What is involved in selling a light company?
The last municipal light dept. or company was formed back in the 1920's. Since then, it has been tried to change the law to allow more cities and towns to form their own municipal light department. The investor owned companies have fought it and not many cities and towns have the capital to buy needed facilities anyways. Lets say a town offers to but some of national grid infrastructure to form a municipal light co. A town offers $50 million but National Grid says it is worth $150 million, an audit and appraisal says it is worth $75 million but NG won't sell, what then? Now reverse this and put a municipal light department up for sale. First you audit the financials to see assets versus debt and what materials are worth. A Town puts it up for sale for a figure that no one bites on, then what? What if there is more debt than assets? What if other financial obligations out weigh assets, such as bonds outstanding or refinanced bonds, deferred bonds and on and on, along with certain contracts that no one wishes to assume 100% of. Does a town take a loss to dump it? Easy to say sell, but a little harder to do, especially with Town meting approval required.
What is involved in improving roads?
First, a solid plan and approach, followed by funding. a source of road funds and seed money for grants and planning is chapter 90 money. In my opinion, the first thing to do is stop the practice of using these funds to buy equipment, especially equipment that is not needed, such as excavators and ten wheel trucks for a highway department that should only be involved in road maintenance and not road building. I believe residents already feel like their vote does not count and by using road money to buy equipment while roads go un-repaired adds to the problem of getting an override or debt exclusion passed. It will be even harder now that the town has more debt for the police station and school. I believe the town will have to find another way to repair the roads in town.
Jeff Bennett
