WARRANT FOR THE SPECIAL MEETING
OF THE BOARD OF ISLAND TRUSTEES AND
THE SPECIAL MEETING OF THE TOWN OF FRYE ISLAND

MAY 28, 2005

CUMBERLAND, ss

State of Maine

 

To: Joyce Kuiken, a resident of the Town of Frye Island, State of Maine

 

Greetings:

 

You are hereby required in the name of the State of Maine to notify the Board of Island Trustees and the inhabitants of the Town Frye Island, in the County of Cumberland, qualified by law to vote in Town affairs to meet at the Frye Island Community Center on Saturday, May 28, 2005 at 9:00 a.m. at which time the Board of Island Trustees will meet to act upon Articles 2 and 3 listed below.  The Special Town Meeting will begin immediately following the conclusion of the Special Meeting of the Board of Island Trustees to act upon the Articles listed below:

ARTICLE 1.    To vote by written ballot to choose a moderator to preside at said meeting.

ARTICLE 2.    To see if the registered voters of the Town of Frye Island will appropriate $275,000 for the costs (including legal and other professional fees) to acquire approximately 25 acres of land on the Raymond Cape Road in the Town of Raymond and to authorize the Treasurer and the Board of Selectman, on behalf of the Town, to borrow up to such amount to fund such appropriation, and to issue the Town’s general obligation bonds and notes therefor, for a term of not greater than twenty-one (21) years at an interest rate not to exceed 5.00%, with such other terms and conditions, including provisions for early redemption or prepayment, as may be approved by the Treasurer, and to further authorize the Treasurer, on behalf of the Town, to take any and all other action and to sign such other agreements, documents and certificates as may be necessary or convenient to accomplish such borrowing.

TREASURER’S CERTIFICATE
 

The undersigned Treasurer of the Town of Frye Island hereby certifies that:

  1. The total amount of general obligation indebtedness of the Town of Frye Island currently outstanding is $499,800

  2. The total amount of general obligation indebtedness of the Town of Frye Island authorized, but unissued is $200.

  3. The total amount of additional general obligation indebtedness of the Town of Frye Island contemplated to be incurred if the question authorizing issuance of such indebtedness is ratified is not in excess of $275,000.

  4. The anticipated maximum interest rate on the debt is 4.27%.  Assuming the issuance of the full $275,000 of debt to be authorized, level principal payments over a ten (10) year term and an interest rate of 4.27%, the interest cost associated with the borrowing would be $65,862.82, which would result in a total cost of principal and interest to be paid at maturity of $340,862.82

The foregoing represents an estimate of costs associated with the financing and such estimates will change due to market conditions.  The validity of the voters’ ratification of the note shall not be affected by any errors in the foregoing estimates.  The ratification by the voters is nevertheless conclusive and the validity of the note issue is not effected by reason of any variance of actual costs from the estimates provided hereinabove.

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Treasurer - Town of Frye Island

ARTICLE 3.    To see if the registered voters of the Town of Frye Island will vote to appropriate up to $40,000 from the Town’s undesignated fund balance for legal fees to be used by the Board of Selectmen to pursue fair and equitable treatment for the Town with respect to School Administration District No. 6 taxes.

TOWN OF FRYE ISLAND - BOARD OF SELECTMEN

 

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Posted: 06/08/2005