Question 1 - Sewer Bonds

Summary

Treasurer's Statement The undersigned Treasurer of the City of Biddeford hereby provides the following statement pursuant to 30-A MRSA §5772(2-A). A. City Debt: i. Bonds outstanding and unpaid: $37,241,876 ii. Bonds authorized but unissued: $14,424,561 iii. Bonds to be issued if Question 1 (Sewer Bonds) is approved: $20,000,000 iv. Bonds to be issued if Question 2 (Recreation Facility Bonds) is approved: $6,000,000 B. Costs: Assuming an average annual interest rate of 4.50%, and a 20-year term for each series of bonds issued, the estimated cost of the new bonds will be: i. Question 1 Sewer Bonds Bond Principal: $20,000,000 Estimated Interest Cost: $9,000,000 Total Estimated Debt Service: $29,000,000 Estimated Average Annual Payment: $1,260,870 ii. Question 2 Recreation Facility Bonds Bond Principal: $6,000,000 Estimated Interest Cost: $2,700,000 Total Estimated Debt Service: $8,700,000 Estimated Average Annual Payment: $435,000 C. Mil Rate Impact: Based on the City's assessed value of its taxable property as of April 1, 2025, it would be necessary to increase the City's mil rate per $1,000 of assessed value as follows to cover the estimated debt service costs from all of the questions, commencing no sooner than the City's fiscal year 2026 - 2027: Estimated mil rate impact (Question 1 Sewer Bonds): $0.2826 per $1,000 Estimated mil rate impact (Question 2 Recreation Facility Bonds): $0.0975 per $1,000 Estimated mil rate impact (combined aggregate): $0.3801 per $1,000 D. Validity: The foregoing represents an estimate of costs associated with the financing and such estimates will change due to market conditions. The validity of the voters' ratification of the bonds shall not be affected by any errors in the foregoing estimates and the ratification by the voters is conclusive and the validity of the bond issue is not affected by reason of any variance of actual costs from the estimates provided above.

Measure Details