Transfer station bond to have much lower interest rate

SHARON — The saying, “Good things come to those who wait,� just might apply to the town when it comes to bonding for the new transfer station.

At the end of January, voters at a special town meeting passed an ordinance that would create a shared transfer station with the town of Salisbury. Voters also authorized town officials to raise $700,000 to purchase land on Route 44 in Salisbury, where the station will be built. Salisbury will also contribute $700,000.

At the regular Board of Selectmen’s meeting on Tuesday, March 10, at Town Hall, First Selectman Malcolm Brown said the town has been looking at bond anticipation notes since the vote in January.

“In January, the interest rates on bond anticipation notes were 1.5 percent,� Brown said. “But this month, the interest rate is .79 percent. Maybe it was a good thing we did not decide to bond when we voted in January. However, it shows how much the economy is spiraling down.�

Brown said the Board of Finance  recommended the town only bond the $700,000 for the land purchase for now and wait for further bonding to pay for construction and operation costs. He said the town has been working with Webster Bank to put together the bond anticipation notes.

The selectmen then set the date for a special town meeting for Friday, April 17, at 7 p.m. for residents to vote on an ordinance that would approve the town’s getting a bond anticipation note.

However, the Board of Finance needs to approve the proposed ordinance before it goes to town meeting. Brown said that Salisbury still needs to have an official town meeting vote to form the Salisbury-Sharon Resource Recovery Authority.

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