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Newfields commissioners review trust funds and discuss SRF loan, bond procedures
Summary
The board reviewed three district trust funds and a Varney bequest, authorized attorney and engineer to draft bond wording, and heard that the district is eligible for a State Revolving Fund loan (up to $1M) with possible forgiveness for well exploration; bond articles must be on a written yes/no ballot and placed before the operating budget.
Commissioners reviewed the district’s trust funds and discussed a possible bond and state financing options at the Feb. 11 meeting.
John Hayden explained there are three trust funds (Water Maintenance, Standpipe, and Sewer Maintenance) controlled and invested by the town’s Trustees of the Trust Funds and a fourth Varney trust administered by the town but intended for water expansion. Attorney Kerianne Ronan advised that the District should control expendable authority for the trust funds and that the commissioners can be named agents to expend from them. NH Department of Revenue representative Katharine O’liviera advised consolidating authority under a single warrant article that would name the commissioners as agents; if town warrant placement is later required, the town could add the items next year.
Ronan and staff also reported the district’s eligibility for State Revolving Fund (SRF) loans. The district was told it may qualify for a $1 million SRF loan with possible 100% loan forgiveness for well exploration and is eligible to apply for loans of approximately $970,000; PFAS-related funding may be available next year. The commissioners authorized Ronan to work with Keith Pratt of Underwood Engineers on figures and warrant language and granted permission to proceed with drafting bond notice wording. Ronan emphasized that bond language should remain broad to allow adjustments in project scope.
Ronan walked commissioners through voting mechanics for a bond: the bond warrant article must be a written yes/no ballot placed first on the warrant before the operating budget and after elected officials’ votes; polls must stay open for at least one hour and a moderator or Town Clerk (and a supervisor of the checklist) must oversee distribution and counting of yes/no ballots. If a bond article passes, the district’s next step is to work with the bond bank and Ronan noted her office has a bond attorney who can assist.
Commissioners asked staff to provide copies of trust-fund documentation and to consult with the town Select Board; Ronan will coordinate with Underwood Engineers on amounts and language for the warrant article.
