Danvers Select Board Backs 30-Year Repayment For New School

DANVERS, MA -- The Select Board backed a 30-year funding mechanism for the new Smith Elementary School that will allow the ton to avoid a debt exclusion. The proposal, which will be considered by Danvers Town Meeting, was chosen over a 20-year bond that would have resulted in a quicker payoff but could have raised taxes significantly.

According to the Salem News, which first reported this story, the mechanism is similar to the one Danvers used to build the Holten Richmond Middle School and Danvers HighSchool in 2003 and will keep repayments level for the 30-year duration of the bond.

Previously on Patch:

• Danvers Looks For Best Way To Pay For New School
• Danvers Moving Forward On Plans To Replace Elementary School

For more on this story, see the Salem News. Subscribe to Danvers Patch for more local news and real-time alerts.

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