SOUTHWICK – Representatives of the three regional school district towns met yesterday with Maureen Pacella, vice president of Eastern Bank’s Municipal Finance Division to discuss bonding options for the $62 million school renovation project.
Pacella offered several options for selling bonds for the district renovation project, including two options for a shorter bond plan of 21 years and another option for 25 years.
Pacella said the shorter term bond would save the towns $1.6 million but the longer term would offer lower annual payments.
“Southwick’s share would be $365 for the shorter term versus $370 for the longer one,” Pacella said.
Tolland residents would pay$127 in the dhort term option and $120 in the longer option, and Grabville residents would pay $323 for the short term and $318 for the long term.
“This is based on median house value,” said Pacella, “which in Southwick is $242,300, in Tolland it’s $347,300, and in Granville it’s $276,500.”
The short term options would come to term in 2038, along with bonds sold in 2013 at a rate of 4.5 percent. The 25-year term comes with a rate of five-percent.
The school committee will discuss the options at a future meeting.
