On November 6, the City of Rye will hold a $1.86 million bond referendum to address infrastructure and safety needs in and around downtown and schools.
On November 6, the City of Rye will hold a $1.86 million bond referendum to address infrastructure and safety needs in and around downtown and schools. This week, the City issued a Q&A fact sheet. Here are some of the particulars:
Â
What will the new debt mean to our tax rates?
Â
Because of historically low interest rates, the annual debt payments (interest and principal) will be $120,000, or a .6% tax increase over the 2012 rate. This would cost approximately $19 more per home per year.
Â
What is covered in Proposition 1?
Â
$176,000 for fire suppression sprinklers at The Rye Free Reading Room covering the historic center of the building. In addition, there are ADA/flood improvements.
Â
What is covered in Proposition 2?
Â
$1.68 million will be spent on:
Â
1. Major safety improvements at Smith/Elm/Purchase intersection, reconstruction of the crumbling substructure of Smith Street, and repairing the sink hole on Purchase Street.
Â
2. Reconstruction of part of the retaining wall on Boston Post Road between Thistle Lane and Purdy Avenue.
Â
3. Replacement of the sewer siphon on Locust Avenue.
Â
4. Sidewalk and crosswalk improvements primarily around school zones.
Â
Will this affect the City’s triple A bond rating or require the City to exceed the tax cap?
Â
No. The City expects its high rating to be retained and the cost of the bond to be covered under the tax cap.
Â
Is the bond really necessary?
Â
A much longer list of projects was pared down to the most critical in terms of public safety and preventing the failure of vital infrastructure.