Weekly road meeting takes questions

SHARON — Every Friday morning the Board of Selectmen holds a special meeting for updates on the town’s road repair project. At the July 1 meeting, it was announced that road repair work for the following week (July 5 to 8) would take place on Sharon Mountain Road, East Street and Fairchild Road. Additionally, work would be done to complete the remaining private driveways on the list. About 10 people attended the meeting.Sharon resident Kathy Fricker, who lives on Lambert Road, was there, accompanied by her father, Harry Hall.Fricker had a list of questions that she read to the board.The first was, “Exactly how much money was approved at the town meeting I attended last fall when the town overwhelmingly supported an extensive program of road repairs in the neighborhood of $3 million?”Loucks replied the amount approved at the town meeting was $6,280,000 but not all of that sum was for the road repair project. “Of that total,” he said, “$145,000 is going for financing and $187,000 was to be earmarked for culvert repairs on West Woods Road No. 2, but we are actually holding out $200,000 for that.”Fricker asked, “I noticed that local property taxes have not gone up, which is very pleasant and also somewhat surprising in view of this extensive road repair work. Where is the money which is being spent coming from? I assume it has to be borrowed. Is that true, and if so at what interest rate is the town being charged?”“Right know we have a bond anticipation note and we will be going into a bond sometime in August,” Loucks said. “Your taxes will go up a little bit next year. We are going to pay for this project over a 15-year period. We were given amortization tables for other terms but the Board of Finance opted to go for the 15 years, paying the interest on the first year (which will show up in your taxes next year). Then we are going to skip a year on the principal, so the principal will start kicking in the following year. “The interest rate has not been determined. It will only come out just prior to the bond in August. We have a meeting on July 6 with Moody’s rating system. Right now we have an AA2 rating, which is the highest rating a town our size can have. I am sure our bond rating will stay the same, even though the state’s bond rating was lowered. As of now it looks like bond rates for AA2 rated places is 3.25 percent.”Fricker asked, “How much money has been spent or will have been spent by the end of June 2011? And of that sum where are the funds coming from, for example from the large appropriation approved by town meeting for part of it — with the balance coming from what other sources?”The first selectman began his answer by saying, “I think we will be a few roads short. When we were going through the project we ran into areas where the blacktop was up to 10 or 12 inches thick and the reclaimer could not get through it, so several inches had to be milled off before the reclaiming work could begin. “This happened on parts of Calkinstown, White Hollow, Jackson Hill and Fairchild roads. “We used those millings to back up alongside roads, especially on hills. This drives up the project costs. “Therefore, there will be a couple of roads that will not be completed. I’m looking at small, dead-end roads to leave unfinished. We’ll have to wait and see how this plays out. We may end up overlaying a couple of roads, which means not reclaiming them. And on sections of road that are not really in bad shape we will just put an inch-and-a-half overlay. “We will end up completing close to 95 percent of the project.”Selectman Meg Szalewicz had a computer printout showing that almost $3 million of the budgeted road repair project has been spent to date.“We have not spent anything beyond what was approved and the town treasurer has all that information,” Loucks said in response to another inquiry. Fricker’s last question was, “At the town meeting, we talked about an eventual bond issue to help finance this sizable expenditure. At that time no decisions had been made. It was hoped that the current financial situation in the state and the country would permit a bond issue which might be attractive to the town. “Do you have or can you supply us with any up-to-date forecasts as to the amount that will be required for such a bond issue and if so how much can we expect to pay? What effect will that have on the mill rate?”The first selectman replied that those issues had already been addressed.There was also a question about unimproved roads. The first selectman said those roads cost the town considerably more to maintain than improved paved roads, but local residents love and want their dirt roads.

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