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In order to obtain funding just to construct the system (approximately $7,700,000) the town must put up the entire Grand List -- that is all of the property in town -- as collateral insuring against default. Should there be any problem repaying any portion of the loan plus interest over the 40-year life of the loan, your home and property will ultimately secure repayment of any shortfall.
So, think of it this way: A yes vote means you are allowing the town to use your house and property as collateral for their water system, through the year 2048. A no votes means, no, no, no.