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RSU 5 approves resolution to authorize lease financing for $3.42 million energy conservation projects
Summary
The board authorized lease financing to fund a Phase 1 energy-conservation package including boilers, LED lighting and fire panel upgrades; the resolution allows borrowing up to $3,421,157 subject to future documentation and bids.
The RSU 5 Board of Directors voted to authorize lease financing for up to $3,421,157 to fund Phase 1 of the district's energy conservation and infrastructure projects.
The resolution authorizes the superintendent and finance staff to proceed with lease financing documents that will cover improvements such as the Freeport High School boiler replacement, LED lighting upgrades and fire-panel/device upgrades. The motion authorizing the lease financing was moved by Maura and seconded (mover/second recorded in the minutes); the board approved the resolution by voice vote.
Finance staff said the authorization sets a maximum borrowing amount and that final terms (interest rate, exact principal borrowed and annual payment) will be determined after bids and further work. District officials noted that the dollar figure is a ceiling and the final loan or lease amount may be lower depending on contractor bids.
The resolution is a legal step needed to secure lease-purchase financing for capital improvements that are slated to be carried out in coming months; the actual expenditures and the financing schedule will return to finance committee and the board with final figures and vendor selections.
The board recorded no roll-call tally; the voice vote approved the measure.
