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Hooksett officials outline $5.995M bond plan to repair Memorial School
Summary
School presenters told the Hooksett Budget Committee they plan to borrow $5,995,998 to repair and renovate Memorial School and to finance it as a 15-year municipal bond with level principal; estimated total interest is about $1.7 million and the projected tax impact would start near 19 cents per $1,000.
School presenters told the Hooksett Budget Committee on Monday that the district plans to borrow $5,995,998 to repair and renovate Memorial School and intends to place a bond warrant article before voters in March.
The proposal was explained by Wayne, the presenter for the financing package, who said the school board voted to seek a 15-year bond using level principal payments and estimates about $1,700,000 in total interest under recent New Hampshire Municipal Bond Bank rates. "Ultimately, we are looking to borrow $5,985,000 ish," Wayne said, then clarified the exact figure: "$5,995,998 for, to repair and renovate Hooksett Memorial School." He added the estimated tax impact would be about 19 cents per $1,000 in the first year and about 13 cents per $1,000 by the end of the 15-year term.
Why it matters: the financing…
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