The Marshfield Board of Selectmen has voted to approve a bond to fund the construction of the town’s new model high school.
After a presentation by town treasurer Nancy Holt, selectmen approved a $35.6 million, 20 year bond to pay for the construction of new high school, as well as other approved town projects.
Selectmen Chair Matt McDonough said approving the bond now ensures a low interest rate and will save taxpayers money.
“We’re taking advantage of some extremely low and rare rates. The rate that came in was actually 2.43% and we had project the rates may be 4.85% if we had waited another two years before we went for a bond to pay for the school project and a number of other projects that have been approved at town meeting.”
The down side is that the payback goes into effect two years earlier than originally anticipated, with the largest affect on taxes beginning in 2013.
However the low interest rate is expected to save taxpayers $7 million over the 20 year life of the bond.