With interest rates at historic lows, it would seem a good idea for towns to borrow money for capital expenses.
That's certainly what voters in Putney and Wilmington were thinking this year on Town Meeting Day.
Putney approved a bond for a $480,000 school renovation project. By replacing the outdated heating system at the Central School, and upgrading the windows and insulation, the town would see energy savings that should easily offset the cost of borrowing the money.
After nearly two decades of planning and two previous failed votes, Wilmington's voters approved a $340,000 bond for a new town garage. The town's highway department has long sought a replacement for its current cramped and antiquated facility.
But the logic of taking advantage of low borrowing and construction costs to complete a major capital project didn't apply in Rockingham, as voters rejected a $10.5 million bond for extensive renovations to the Bellows Falls Middle School, 474-471.
While many residents agree that the 1926 school building needed major upgrades to its aging heating, ventilation, and electrical systems - last upgraded in the 1950s - just as many residents believe that the BFMS project was too big and too expensive for the town to take on now.
Unfortunately for Rockingham, it is backed into a corner on this project.
The Westminster and Athens/Grafton school districts, both of which are members of the Bellows Falls Union High School District, were asked to share in the renovation costs. Both districts said no.
A recent study found that there is enough extra space at the high school in Westminster to accommodate another 100 students. With some shifts in grade assignments at the other schools in the district, it might be possible to send the middle school's students to the high school.
There's even a possibility that a second floor could be added to the recently overhauled Central Elementary School in Bellows Falls.
Supporters say either option would be much cheaper than fixing the middle school.
The BFMS renovation plan failed for two reasons. First, school officials could not provide a firm estimate of the effect of the project on the property tax bill, and residents feared the town would be putting $10.5 million into a building that may not be needed.
And second, according to U.S. Census data, the population of Rockingham has been stable for the past decade. Enrollment at the middle school is approximately 300 students in grades 5-8. There are few signs that a spike in enrollment will happen soon.
Until there is confidence in the economy and confidence in the town's ability to take on a major project, the BFMS renovation appears dead.