After the final Public Hearing and discussion and the last minute increase of $950,000 the Town Council voted 5 – 0 to support Article 3.
Article 3: [Loan Authorization for High Range Road Water Supply Extension project]
To see if the town will vote to raise and appropriate TWENTY-FIVE MILLION SEVEN-HUNDER FIFTY THOUSAND DOLLARS ($25,750,000) (gross budget) for the purpose of partially funding the extension of a Pennichuck East Utility Public water system water main down the length of High Range Road to the vicinity of Route 102 in order to mitigate PFAS contamination and expand the availability of abundant, safe, and clean drinking water to more of Londonderry’s residents.
Said some shall be raised by the following means;
a. Acceptance of funds from other sources to total a minimum of TWENTY MILLION EIGHT-HUNDRED THOUSAND DOLLARS ($20,800,000), or such amount that will complete said project. Funding sources may include, but are not limited to, the State of New Hampshire, the Department of Environmental Services Drinking Ground Water Trust fund and other third-party sources.
b. Usage of TWO MILLION DOLLARS ($2,000,000). from the funds received by the Town through the American Rescue Plan Act.
c. The issuance of a loan through the NH Department of Environmental Services PFAS Remediation Loan Fund or a similar program, not to exceed TWO MILLION NINE-HUNDRED FIFTY THOUSAND DOLLARS ($2,950,000) under and in compliance with the provisions of the Municipal Finance Act (NH RSA Chapter 33) and to authorize the Town Council to issue and negotiate said loan, to determine the length of the loan, the rate(s) of interest thereon and to take such other action as being necessary to affect the loan, as shall be in the best interest of the Town of Londonderry, and pass any vote relating thereto.
And further to raise an appropriate the sum of TWO HUNDRED FIFTEEN THOUSAND DOLLARS ($215,000) for the first annual principal and interest payment on the said $295,000 loan. (3/5 ballot vote required)
(If passed, this article will require the town to raise $215,000 in property taxes, resulting in a tax rate impact of $0.034 in FY 25 based upon projected assessed values.)
The Town Council by a vote of 5-0 recommends a YES vote; the Budget Committee by a vote of 7-0 recommends a YES vote.
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Public Hearing on the Proposed $2 Million Loan Issuance January 12, 2024