The town of Jaffrey wants to use more than $1.2 million in excess fund balance money to pay down water and sewer debts, which will save taxpayers more than $280,000 in interest and administrative fees.
The Select Board agreed Monday to use $220,000 in money not expended by previously refinancing a Wastewater Treatment Plan Bond to help pay down $326,788.50 in principal balance from a 2002 sewer facility upgrade from.
The board also agreed to use $677,934 in excess funds in the water restricted balance and $333,883 from the undesignated fund balance to help pay down the River Street Water Main bond, issued in 2006, and the New Water Source – Optimization bond, issued in 2006.
“We are currently at about $340,000 in undesignated surplus funds, about $330,000 of which would be used to help pay off the water bonds,” said Town Manager Dave Caron.
To expend funds to pay down the two water bonds, the town will have to approve a warrant article in March, as the town is only able to use surplus funds to pay down the tax rate without a Town Meeting vote. The town will also benefit from $350,115.89 in NH DES principal forgiveness for the two water bonds.
The board also agreed to use $7,394 in existing funds to pay for equipment to allow board meetings held in the town offices to be broadcast on television and live streamed on the town’s website.
In addition to start up costs, the town will have to pay $500 a year for live streaming capabilities.
Caron said he is unsure when the equipment would be installed, but speculated things should be up and running by the first of the year.
Nicholas Handy can be reached at 924-7172 ext. 235.