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Mission of the York Energy Efficiency Committee

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Budget item #50 Alternative Energy

DON’T FORGET TO VOTE!!!!

Here is the language from the budget refendum on FRIDAY May 29th:

FIFTY: Shall the Town (1) approve a plan to develop alternative energy solutions for the Town and to create energy conservation projects to help achieve our energy efficiency and conservation goals; (2) appropriate the sum of $100,000 to fund the costs of these projects; and (3) to fund this appropriation, authorize the Treasurer and the Chairman of the Board of Selectmen to issue, at one time or from time to time, general obligation securities of the Town of York, Maine, including temporary notes in anticipation of the sale thereof, in an aggregate principal amount not to exceed $100,000 with the discretion to fix the date(s), maturity(ies), denomination(s), interest rate(s), place(s) of payment, call(s) for redemption, form(s), and other details of said securities, including execution and delivery of said securities against payment therefore, and to provide for the sale thereof, to be delegated to the Treasurer and the Chairman of the Board of Selectmen?

Statement of Fact: An energy steering committee has been formed to look into various ways to conserve energy within the Town as well as to determine the feasibility of alternative energy solutions and projects to accomplish these goals. Approval of this article would provide funds for the cost of these efforts.

FINANCIAL STATEMENT

Total Town Indebtedness:

A. Bonds outstanding and unpaid          $ 16,894,000

B. Bonds authorized and unissued          $                 0

Your browser may not support display of this image.C. Bonds to be issued if the Article is approved         $     100,000

Total            $ 16,989,000

Costs:

At an estimated interest rate of 3.50% for a five (5) year maturity, the estimated cost of the bond issue will be

Principal    $     100,000

Interest    $       10,500

Your browser may not support display of this image.Total Debt Service   $     110,500

Total estimated project costs including debt service:            $ 110,500

Validity:  The validity of the bonds and of the voters’ ratification of the bonds may not be affected by any errors in the above estimates.  If the actual amount of the total debt service for the bond issue varies from the estimate, the ratification by the electors is nevertheless conclusive and the validity of the bond issue is not affected by reason of the variance.

s/______________________

Margaret McIntosh

Town Treasurer

Budget Committee recommends approval (7-0)

Board of Selectmen recommends approval (5-0)

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