HomeMy WebLinkAbout1997-01-16 Board of Selectmen Minutes BOARD OF SELECTMEN MINUTES JANUARYI6, 1997
CALL TO ORDER: Kevin Foley, Chairman, called the meeting to order at 7:30 PM.
ATTENDANCE: The following were present: Kevin Foley, Chairman;William B. Duffy, Jr.;
John Leeman; Donald Stewart; David Torrisi; and Robert J. Halpin, Town Manager.
William Duffy made a motion, seconded by John Leeman,that the sale of the $ 12,348,000 Municipal
Purpose Loan of 1997 Bonds of the Town dated January 15, 1997 to Fidelity Capital Markets at a price of
100.1103 percent and accrued interest is hereby confirmed. The bonds shall be payable on January 15 of
the years and in the principal amounts and bear interest at the respective rates, as follows, subject to earlier
redemption at the option of the Town, as provided in the Preliminary Official Statement dated January 6,
1997:
1998 $678,000 6.00% 2008 $685,000 5.10%
1999 685,000 6.00 2009 705,000 5.25
2000 710,000 6.00 2010 735,000 5.30
2001 725,000 5.125 2011 765,000 5.40
2002 550,000 4.50 2012 790,000 5.40
2003 575,000 4.60 2013 825,000 5.50
2004 590,000 4.70 2014 850,000 5.50
2005 615,000 4.80 2015 420,000 5.50
2006 635,000 4.90 2016 150,000 5.50
2007 660,000 5.50
Further voted that the consent dated January 14, 1997 to the financial advisor bidding for the bonds is
hereby confirmed. Vote approved 5-0.
William Duffy made a motion, seconded by John Leeman,to approve the sale of the bonds pursuant to the
following recommendations of the Finance Director;
The Board of Selectmen vote to authorize the Treasurer to issue $688,000 in Bond Anticipation Notes
dated January 23, 1997 and due May 23, 1997 to Eastern Bank at a rate of 3.94%.
The Board of Selectmen vote to authorize the Treasurer to issue $ 608,000 in State Aid Anticipation Notes,
dated May 23, 1997 to Fleet Securities at a rate of 4.15%.
The Board of Selectmen vote to authorize the Treasurer to issue $705,000 in a New Bond Authorization
Note, dated September 11, 1997 to Eastern Bank at a rate of 3.99%.
The Board of Selectmen vote to authorize the Treasurer to issue $ 17,937,000 dated January 23, 1997 and
maturing January 22, 1998 to State Street Bank at a coupon rate of 4%and premium payment of
$ 50,663.84 and net interest cost of 3.791%
William Duffy made a motion, seconded by John Leeman,to commend the Town Manager and the Finance
Director for their efforts on the bond rating; vote approved 5-0.
Board of Selectmen Minutes January 16, 1997 Page 2.
ACTING TOWN ACCOUNTANT: It was moved by William Duffy, second by John Leeman,to
appoint Kevin F. Mahoney, Director of Finance and Administration, as acting town accountant during the
leave of absence of Laurie Elliott, contingent upon the Massachusetts Department of Revenue advising the
Board that it is not a conflict for the Treasurer to serve as Town Accountant; vote approved 5-0.
David Torrisi, Clerk of the Board