The Barrington Town Council recently approved the issuance of up to $13.5 million in bonds and notes for the school construction project. 

At the April 7 meeting, councilors voted unanimously to approve the issuance of the bonds and notes. Barrington’s new finance director, Maryanne Crawford, explained that the town may bundle these bonds and notes with the $5 million athletic field improvements and the Bay Spring Avenue culvert project. Crawford said the $13.5 million was actually in bond anticipation notes, not an actual bond, adding that the community will not be receiving any reimbursements from the state yet. 

Councilor Kate Berard asked why the town was not getting any reimbursements — officials have earlier suggested that the $250 million school construction project could qualify for more than 50 percent reimbursement from the state. 

Crawford said Barrington will only get reimbursement when the project is substantially completed. She said that will likely be in 2028-29. 

A memo to councilors included a further explanation by Crawford of the bond anticipation notes: “The issuance of $13.5 million in bond anticipation notes (BANs) for school renovations is a crucial first financial step in securing funding for the ongoing $250M school project. BANs serve as short-term borrowing instruments, up to one year. A year from now we will determine whether to issue an additional BAN or issue a long-term bond.”

Barrington officials plan to secure the debt in early May, and funding to cover the interest payment on the $13.5 million is already included in the proposed FY2026 budget.

During the April council meeting, Barrington resident Tom Rimoshytus asked if the issuance of the bonds and notes would put the town’s budget over the 4 percent tax cap. Crawford said it would not. 

A short time later, Barrington Town Council President Braxton Cloutier made a motion to approve the issuance of the bonds and notes. Berard seconded the motion, which passed 5-0.