templeton tax payers will be paying out between 36 and 38 million dollars for the school.

posted by Jeff Bennett