Lincoln County News | Newcastle, ME
Thursday, April 28, 2016 Serving Maine and Lincoln County for over a century. Volume 141 Issue 17


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10/18/2013 10:40:00 AM
RSU 40 Board Looking to Fund $2.2 Million of Facility Improvements
By Dominik Lobkowicz

They have not approved the project as yet, but the RSU 40 Board of Directors unanimously authorized applying for a federally-subsidized bond to fund $2.2 million of improvements to the district's schools at their Oct. 17 meeting.

The improvements are primarily focused on energy conservation, including retro-fitting selected lighting fixtures, sealing and insulating, and replacement of various heating, refrigerating, and ventilating equipment. The project is also proposed to include the replacement of the Warren Community School roof.

If the bond - a Qualified Zone Academy Bond, or QZAB - is approved, federal tax credits to the bond holder would be approximately equal to the interest on the bond, making the district generally responsible for repaying only the principal, according to documentation provided by the district.

Savings from the upgrades are guaranteed by Siemens Industry, Inc., the company proposed to do the work, officials said.

The savings estimates are usually conservative and offset the cost of the bond payments, said Superintendent Michael Cormier. As such, the highest amount the district is expected to pay above current costs is around $20,000 in year six or seven of the bond repayment, he said.

See the full article in the Oct. 24 edition of The Lincoln County News.

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