In essence, a new elementary school. Technically, we are voting on whether to authorize the Town to raise the amount needed, outside of the Levy Limit, to make principal and interest payments on a 30 year loan. Each year, the Town would add to the total amount of the Tax Levy the specific amounts needed for that year to pay the annual principal and interest payment. If no debt exclusion were used, the Town would need to absorb the costs of those annual payments within the Levy Limit. Based upon the size of the project, it is the Town’s position that raising such funds within the Levy would limit the availability of funds for Town operations and other projects.
A “YES” vote would allow the Town to levy the additional taxes needed to repay the money it borrows to construct a new elementary school.
A “NO” vote would not allow the Town to levy additional taxes to construct a new elementary school.