Debt
19 issuesscenario: fit inside 1mEach debt-funded project becomes a level-payment issue, sold in its project year, first payment the year after. Rate and term are inputs on the page, not constants.
New borrowing only. No schedule of existing outstanding debt has been loaded, so every figure below is an addition to a number that is not shown, and the total understates by exactly the Town's current debt service. Peer towns publish theirs.
Principal
$52M
$52,343,550
Interest
$25M
at 4.00% over 20 years
Peak annual service
$3.9M
FY2038
Total repaid
$77M
47% more than borrowed
Annual debt service
by fundBond: General FundBond: WastewaterBond: BridgeBond: FireBond: Water
Cost index 4.0%Bond 4.00% over 20 yrsContributions adopted, held flatReserve interest 0.0%Peak FY2038
Bond it or save for it
Facilty upgrade phase 2Facilty upgrade phase 2 costs $20,000,000 in FY2033. Borrowing it costs $29,432,700 in total; saving for it from FY2028 costs $20,000,000. Saving is cheaper by $9,432,700.
| Year | Borrow | Save | Difference |
|---|---|---|---|
| FY2028 | $4,000,000 | -$4,000,000 | |
| FY2029 | $4,000,000 | -$4,000,000 | |
| FY2030 | $4,000,000 | -$4,000,000 | |
| FY2031 | $4,000,000 | -$4,000,000 | |
| FY2032 | $4,000,000 | -$4,000,000 | |
| FY2033 | $0 | ||
| FY2034 | $1,471,635 | $1,471,635 | |
| FY2035 | $1,471,635 | $1,471,635 | |
| FY2036 | $1,471,635 | $1,471,635 | |
| FY2037 | $1,471,635 | $1,471,635 | |
| FY2038 | $1,471,635 | $1,471,635 | |
| FY2039 | $1,471,635 | $1,471,635 | |
| FY2040 | $1,471,635 | $1,471,635 | |
| FY2041 | $1,471,635 | $1,471,635 | |
| Total | $29,432,700 | $20,000,000 | $9,432,700 |
The Town does this by hand on its Estimates sheet for the Bridge fund. It is the CIPC memo's third bullet — options for financing and timing — and no vendor offers it.
Every issue
| Issue | Fund | Principal | Issued | Payments | Annual | Interest |
|---|---|---|---|---|---|---|
| Facilty upgrade phase 2 | Bond: Wastewater | $20,000,000 | FY2033 | FY2034–FY2053 | $1,471,635 | $9,432,700 |
| South Main Street Reconstruction | Bond: General Fund | $15,000,000 | FY2028 | FY2029–FY2048 | $1,103,726 | $7,074,525 |
| Distribution Project 2 ($455k) | Bond: Water | $8,100,000 | FY2029 | FY2030–FY2049 | $596,012 | $3,820,244 |
| Fuel Island & TanksStorage | Bond: General Fund | $1,680,000 | FY2036 | FY2037–FY2056 | $123,617 | $792,347 |
| Pump Station #4 | Bond: Wastewater | $1,400,000 | FY2028 | FY2029–FY2048 | $103,014 | $660,289 |
| Engine 2 | Bond: Fire | $1,300,000 | FY2035 | FY2036–FY2055 | $95,656 | $613,126 |
| Tower 1 | Bond: Fire | $1,150,000 | FY2036 | FY2037–FY2056 | $84,619 | $542,380 |
| Dewatering centrifuges | Bond: Wastewater | $794,000 | FY2035 | FY2036–FY2055 | $58,424 | $374,478 |
| Pump Station #5 | Bond: Wastewater | $742,000 | FY2037 | FY2038–FY2057 | $54,598 | $349,953 |
| Fire Radio System | Bond: Fire | $645,000 | FY2033 | FY2034–FY2053 | $47,460 | $304,205 |
| Shed # 2 relocation to DPW | Bond: General Fund | $500,000 | FY2032 | FY2033–FY2052 | $36,791 | $235,818 |
| bridge112/091 | Bond: Bridge | $217,000 | FY2034 | FY2035–FY2054 | $15,967 | $102,345 |
| bridge131/162 | Bond: Bridge | $201,800 | FY2034 | FY2035–FY2054 | $14,849 | $95,176 |
| bridge133/089 | Bond: Bridge | $182,300 | FY2034 | FY2035–FY2054 | $13,414 | $85,979 |
| bridge115/078 | Bond: Bridge | $125,000 | FY2034 | FY2035–FY2054 | $9,198 | $58,954 |
| bridge107/063 | Bond: Bridge | $91,150 | FY2034 | FY2035–FY2054 | $6,707 | $42,990 |
| bridge110/069 | Bond: Bridge | $90,000 | FY2034 | FY2035–FY2054 | $6,622 | $42,447 |
| bridge108/066 | Bond: Bridge | $89,300 | FY2034 | FY2035–FY2054 | $6,571 | $42,117 |
| Ledyard Bridge Lighting | Bond: Bridge | $36,000 | FY2037 | FY2038–FY2057 | $2,649 | $16,979 |
| 19 issues | $52,343,550 | $24,687,051 | ||||