Middlefield Considering Switching Up Financing Plan on Powder Ridge

• The Board of Finance is seeking to retire the remaining $60k taxable component of the Powder Ridge debt.  This is an un-budgeted item that would be paid out of the undesignated fund and requires approval at a town meeting.  Public comment and questions are welcome in advance of a decision to request a town meeting.

• The Board of Finance is prepared to recommend the town secure permanent financing for the tax exempt component of the Powder Ridge debt.  The permanent financing can be in the form of a Bond or a Note.  Costs associated with the issuance of such debt are expected to be approximately $25,000.  These costs are unbudgeted and would be paid out of the undesignated fund.  This request requires approval at a town meeting.  Public comment and questions are welcome in advance of a decision to request a town meeting.

AGENDA

Call to order: Public Hearing - Powder Ridge Financing

1.      Introduction

a. Powder Ridge Debt - What is Taxable versus Tax Exempt Debt and why does it matter?

b. Proposal to retire Taxable component of Powder Ridge Debt - $60,000

c. Permanent financing of Non-taxable component of Powder Ridge Debt - $1,330,000

2.      Public Comments and Questions

3.      Adjourn Public Hearing 

Call to Order: Special Meeting of the Board of Finance

1.       Powder Ridge Financing - Town Meeting Resolution

2.      Adjourn Special Meeting