06/30/1978-FISCAL AUDITS - Laserfiche WebLink

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• Exhibit M TOWN OF MASHPEE NOTES TO FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 1978 • either the normal debt limit or double debt limit. As of June 30, 1978, the Town of Mashpee has the following General Obligation Bonds outstanding: • Samuel G. Davis School Bond - This issue requires principal payments of $6 ,000 a year and will be retired by 1982. Library Bond - This bond requires principal payments of $1,000 a year and is programmed i to be retired by 1985 . School Project Loan, Act of 1948 - This issue requires principal payments on February 1 in each fiscal year as follows: $200,000 per year to 1980 inclusive; $195,000 • from 1981 to 1986 inclusive and $190,000 from 1987 to 1996 inclusive. School Planning Bonds - This issue requires principal paymentsonFebruary 1 in each fiscal year as follows: • $85,000 per year to 1980 inclusive; and $40,000 on February 1, 1981. School Bonds - This issue requires principal payments on February 1 in each year as follows: $15,000 per year to 1986 inclusive and $10,000 • from 1987 to 1996 inclusive. 4. CONTINGENCIES - The filing of the action entitled Mashpee Tribe vs. New Seabury Corp. et al on August 23, 1976 has had a substantial effect on the town' s economy. The suit alleges violation of the Indian Nonintercourse Act, • 25U.S.C. ss177. and seeks an order that the plaintiff tribe be restored to immediate possession of land constituting substantially all of the land comprising the Town of Mashpee, except any portion thereof which constituted the actual site of the principal place of • residence of any individual at the time of commencement of the action. This suit was tried before the United States District Court and a judgement was entered by the Court dismissing the action. This judgement is presently being appealed by the Mashpee Tribe. . • • CHARLES E. DIPESA & CO.. BOSTON. MASS. (617) 423-3555