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The Valley Reporter
P.O. Box 119
Waitsfield, VT 05673
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"A no vote means no"

10/30/2008

To The Editor:

Regarding the third upcoming vote on Waitsfield's proposed municipal water system: Every voting taxpayer within the town should consider the following information. The total number of taxable properties within the town is 1,108; the total number of properties along the proposed water route is approximately 260.

The total number of landowners who have indicated that they will hook up to the system (seven days before the vote) is 26. The recession we are entering promises to be deep, painful and prolonged. This is the wrong time to be taking on millions of dollars of new debt, to build a water system for the benefit of 26 property owners, especially when financial experts are predicting a rise in municipal bond defaults.

Voters must realize that in order to obtain funding just to construct the system (approximately $7,600,000) the town must put up the entire grand list -- that is all the properties in town, as collateral insuring against default. Should there be any problem repaying any portion of the loan plus interest over the 40-year life of the loan, your home and property will ultimately secure repayment of any shortfall.

Remember, a yes vote means you are allowing the town to use your house and property as collateral for their water system, through the year 2048. A no vote means no.  

Frank Palumbo

Waitsfield

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