In lean times, finding new funding for town projects

CORNWALL — A reissuing of the town’s only outstanding bond, to raise funds for the school expansion completed in 2005, was approved by the Board of Selectmen. It will trim annual interest payments by about $10,000.The town is about seven years into the 20 year financing, paying about 4 percent in interest, according to the selectmen. The reissue would reduce it by about 1 percent. Annual interest payments drop about $4,000 per year, with $72,000 due this year.The selectmen gave credit to Town Treasurer John Green and Finance Officer Barbara Herbst for staying on top of things and making the refinance happen. More money on the horizon: A check for $423,000 is reportedly in the mail from the Federal Emergency Management Agency (FEMA). The funds are a 75 percent reimbursement for the rebuilding of the Lower River Road bridge in West Cornwall, destroyed by Tropical Storm Irene last August. The town’s share of the permanent new structure, which allowed for improvements to stream flow, is $141,000.Reimbursement is also expected on a number of small projects, with an estimated $20,000 due.In other business, the selectmen have nearly completed filling a large number of vacancies on town boards, commissions and committees. Ginny Potter was appointed by unanimous vote to a two-year term on the Sydney M. Kaye Fund Advisory Committee.

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