To the Editor,
Vote yes on Tuesday, June 6th!
On June 6th, the voters of Plainville will vote on moving forward with two important projects through a town-wide referendum, the renovate-like-new of Wheeler Elementary School and the parking lot at Plainville High School.
While supporting these projects offer multiple advantages to the taxpayers of Plainville, I want to talk specifically about how these projects fit with our debt service (or borrowing) and will not increase our taxes.
What is debt service? Debt service is simply the town’s yearly principle and interest payments on borrowed money from previous projects.
As we pay off older debt, our yearly principle and interest payments drop. We are currently in a situation where our debt service is dropping each year. By the time we are ready to borrow the money for these projects, our debt service payments will be about $1.5 million less than today.
This is more than enough of a drop to absorb the financing of these projects without having to raise the debt service line item in the budget. Your taxes stay flat with regard to debt service. Therefore, no tax increase due to these projects.
The time is now.
We are in a unique situation and should take full advantage of this opportunity.
Please get out to the firehouse on Tuesday, June 6th and vote yes for these two very important projects.