Financial Information
Article 14
The upcoming Special Town Meeting of May 19, 2009 will include a capital proposal that requires a $1 million Bond Authorisation that will also require a debt exclusion** question to be approved at the special election to be held subsequent to this meeting.
FEDERAL STIMULUS GRANT
An Opportunity!
The Federal Government has earmarked approximately $210 million for "shovel-ready" fire station projects.
Projects may be capped at $5 million. Therefore Maynard would be responsible for the difference.
If Maynard voters approve the $1 million debt exclusion, it will be contingent upon receiving adequate Federal funding. If no adequate Federal funding is forthcoming then the debt exclusion will not be acted upon.
There are no guarantees, but from what we know about the Federal Stimulus Grant process we believe that with the Approval of Articles 14 and 15 at Special Town Meeting, Maynard is in as good a position as any other applicant to receive this funding.
What does this mean to you? It means the home owner that lives in a single family home with a median value of $354,000 is projected to pay an average annual amount of $25 to fund this capital investment over 20 years.
**A Debt Exclusion vote is a mechanism provided to the town by Massachusetts State Law that allows the town to exceed proposition two and a half by the amount necessary to fund debt service for this $1 million capital cost over a 20-year period. The debt service levy is removed at the end of this period.
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