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least 50 years, and for which the Town may be eligible for a school construction

from

the

Massachusetts

School

Building

Authority

(“MSBA”).

The

MSBA’s

grant grant

program is a non-entitlement, discretionary program based on need, as determined by the

MSBA,

and

any

project

costs

the

Town

incurs

in

excess

of

any

grant

approved

by

and

received from the MSBA shall be the sole responsibility of the Town. Town may receive from the MSBA for the project shall not exceed the percent (%) of eligible, approved project costs, as determined by the total maximum grant amount determined by the MSBA; or act on

Any grant that the lesser of (1) 57.92 MSBA, or (2) the anything relative

thereto.

Sponsor:

School Building Committee

RECOMMENDATION OF THE FINANCE COMMITTEE: That the Town vote to appropriate the sum of FORTY-SIX MILLION NINE HUNDRED TWENTY-SIX THOUSAND SIX HUNDRED THIRTY DOLLARS ($46,926,630.00) for the renovation of and construction of an addition to the Burgess Elementary School, including all costs incidental or related thereto, all of which shall be located at 45 Burgess School Road in Sturbridge, which school facility shall have an anticipated useful life as an educational facility for the instruction of school children of at least 50 years, said sum to be expended under the direction of the School Building Committee, and to meet said appropriation the Treasurer with the approval of the Selectmen, is authorized to borrow said sum under M.G.L. Chapter 44, or any other enabling authority; that the Town acknowledges that the Massachusetts School Building Authority’s (“MSBA”) grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and any project costs the Town incurs in excess of any grant approved by and received from the MSBA shall be the sole responsibility of the Town; provided further that any grant that the Town may receive from the MSBA for the Project shall not exceed the lesser of (1) 57.92 percent (%) of eligible, approved project costs, as determined by the MSBA, or (2) a maximum grant amount of $24,236,481.00 as determined by the MSBA. The Town acknowledges that the maximum amount of funding that the Town may receive from the MSBA may be an amount less than $24,236,481.00, as determined by an audit conducted by the MSBA; provided that any appropriation hereunder shall be subject to and contingent upon an affirmative vote of the Town to exempt the amounts required for the payment of interest and principal on said borrowing from the limitations on taxes imposed by M.G.L. 59, Section 21C (Proposition 21/2); and that the amount of borrowing authorized pursuant to this vote shall be reduced by any grant amount set forth in the Project Funding Agreement that may be executed between the Town and the MSBA. Voted 7-0.

RECOMMENDATION OF THE BOARD OF SELECTMEN: That the Town vote to approve the article as written. Voted 4-0

VOTE OF THE TOWN MEETING: The vote of the Town Meeting was to approve the article asrecommended by the Finance Committee by a 2/3rds majority as declared by the Moderator.

223

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