BUCKSPORT — Regional School Unit 25 (RSU 25) voters on Nov. 6 will be asked to approve borrowing money to replace the Bucksport Middle School gymnasium floor, which has moisture issues.
“The original construction didn’t account for the amount of water that goes under the building,” said Superintendent Jim Boothby.
Boothby discussed the issue with the Bucksport Town Council at its Sept. 6 meeting.
The project is estimated at $306,000. If approved by voters, the work would occur the summer of 2019, Boothby said.
The RSU has $75,000 in a reserve account for the project but would need to finance the rest, the superintendent said.
Instead of taking out a bond, the school district intends to borrow the money from the town of Bucksport, Boothby said.
This saves the school district from the expense of legal fees associated with a bond and offers the town a chance to earn more interest than it currently gets.
“Even at 3 percent interest rate, that’s more than a percent more than I can currently earn in investments and would save the school several thousand dollars in legal fees,” said Bucksport Town Manager Sue Lessard. “It would in no way affect the town’s fiscal situation.”
Town Councilor Paul Gauvin asked Lessard where the money would come from.
“Unappropriated fund balance,” Lessard replied.
The council voted unanimously to authorize Lessard to work with Boothby on a financing agreement.