Salem borrows $9.8 million for building

Board also reaffirms opposition to roundabout

By Gail Peckler-Dziki
Correspondent

The Salem Town Board unanimously approved a resolution authorizing the sale of $9.8 million in general refunding obligation bonds at its May 9 regular board meeting.

The loan, which is for the Salem highway department/fire department building located on Highway C, qualified for “Build American Bonds” and provided cash subsidy payments.

Those cash subsidy payments were received by the town with respect to interest payments and had been reduced by the Balanced Budget and Emergency Deficit Control Act of 1985, according to Town Administrator Pat Casey.

The refinancing will net the town a better interest rate and save over $800,000 over the life of the loan.

In order to pay the principal and interest of this loan, the amount is levied on all taxable property of the town as a direct annual irrepealably tax from 2016 to 2029 for payment due from 2017 to 2039.

The payment for 2017 will be $530,000 and end up with a final payment of $855,000 is 2030.

No roundabout
Town Chairwoman Diann Tesar was originally opposed to a roundabout proposed for the intersection of Highway C and Highway 83, but after considering information presented by the Wisconsin Department of Transportation, she said she came to the realization that, “those folks know much more about the situation than we do.”
She placed on the agenda an opportunity to rescind the resolution against a roundabout at the intersection. The motion failed on a 3-2 vote, with supervisors Dan Campion, Ted Kmiec and Mike Culat the no votes.

The full story appears in the May 13 edition of the Westosha Report


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