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Tuftonboro warrant presents funding options for police building


February 24, 2021
TUFTONBORO — Three articles on the Tuftonboro 2021 town warrant pertain to the building and equipping of a new police facility on Middle Road across from the library. The first two offer a choice of how to accomplish funding the anticipated $1.6 million project. The third is a fall back for a Capital Reserve contribution in the event the previous two articles fail.

A positive vote for Article #4 would authorize issuance of up to $685,742 of bonds or notes, with the selectmen to have the authority to issue and negotiate the bonds and notes and determine the rate of interest, maturity and other terms. In addition, the Board would receive authorization to withdraw $664,258 from the previously established Police Facility Capital Reserve (PFCR) Fund. A USDA grant of $250,000 will contribute to the total as well.

As is the case when bonds and notes are to be issued, a three fifths majority vote is required.

Should that vote fail, voters will consider Article #5, sometimes referred to as "one and done" . A positive vote would allow the Board to use the Capital Reserve funds and the grant, and in addtion, $400,000 from the Undesignated Fund Balance, and taxation for $285,742. A simple majority vote is required.

Article #6 will be null and void if either of the other choices passes. If voters turn down both the previous project articles, a request to raise and appropriate $300,000 to add to the PFCR will be under consideration.

During the February public hearing the Board of Selectmen considered funding options from Northway Bank and Union Bank. Town Treasurer Jack Widmer said both banks are very capable. Northway, though, has financed the Gould property and the Fire Station. Rates would be locked for 30 days between now and Town Meeting. First payment would not come due until June of 2022.

Martin Lord & Osman
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