Adams Approves Borrowing For Hurricane Irene Fixes
 Town officials expected the bond question to pass. |
A total of 87 of the 150 town meeting members approved the article allowing the town to borrow at Thursday's special town meeting, which was postponed from Monday because of Hurricane Sandy.
The Finance Committee "strongly" endorsed borrowing.
According to Town Administrator Jonathan Butler, the town will have its bond agent borrow the money next week. Butler anticipates a 1.25 to 2 percent interest rate.
"The town's going to pursue a five-year borrowing," Butler said.
Butler said interest rates for one-year bonds are lower and the town will likely put it out for one-year notes each year until the total is paid. During those five years the payments will come from the town's capital budget.
Last September, the Selectmen approved deficit spending for the "emergency repairs." The town then spent nearly $800,000 in various repairs to roadways, property and waterways but the town received about $600,000 in federal reimbursements.
Town meeting last less than 20 minutes with little discussion. Town officials were not concerned about the vote itself but because of the delay, they were worried about having a quorum.
Town meeting members also approved two other articles for the Retirement Board. Article 2 increased the minimum retirement allowance for a surviving spouse, should an employee die before retiring from $250 to $500 per month. Article 3 increased the annual minimal allowance for the surviving spouse of a disabled retiree from $6,000 to $9,000 annually.
Both of those articles also passed unanimously.
Tags: borrowing, Irene, pension, special town meeting,
