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Finance committee reviews plan to use solar-tax fund to cut $550,000 from school roof BAN
Summary
Town Administrator Kelly told the finance committee the town could use up to $550,000 from a special capital fund funded by solar-tax revenue to reduce principal on a school roof bond anticipation note; attorneys are finalizing exact fund balances.
Town Administrator Kelly told the Acushnet Finance Committee on Sept. 4 that Article 9 would authorize using up to $550,000 from the town's special capital fund — funded by solar-tax receipts under a 2013 special act — to reduce the principal on a bond anticipation note for school roof repairs.
"It is not going to be any general fund money at all," Kelly said, adding that attorneys were finalizing the exact balance in the special capital account. Kelly said the fund is intended for capital expenditures tied to solar-tax revenue and that using the fund to reduce BAN principal would save interest costs on the note.
Committee members asked how much is currently in the fund; Kelly said the year’s receipts exceed $100,000 and that total balance exceeds $550,000, though he said final figures were pending legal review.
Kelly also said applying the solar-tax proceeds to the BAN could, with projected revenue over the next two years, allow the town to retire the note completely and avoid general-fund borrowing for the school roof.
The committee did not vote on the article and asked for formal confirmation of balances and legal authority before issuing a recommendation.
