A petition drive is on in Wiscasset.

According to resident Doug Smith, the goal is a November referendum that proposes asking selectmen to tap reserve money, for the town's initial hit if it chooses to go independent for education.

Wiscasset voters already face a November 5 vote on withdrawal from the Sheepscot Valley Regional School Unit. Smith, a former vice chairman of the Wiscasset school board, said using reserve money would save taxpayers from a property tax rate impacted by one-time costs to withdraw.

“This would prevent the temporary increase in taxes during the process of setting up our school system,” Smith said.

The referendum the petition seeks would ask selectmen to use approximately $2 million, as needed, from the reserve fund, Smith said.

As of July 31, the fund stood at $11,418,032, town treasurer Shari Fredette said.

Asked about the idea of using reserve money for withdrawal costs, Selectmen's Chairman Ed Polewarczyk said a financial analysis should be done to find the best way to fund those costs.

The best option may be to take out a bond, because interest rates are low now, Polewarczyk said.

The fund is currently used for capital projects, so those could impact taxes instead if the money goes to other uses, the selectman said.

“We need to be very careful with something like that,” he said.

A petition in Wiscasset needs 167 signatures, based on 10 percent of local voters in the last governor's election, Town Clerk Christine Wolfe said.

Smith said he did not know how many signatures had been gathered since the petition regarding the reserve fund began circulating in recent days. He doesn't expect it to be a problem getting the required number, he said.

Smith said he was involved in the petition along with other concerned individuals, all Wiscasset voters. Multiple volunteers are collecting the signatures, he said.

An attorney who does work for another town reviewed the petition's language, Smith said.

Susan Johns can be reached at 207-844-4633 or susanjohns@wiscassetnewspaper.com