Measure on the ballot in the 2025 Maine General Election in Scarborough Town.
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Get StartedThe Town Council and Board of Education recommend approval of this question. FINANCIAL STATEMENT 1. Total Indebtedness as of July 3, 2025: A Bonds outstanding and unpaid: $78,455,000 B Bonds authorized and unissued: $2,882,225 C Bonds to be issued if this Article is approved: $10,000,000 2. Costs: The estimate cost of this bond issue, based on an estimated interest rate of 3.75% for an estimated thirty (30) year maturity, issued in 2 installments commencing in 2027, is as follows: Principal: $10,000,000 Interest: $ 5,812,500 Total Debt Service $15,812,500 A property currently valued at $600k will be taxed an estimated $900 over the term of the bonds, averaging $30 per year. 3. Validity: The validity of the bonds and of the voters’ ratification of the bonds may not be affected by any errors in the above estimates. If the actual amount of the total debt service for the bond issue varies from the estimate, the ratification by the electors is nevertheless conclusive and the validity of the bond issue is not affected by reason of the variance.
Shall the Order entitled "IN THE EVENT THAT REFERENDUM QUESTION NO. 1 RECEIVES A FAVORABLE VOTE, ORDER AUTHORIZING THE ISSUANCE OF UP $10,000,000 IN GENERAL OBLIGATION BONDS OF THE TOWN OF SCARBOROUGH TO FUND COSTS FOR THE EXPANSION TO THE MIDDLE SCHOOL TO ACCOMMODATE EXPECTED ADDITIONAL ENROLLMENT" be approved?
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