On November 5, 2019, Standish will hold a secret ballot vote on the issuance of about $156,250 worth of bonds and interest to fund the changeover to LED streetlights. The potential cost savings after replacement is estimated at $575,000 over 20 years.
The Town of Standish currently has about $8,000,000 worth of bonds and interest outstanding and unpaid. The new bonds, the funds to be used for the streetlight conversion, would add $150,000 of bonds and approximately $6,250 in interest to the town’s liabilities.
The town also has approximately $1,900,000 worth of bonds authorized but not yet issued.
Question 1. To see if the Town will vote to authorize the issuance of up to $150,000 in general obligation bonds or notes in anticipation thereof and to expend the proceeds of such bonds or notes to finance the capital expenditure cost of conversion from existing high-pressure sodium streetlights to light-emitting diode (LED) streetlights with intelligent wireless controls (“Smart Controls”) and other related costs, including engineering costs and costs of issuance of such bonds or notes in anticipation thereof, hereby authorized and appropriated, with the dates, maturities, denominations, interest rate(s) and other details of the bonds or notes (including provisions that the bonds may be subject to call for redemption with or without premium) to be determined by the Town Council.
(Note: Projected savings to the Town is $575,000 over the next 20 years per the Investment Grade Audit prepared by Realterm Energy.)
(Note: Total estimated debt service of $156,249.65, of which principle is $150,000.00 and estimated interest at rates ranging from 2.00% to 3.5%, depending on the year of maturity, over 5 years is $6,249.65.)