2. Madawaska School Department Heating System Renovation and Replacement

3. As most of you are aware, we have been in the process of attempting to replace the Middle/High School Heating system for nearly Two Decades

4. Heating System  A system installed over 60 years ago  A system living on borrowed time  A system that could fail tomorrow  A system that should it fail would cost the community approximately $4,000,000.00 in additional taxes Today

5. What we propose tonight will : Replace the current failing system with a cutting-edge, energy and cost efficient system

6. What we propose tonight will : Relieve the Middle/High School of it ’ s dependence on fuel oil:  Fuel oil that has seen prices skyrocket  Fuel oil that makes us dependant on other nations  Fuel oil that only promises to cost you the tax payer more

7. What we propose tonight will : Enable the Madawaska School Department to:  Utilize an abundant resource  Utilize a cost effective resource  Share the technology with the town (Multi-Purpose Center)

8. What we propose tonight will : Enable the Madawaska School Department to:  Update the Middle/High School Facility  Ensure a facility that is equipped to meet the school and community needs for the future  Give the community the newest, most efficient and most cost effective system at No Additional cost to the taxpayers

9. Unique Opportunity Due to:  Grant monies recently awarded  Fund balance dollars already dedicated for this purpose  The opportunity to obtain a Zero-Interest Qualified School Construction Bond  We are currently in a position to complete this project at No Additional Cost to the community.

10. No Additional Cost? How? Excellent Question! Simple – the cost savings of bio-mass (wood chip) usage over oil usage will completely offset the cost of the Zero-Interest bond Most likely more than cover the cost. Consider the unstable cost of fuel oil (Mr. McCormick will supply further detail shortly) The cost savings will be passed on to the taxpayer after 15 years (bonding period)

11. What We Need To Make This A Reality? School Department is here tonight to ask your acceptance and approval of a three-part warrant:  Acceptance of a bio-mass Grant of a minimum of $750,000.00 and a maximum of $910,000.00  Approve the use of the $640,000.00 dedicated fund balance, Already set aside for just this purpose  Approve bonding of not more than $2,700,000.00 (Initial Estimates? Unused Revenue?)

12. At this time I would like to introduce Michael McCormick of McCormick Facilities Management, our turnkey provider and general contractor to make a brief presentation for your information After which we will take any questions you might have.