I. Council Action Requested.
Title
To declare the official intent of the Town of Windham (the “Town”) to reimburse expenditures for the design, construction, and equipping of a new public works and school transportation and maintenance facility located at property on Windham Center Road in the Town and related redevelopment of the site (the “Project”) with proceeds of a general obligation bond (and notes in anticipation thereof) of the Town in a sum not to exceed $9,300,000.
Body
II. Basis for Council Action.
Council approval of this item is required because;
a. At the November 7, 2017 special Town meeting voters authorized the issuance of a sum not to exceed $9,300,000 in bonds (and notes in anticipation thereof) and appropriation of the proceeds thereof to pay for the Project, with the details of such borrowing to be determined by the Town Council; and
b. 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; and
c. This item requires a declaration of the official intent of the Town.
III. Issue Summary.
At its meeting of July 25, 2018 the Council authorized pre-approval design work on the proposed Shared Maintenance Facility project in order to “jump start” construction in early 2018 and avoid additional costs that likely would be incurred if construction did not begin until late 2018 or early 2019.
Since the Council’s action in July 2018, and since the project was approved in November 2018 the town has incurred design, permitting, and other costs which were included as part of the overall $9.3 million budget. Adoption of this order would allow reimbursement of expenses that fall within the 60-day lookback provision allowed by federal treasury regulations.