Article 4: Fiscal Year 2007 Debt Service Principal Transfer |
To see if the Town will vote to transfer from line item 01-751-5930 Debt Service Interest, the amount of $15,500 (Fifteen thousand five hundred dollars) to line item 01-710-5920 Debt Service Principal for the Schartner/Nicewicz APR; or do or act relating thereto.
Sponsor: Treasurer
Summary: The debt service principal transfer article is due to the fact that the budget was created and voted prior to the bond issuance of the APRs on 6/15/06. We had originally budgeted for a 20-year bond with principal payments of $84,500 and interest of $92,950. When the bond was issued we issued it for 17 years with principal of $100,000 and interest of $73,645. Therefore we need $15,500 more in principal and there is an extra $19,305 in interest which will net to $3,805 after the transfer.
Board of Selectmen Recommendation: Approved
Advisory Committee Recommendation: Approved
Vote Required: simple majority
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