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:
What will the new debt mean to our tax rates?
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.
What is covered in Proposition 1?
$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.
What is covered in Proposition 2?
$1.68 million will be spent on:
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.
2. Reconstruction of part of the retaining wall on Boston Post Road between Thistle Lane and Purdy Avenue.
3. Replacement of the sewer siphon on Locust Avenue.
4. Sidewalk and crosswalk improvements primarily around school zones.
Will this affect the City’s triple A bond rating or require the City to exceed the tax cap?
No. The City expects its high rating to be retained and the cost of the bond to be covered under the tax cap.
Is the bond really necessary?
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.
