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Sprague approves $1.35 million appropriation to rehabilitate Pump Station No. 1
Summary
At a Nov. 13, 2012 special meeting, town voters approved increasing the appropriation for Pump Station No. 1 rehabilitation to $1.35 million, authorized up to $1.2 million in bonds/notes, and declared official intent to reimburse temporary advances under federal tax rules; the town anticipates $500,000 in state and federal grants.
At a special town meeting on Nov. 13, 2012, the Town of Sprague approved an increase in funding for rehabilitation of its sanitary sewer Pump Station No. 1. Catherine Osten, First Selectman, called the meeting to order; Dennison Allen moved the financing measures, and Denise Dembinski seconded the motion, which was approved unanimously.
The motion as moved by Dennison Allen proposed increasing the previously approved $900,000 appropriation for Pump Station No. 1 by $450,000, creating an aggregate appropriation of $1,350,000 for the project. The motion also increased the bond, note, and temporary note authorization from $900,000 by $300,000 to an aggregate authorization of $1,200,000 to finance the appropriation. The motion stated the town anticipates receiving an aggregate $500,000 in state and federal grants to help defray project costs and noted $150,000 of the appropriation is not anticipated to be funded by grants or borrowings from Sprague Water and Sewer Authority funds.
The motion included a declaration of official intent under Federal Income Tax Regulation Section 1.150-2 that project costs may be paid from temporary advances of available funds and that the town reasonably expects to reimburse those advances from the proceeds of borrowings in an aggregate principal amount not in excess of the authorized borrowing. The First Selectman and the Treasurer were authorized by the resolution to amend that declaration as they deem necessary.
The motion was seconded by Denise Dembinski and approved unanimously. The transcript records the vote as unanimous but does not specify a roll-call or vote tally.
Background and next steps: the project centers on Pump Station No. 1, located off Main Street on the south shore of the Shetucket River. The motion ties future borrowings to the amount of grants received, stating the amount of bonds or notes issued shall be reduced by the amount of project grants to the extent such grants are not separately appropriated. The transcript does not record a construction schedule, contractor selection, or a departmental assignment for implementation. The meeting adjourned at 7:08 p.m.
