I. Council Action Requested.
Title
To authorize the expenditure of up to $500,000 from the Fiscal Year 2026 Bond fund for preliminary costs ("Original Expenditures") related to the Town's wastewater disposal system expansion project (TM-2026-010) on land located at 53 Tandberg Trail (Tax Map 67, Lot 33), including the acquisition of additional land, and costs of planning, design, permitting, construction, utilities, site work, or improvements necessary to develop the land for a drip irrigation system to connect to the North Windham sewer treatment plant and other improvements necessary in connection with said expansion of the wastewater system ("the Project"); and to declare the Town's official intent within the meaning of Treasury Regulation 1.150-2 to reimburse the Fiscal Year 2026 Bond Fund from the proceeds of bonds to be issued in the future in an amount not to exceed $500,000 for the Original Expenditures related to the Project.
Body
II. Basis for Council Action.
Council approval of this item is required because;
a. At the June 14, 2025 Annual Town Meeting, voters authorized the issuance bonds (and notes in anticipation thereof) in a total sum not to exceed $7,815,601 and appropriation of the proceeds thereof to pay for the various projects as set forth in the respective warrant articles, with the details of such borrowing to be determined by the Town Council;
b. Of the total authorized amount of bonds to be issued, the voters approved the sum of $500,000 to be borrowed for the Project as set forth in this Order and as further described in Article 28 of the June 14, 2025 Annual Town Meeting warrant;
c. The Council has the authority to exercise all the legislative, financial, borrowing and other powers now or hereafter given by statute to inhabitants of towns acting in Town Meeting pursuant to Article II, Section 3(I) of the Charter;
d. The Council expects to authorize the issuance of the Town's General Obligation Bonds in the total aggregate amount o...
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