The voters of Georgetown will gather again tonight for a special meeting to decide whether to continue borrowing for a $1.15 million road paving effort first approved in 2008.

Voters first authorized a bond for that amount during a 2008 town meeting, at a time when the town had $352,000 in debt.

For the past two years, the town has not borrowed any more toward the $1.15 million approved in 2008, according to the special town meeting warrant.

The last loan amount issued to the town for the road paving project totaled $511,150 during the 2009-2010 fiscal year.

Voters at tonight’s special meeting will decide whether the town should take out another $477,000 toward the road paving project, which would bring the town’s total debt load to $1,465,694.

The four-year bond proposed would be the last of three that comprise that total debt load — with the 2008 loan issued over five years and a 2009 loan issued over four years.

Over those three bond years, the interest rates for each has steadily decreased to the rate expected for the bond proposal voters will decide tonight.

The town estimates that interest rate, from a bond that would be sold to Northeast Bank, to be set at 2.83 percent.

The interest rate on the 2008 bond was set at 4.375 percent, with Bath Savings Institution, and the 2009 rate was set at 3.27 percent, with Northeast Bank.

Tonight’s town meeting will take place at 7 p.m. at Georgetown Central School, 52 Bay Point Road.