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Marlborough authorizes up to $1.9M in bonds for DPW garage reconstruction
Summary
The Town Board adopted a bond resolution authorizing reconstruction and additions to the Department of Public Works garage at an estimated maximum cost of $1,969,995 and authorizing issuance of up to $1,900,000 in bonds (subject to permissive referendum).
The Marlborough Town Board voted unanimously on Aug. 26 to authorize reconstruction of the Department of Public Works garage at 1650 Route 9W at a maximum estimated cost of $1,969,995. The bond resolution authorizes issuance of up to $1,900,000 in bonds, subject to permissive referendum, and sets a 15-year period of probable usefulness for the project.
Supervisor Corcoran said local legislators will pursue aid to offset costs: Assemblyman Jacobsen and Senator Hinchey were named as working to secure town funding. The board noted the first five years of the financing will be structured as bond anticipation notes (BANs) to manage initial interest and potential pay-downs before long-term bonds are issued. The roll call recorded all five board members voting Yes.
