1981-1982-TOWN MEETING RECORDS - Laserfiche WebLink

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i Article 11 continues. I Mr Lawrence: . If we have an eight million dollar short-fall, how do we still continue to raise and appropriate money? Mrs Thomas; Peter we have two different issues herej. We are not raising and approppi .ting here , We are asking for authorization to borrow. Peter. Lawrence: We still have to pay for it. y Moderator: . Tre payment; comes next year- Peter. . Accounting purposes the interest will be paid for in thu next fiscal year. Fortunately 'we are in a dilemma we, have to deal in a public forum. We have to sort let .the cat out-of the bag,to getauthorization for these people to do an That information is' of value to the seller. Mrs Thomas: Wile we are on the money subject, let me give you Hr. P�Iurphy so he can: explain the amounts of money we have to work with. Mr I'Iurphy: Peter to answer your question, we have to pay for it, no question. We are looking at about 715/6 interest. That is about the range for a five year note for a municipal government. We would be going for a one year note and then a five year note. , borrowing for six years. We are authorized to borrow for ten years. The Town would be paying 80 thousand dollars in interest. Next year we would probably be paying 30 thousand dollars in interest. You have to understand in our debt redemptionschedule for next year the total amount we are going to be paying in debt interest and principle goes down from this year by 161 thousand dollars. No question the 31 thousand dollars is going to affect some services. If we have to pay interest on this note, we are not going to have it for the General Govermnent, that is a fact of life. Whether we pay 80 thousand dollars over the course of the six years, we will not have it for the general operation of the Town. We are allowed to � increase our debt to accomodate this note. The question is "does the Toirn want to spend that much money on interest: :Robert Delory: Were the water rights taken into consideration when these i . appraisals were made? The Town of Barnstable had taken property by eminent ! domain and they were taken to court and they were awarded a lot of money. Mrs Thomas: Bob, this is not an eminent domain taking. This is a purchase and we will have control of the water. Mr Delory: Are the water rights mentioned in the appraisal ? Mrs Thomas: No Pairs Gilligan: With every department in Town operating close to the chest, I would like, to know how the Conservation comes up with x50,000.00. Will they have J50,000.00 ? Mrs Thomas: Prior t6 -22, the Town appropriate a number of dollars to the Conservation fund. They have invested this money wisely. � Moderator: It is like your "mad money" account, Caroline. William Towner: I would like to- , know what the Town is losing in taxes if we take this property? f' Mrs' Thomas: In 1981 Ivia',epeace paid under $2000.00. It. is agricultural land. Earl _ PIarsters: Two items, Joe`-mentioned the interest costs. This properly is very nice. I'-think the pr;Lqe. is.too high. It is also very inaccessable. , You could not get a piece of beach more inaccessable than this. I would like to offer an. amendment that we will pay $300,000.00. i Motion seconded Krs 'Thomasi I.iarshall reverence said x500,000.00, he did not say; see what you .can do at Town Mee ting. I think if you put a ceiling on this at X300,..000.00 you are defeating it. ;re- are 5arabling on your thinking. ivloderator: .Dr PIarsters make an-a_r.6m,Gment to the motion and it is to limit it to $3001000.00. .ia.rl this must be explicit so you ..will have to read the entire Article with the amendment. _ earl`T'Ia.rsters: I will do 'that. Charles Buckingham: Over the years I have heard a lot of comment from parts Of the Town; how we have to have a moritorium on it as to building. . . . . . . . .