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Resident asks for financial clarity; town confirms bond and project financing details
Summary
During public comment, resident Ken Rousseau sought clarification on the solar project's finances; Assistant Town Manager Jeanne Walker said the town authorized a $4.4 million bond, borrowed $3.1 million for the system, received a $280,000 bond premium and spends about $360,000 annually on electricity across 53 municipal meters; federal tax credits up to 32.75% may apply.
Resident Ken Rousseau asked the Commission for clarification on the financial details of the town’s solar project. Assistant Town Manager Jeanne Walker responded with specific figures regarding the bond and expected credits.
"It was clarified that while a $4.4 million bond was authorized, only $3.1 million was borrowed for the solar system," Walker said. She added the town currently spends approximately $360,000 annually on electricity across 53 municipal meters, the project generated a $280,000 premium on the bond sale, and the town may be eligible for federal tax credits totaling up to 32.75%.
Walker directed Rousseau to the prior month’s meeting packet for additional detail; commissioners said they will continue to provide financial updates for the project as production data and contracting details are finalized.
