Relay For Life, Other Fundraisers Return

Town Borrows $2M For Purchases

By Chris Lundy BERKELEY

– The town is borrowing $2,061,914 to pay for vehicles, lifesaving equipment, and other capital projects.

A recent ordinance appropriates $2,170,437 and issues $2,061,914 in bonds. The difference in these two numbers is the $108,523 that the town has to put up as a down payment (5%). When a town appropriates money, they are setting it aside for a purpose. If the cost goes down, then they’ll have money left over to put toward something else. If the cost goes up, they would have to pass an amendment to pay the extra.

This ordinance doesn’t include the interest rate of the bond. Usually towns pay them off over a couple decades. If a lower interest rate is made available years later, they will try to take advantage of that. Municipal finances often put things in terms of the number of years they are considered useful. This is based on Local Bond Law. A vehicle might only have a useful life for five years. This means that after this time, the cost of maintaining it exceeds the cost of buying new. Surplus items are then auctioned off to the public. It is considered good financial planning (Town - See Page 6)

Last year’s Relay For Life raised about $42,000.

By

Chris Lundy

BERKELEY

– The Relay for Life held at Veterans Park will be returning on August 12 and 13.

The relay raises money for cancer research and support of families. It got its start in 1985, when Dr. Gordon Klatt walked and ran for 24 hours around a track in Tacoma, Washington, raising money to help the American Cancer Society. The walk was about 83.6 miles and he raised

$27,000. The next year, the Relay for Life was born. It has continually been an overnight event since then. No one walks for 24 hours straight, though. They take turns, and that’s why it’s (Relay - See Page 4)