HomeMy WebLinkAbout2018-02-15 Board of Selectmen Minutes
BOARD OF SELECTMEN MINUTES February 15, 2018
CALL TO ORDER: Chairman Phil DeCologero called the meeting to order at 5:00PM in the Town Hall
Meeting Room.
ATTENDANCE: The following were present: Chairman Phil DeCologero, Clerk Regina Kean, Chris
Nobile, Town Manager Andrew Maylor and Executive Assistant, Laurie Burzlaff.
CONSENT ITEMS:
Vote to sell general obligation bonds of the Town and approve refunding of general obligation bonds
In order to reduce interest costs, the Board is being asked to approve the sale of general obligation bonds
and authorize the Treasurer to issue refunding bonds.
Regina Kean made a MOTION, seconded by Chris Nobile that the Board of Selectmen vote that in
order to reduce interest costs, the Treasurer is authorized to issue refunding bonds, at one time
or from time to time, pursuant to Chapter 44, Section 21A of the General Laws, or pursuant to any
Loan of 2009 Bonds, Series A, dated December 15, 2009 maturing in the years 2022 through 2027
that the proceeds of any refunding bonds issued pursuant to this vote shall be used to pay the
principal, redemption premium, if any, and interest on the Refunded Bonds and costs of issuance
of the refunding bonds.
And further vote that the sale of the $6,965,000 General Obligation Municipal
Purpose Loan of 2018 Bonds of the Town dated Februa
W. Baird & Co., Inc. at the price of $7,174,176.28 and accrued interest, if any, is hereby
approved and confirmed. The Bonds shall be payable on February 1 of the years and in
the principal amounts and bear interest at the respective rates, as follows:
Interest Interest
Year Amount Rate Year Amount Rate
2019 $520,000 3.00% 2027 $480,000 3.00%
2020 510,000 3.00 2028 475,000 3.00
2021 505,000 3.00 2029 365,000 3.00
2022 755,000 3.00 2030 215,000 3.00
2023 745,000 3.00 2032 260,000 3.00
2024 490,000 3.00 2034 250,000 3.125
2025 490,000 3.00 2036 220,000 3.125
2026 485,000 3.00 2038 200,000 3.25
The bonds of this issue maturing on February 1, 2032, February 1, 2034, February
1, 2036 and F
provided above, shall be retired in part prior to maturity by mandatory serial redemptions
in the principal amounts specified below, at a price equal to the principal amount to be
redeemed (without premium) plus accrued interest to the redemption date:
Board of Selectmen Minutes February 15, 2018 2
Term Bond due February 1, 2032
Principal
Date Amount
February 1, 2031 $130,000
February 1, 2032 (maturity) 130,000
Term Bond due February 1, 2034
Principal
Date Amount
February 1, 2033 $130,000
February 1, 2034 (maturity) 120,000
Term Bond due February 1, 2036
Principal
Date Amount
February 1, 2035 $120,000
February 1, 2036 (maturity) 100,000
Term Bond due February 1, 2038
Principal
Date Amount
February 1, 2037 $100,000
February 1, 2038 (maturity) 100,000
Further Vote: that in connection with the marketing and sale of the Bonds, the
preparation and distribution of a Notice of Sale and Preliminary Official Statement dated
are ratified, confirmed, approved and adopted.
Further Vote: that the Bonds shall be subject to redemption, at the option of the
Town, upon such terms and conditions as are set forth in the Official Statement.
Further Vote: that the Town Treasurer and the Board of Selectmen be, and hereby
are, authorized to execute and deliver a continuing disclosure undertaking in compliance
with SEC Rule 15c2-12 in such form as may be approved by bond counsel to the Town,
which undertaking shall be incorporated by reference in the Bonds for the benefit of the
holders of the Bonds from time to time.
Further Vote: that we authorize and direct the Treasurer to establish post issuance
federal tax compliance procedures in such form as the Treasurer and bond counsel deem
sufficient, or if such procedures are currently in place, to review and update said
procedures, in order to monitor and maintain the tax-exempt status of the Bonds.
Further Vote: that each member of the Board of Selectmen, the Town Clerk and
the Town Treasurer be and hereby are, authorized to take any and all such actions, and
execute and deliver such certificates, receipts or other documents as may be determined
by them, or any of them, to be necessary or convenient to carry into effect the provisions
of the foregoing votes. Motion approved 3-0.
Board of Selectmen Minutes February 15, 2018 3
ADJOURNMENT:
Chris Nobile made a MOTION, seconded by Regina Kean to adjourn the meeting at 5:11p.m. Vote
approved 3-0.
Laurie A. Burzlaff
Executive Assistant
_______________________________
Regina Kean, Clerk of the Board
Documents used at meeting:
Bonds