SOUTH PORTLAND – The South Portland City Council voted 5-2 Wednesday to put on the November ballot a $41.5 million bond to finance the reconstruction and renovation of the high school.

Councilors Rosemarie DeAngelis and Jim Hughes voted against the measure, both indicating the project is still too large and too expensive.

The final number is $2.7 million less than the expected $44.2 million, thanks to some recalculations on how to finance the project by City Financial Director Greg L’Heureux and City Manager Jim Gailey.

The city, at least for now, is going to bond $41.5 million and use the time between the election and when would begin in October 2011 to raise funds, some $2.7 million, from tax dollars to serve as a down payment for the project.

L’Heureux stressed that the new financing approach does not change the cost of the project. The cost, he said, will still be $44.2 million for the project, plus $19.6 million in interest.

“It simply changes how the project is funded and how the reserve would be used to mitigate the tax rate impact,” he said in a Sept. 3 memorandum to the City Council.

The approach is expected to save $1.34 million in interest course over the life of the loan.

Over the course of the 20-year loan, the project would cost the owner of $200,000 house, the average value in the city, $3,646, or $182.30 a year.

Councilor Patti Smith said she supported the funding method because of its “proactive” approach. Councilor Linda Boudreau said the approach is a good way to fund the project; it being similar to the way the city funded the elementary schools project a few years back.

A motion by Councilor Maxine Beecher to reduce the bond number to $41 million by using $500,000 in capital reserves failed by a 6 to 1 vote, with only Beecher voting in favor of it.