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FAYETTE — All candidates for selectmen, assessor and overseer of poor have acquired the necessary email nominations to be placed on the July 14 ballot.
In addition to voting for town officials, residents will be asked two referendum questions:
Referendum question 1, regarding the Richmond Mills Culvert, asks: Shall the Town vote to raise and appropriate from taxation the sum not to exceed $200,000 to support a capital improvement project consisting of the replacement of the 3 Richmond Mills Culverts with a professionally engineered concrete and aluminum arched culvert designed to withstand a 100 year flood event and authorize the Board of Selectmen to pursue bonding for said project? Bonding would be at an estimated maximum annual debt service not to exceed $25,000 per year and interest rate not to exceed 3% for a 10-year maturity, by example the Maine Municipal Bond Bank provided the following estimated costs for this bond issued at $200,000 paid back over 10-years. First year interest rate estimated to be 2.2% graduating to a 2.99% rate at year 10.
(The $200,000 will be combined with a $93,750 MDEP grant to install the engineered arch culvert).
Principal $200,000 Interest $30,082 Total Debt Service $230,082
Referendum question 2 regards the school bus lease purchase. It asks: Shall the Town vote to raise and appropriate from taxation the sum not to exceed $23,216 to support a 4 year lease purchase of a school bus for the Fayette Central School? Principal $23216 Total 4 Year Lease Purchase Cost $92,865
