Do you favor authorizing the board of directors of Regional
School Units No. 21 (the “RSU”) to issue bonds or notes in the name of the RSU
for school construction and minor capital projects in an amount not to exceed
Seventy-Four Million Eight Hundred Thirty Thousand Seven Hundred Eleven Dollars
($74,830,711) to renovate, equip, and construct additions and/or new school
facilities at the following:
- Mildred L. Day School located on the existing
school lot on the Old Limerick Road Arundel;
- Kennebunkport Consolidated School located on
the existing school lot on School Street in Kennebunkport; and
- Kennebunk High School located on the existing
school lot on Fletcher Street in Kennebunk?
Article 2:
Do you favor authorizing the board of directors of Regional
School Units No. 21 (the “RSU”) to issue bonds and other evidences of
indebtedness in the name of the RSU in an amount not to exceed $1,799,421
through the State of Maine’s zero interest rate/loan forgiving Revolving
Renovations Fund Program for Priority 1 Health, Safety and Compliance repairs
and improvements at Kennebunk High School, Kennebunkport Consolidated School
and the Mildred L Day School (“the projects”)?
A. Zero Interest/Loan Forgiveness Program: The
Maine Department of Education has approved RSU loans in the amount of
$1,799,421 through the State’s zero interest rate/loan forgiveness School
Renovation Fund Program for the Project.
B. Loan Forgiveness: The Maine Department of
Education has authorized the forgiveness of approximately 30.0% (up to an
estimated $539,826) of the total loan amount.
C. Interest Free Loan: The RSU will be obligated to
repay approximately 70.0% (up to an estimated $1,259,595) of the total approved
loan amount over a ten-year term. The loan program provides for repayment at a
zero interest.
