Templeton Parents for New Elementary School 
Here are some important facts about the project with regards to the cost to taxpayers. The total project cost is $47.6 million. If the project passes at the ballot, the state will fund $22.7 million and Templeton's share will be $24.8 million. The annual residential tax is $1.74 per $1,000 home valuation. If the project fails at the ballot the town loses the state money intended for the project. The reimbursement from MSBA is only for use on a building project that meets the MSBA requirements. The state does not reimburse the town on repairs to existing buildings

the above is from a face book page titled Templeton parents for a new elementary school.

First thing I see is an incorrect statement, "the state does not reimburse the town on repairs to existing buildings"

Nothing is further from the truth, but here is something to chew on;

I went online to find an amortization schedule for a loan and I entered 24 million for 28 years at 2% interest rate with one payment per year and this is what I got.

$1,127,752.00 yearly payment for 28 years would equal a total payback of $31,577,060.00

How many people think Templeton will get a 2% interest rate on this project?


the warrant article from November 9, 2015;


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 ½”; 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

On Tuesday, the 8th day of December next, at 11 o’clock A.M. to bring in their votes to the Election Officers on the ballots as follows:

The following questions will be on the ballot:

Question 1.       Shall the Town of Templeton be allowed to exempt from the provisions of proposition two and one-half, so-called, the amounts required to pay for the bonds issued in order to pay costs of designing, constructing, originally equipping and furnishing a new Templeton Elementary School located at 17 South Road, Templeton Massachusetts, including the payment of all costs incidental or related thereto?

posted by Jeff Bennett