Sidewalk and roads bond

To the editor:
During the preparation of the 2009 budget, the recommendation was put forth to ask the voters to approve a $1 million bond for the purpose of repairing and improving our roads and sidewalks.
The Board of Budget Review voted to recommend the voters approve this bond, and the town council did the same on January 26th.
We would like to share with the taxpayers why we believe this bond is in the best interest of the town. First, the number of sidewalks and roads that need serious improvements are greater in number than can be addressed through normal increases in our roads budget. The cost to overlay a road with new hot top is approximately $116,000 per mile. The cost per ton for hot top has gone from $30.95 in 2003 to $97.25 in 2008, and the drop in oil prices has not resulted in a significant drop in this cost. Once the worst roads and sidewalks are repaired our normal roads budget will be able to keep them, and the other roads and sidewalks in town, maintained to an acceptable standard.
Second, interest rates are at record low levels, making it a good time to obtain the bond. Houlton currently has no long-term bond debt, and only three small short-term loans that will be paid off in 2010. Our favorable debt position allows us to absorb the cost of the bond without undue risk to the mil rate. There is in fact less pressure on the mil rate in 2009 by utilizing the bond than by funding our normal roads investment amount.
Our intent is to complete as much of this work as we can in 2009 and bidding the various parts of the project will create opportunities for local construction firms.
Some have suggested that budgeting $250,000 for five years will be better than using a bond to finance this work. While the math certainly seems to work, the fact is that $250,000 in each of the next five years will not allow us to get ahead of the curve and address the worst sidewalks and streets … we need more funding to do so than a normal annual budget can handle, without causing a large increase in the mil rate.
Houlton deserves quality roads and sidewalks not only for the safety of our citizens, but for the image of our town as well. We join the board of budget review in encouraging you to vote “yes” on the bond question when it appears on the ballot in a March special election.