Pepperell Select Board Votes Unanimously to Refinance Outstanding Municipal Debt

PEPPERELL — March 9, 2015 — Pepperell Select Board unanimously authorizes municipal debt refinancing and hears update on $27 million 1A Auto expansion. The board voted 3-0 Monday to approve bond language under MGL Chapter 44, Section 21A authorizing the town to refund outstanding debt at lower interest rates through Unibank, with savings estimated at roughly $15,000 and proceeds potentially redirected toward capital needs. Town Administrator Mark Andrews presented a budget overview showing FY 2016 revenues and expenditures in tentative balance but warned that unresolved school district assessments — representing an estimated 62 percent of the budget — could disrupt the picture; the town holds $800,000 in certified free cash against an internal estimate of $1.1 million, and board members expressed reluctance to draw $300,000 to $400,000 from reserves for capital. Andrews and board member Stephen Themelis also reported on a March 5 meeting with 1A Auto representatives on a proposed 15-year Tax Increment Financing deal tied to a $27 million mill-site expansion projected to add 150 permanent jobs and generate up to $2 million annually in local economic activity, with a formal recommendation expected within three to four weeks.