HomeMy WebLinkAboutBond Anticipation Notes 10-7-02 TOWN OF NORTH ANDOVER
OFFICE OF
BOARD OF SELECTMEN
120 MAIN STREET
NORTH ANDOVER, MASSACHUSETTS 01845
NORTH
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Wendy D. Wakeman, Chairman �� o� Telephone(978)688-9510
Rosemary Smedile, Clerk of the Board ° a FAX(978)688-9556
James Xenakis "
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Mark J.T. Caggiano •°°°°°• °•
Donald B. Stewart fSSNCH0
Board of Selectmen Minutes
October 7, 2002
Bond Anticipation Notes.
The Board of Selectmen is requested to approve authorization to borrow($24,000,000)twenty-four million
dollars in bond anticipation notes to provide continuing financing for the high school construction project
and community preservation land purchases. The Town Manager reported that Standard & Poor and the
Moody's Investors Service have given the Town of North Andover their highest rating for bond
anticipation. Selectman Smedile congratulated the Town Manager and the Finance Director on an
outstanding job.
James Xenakis, as the Clerk of the Board, made a MOTION, seconded by Wendy Wakeman, to approve
the following:
Voted: to approve the sale of a ($24,000,000)twenty-four million dollars 2.50 percent Bond
Anticipation Note of the town dated October 11, 2002, and payable October 10, 2003, to CIBC World
Markets at par and accrued interest plus a premium of$238,250.
Further Voted: the Board hereby determines that it is necessary to issue a portion of the Bond
Anticipation Note in the amount of$2,811,000. to finance the land acquisition project.
I further certify that the vote was taken at a meeting open to the public, that no vote was taken by secret
ballot, that notice stating the place, date and time of the meeting was filed with the Town Clerk and a
copy thereof posted in the office of the Town Clerk or on the principal official bulletin board of the
town at least 48 hours, including Saturdays but not Sundays and legal holidays, prior to the time of the
meeting and remained so posted at the time of the meeting, that no deliberations or decision in
connection with the sale of the note were taken in executive session, and that the official record of the
meeting was made available to the public promptly and remains available to the public, all in
accordance with G.L. c.39, s.23B as amended. Vote approved 5-0.