4/26/2011 SEWER COMMISSION Minutes

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Falmouth r sive Wastewater Management Planning r Addendum Falmouth Sewer Betterment Payments 2.5%Interest Rate with Fixed Annual Payments Term of $30,000 Betterment Option $20,000 Betterment Option Betterment* Annual Cost to Homeowner Annual Cost to Homeowner 50 Years $1058 $705 40 Years $1195 $797 30 Years $1433 $9.56 20 Years $1925 $1283 *A "betterment"is charge h?vied by the niunicipal governnient on properties that receive a direct benefit from a capital improwment such as a road, water rain or a seiver main. The charge can be spread over many years. 'This table shows different terms for two betterment prin- Unlike conventional financing, this model does not cipal amounts at a fixed interest rate of 2..5%. The Board propose increased interest rates for the longer betterment of Selectmen could select whichever term and.whichever assessment term. The result provides a substantial saw annual payment is deemed appropriate at the time of ings to that property owner. commitment of the betterment assessment. COMPREHENSIVE WASTEWATER MANAGEMENT PLAN REVIEW COMMITTEE INTERIM RECOMMENDATION TO BOARD OF SELECTMEN Proposed Warrant Article, November 2010 Town Meeting To see if the town will vote to petition the Great &General Court of the Commonwealth of Massachusetts for special legislation affecting the Town of Falmouth, to include the following provisions: • Dissolve the link between term of borrowing and term of sewer betterment assessment (established by Chapter 312,Acts of 2008) • Permit Falmouth the option to adopt a fixed annual sewer betterment payment schedule, as may be determined by the Board of Selectmen • Allow Falmouth to equally divide annual sewer betterment assessment payments on property tax bills • Set the sewer betterment assessment interest rate at 2.5%, effective on January 1, 2015 Or act in any way relative thereto. On request of the Comprehensive Wastewater Management Plan Review Committee.