HomeMy WebLinkAbout2005-09-26 Board of Selectmen Minutes BOARD OF SELECTMEN MINUTES SEPTEMBER 26, 2005
CALL TO ORDER: Rosemary Connelly Smedile called the meeting to order at 5:00 PM at Town Hall
Meeting Room.
ATTENDANCE: The following were present: Rosemary Smedile, Chairman; James Xenakis; Mark J.T.
Caggiano; Thomas Licciardello; Ray Santilli, Assistant Town Manager.
Donald Stewart and Mark Rees, Town Manager was absent.
EXECUTIVE SESSION:
Consideration of Employee Discipline
Executive Session was cancelled due to the resignation of Town Employee.
APPROVAL OF MINUTES:
James Xenakis made a MOTION, seconded by Mark Caggiano, to approve the Minutes of September 19,
2005, Executive Session as written and Open Session as written. Vote approved 4-0.
COMMUNICATIONS,ANNOUNCEMENTS, AND PUBLIC COMMENT:
Assistant Town Manager said that there would be a Workshop for Land Use Boards and the Board of
Selectmen on Tuesday evening, September 27, 2005, at 7:00 PM to discuss 1600 Osgood Street.
OLD BUSINESS:
David Eisenthall of Unibank was present and explained the issuance of Bonds and Notes for$3,000,000
and asked the Board to vote on the sale of the Bonds and Notes.
James Xenakis read the following:
I, the Clerk of the Board of Selectmen of the Town of North Andover, Massachusetts, certify that at a
meeting of the board held September 26, 2005, of which meeting all members of the board were duly
notified and at which a quorum was present, the following votes were unanimously passed, all of which
appears upon the official record of the board in my custody:
Voted: that the sale of the 3,000,000 School Bonds of the Town dated October 1, 2005, to
Roosevelt &Cross, Inc. at the price of$3,000,000 and accrued interest is hereby confirmed. The
bonds shall be payable on October 1, 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 September 7, 2005:
Year Amount Interest Rate Year Amount Interest Rate
2006 $150,000 5.00% 2016 $150,000 4.00%
2007 $150,000 5.00 2017 $150,000 4.00
2008 $150,000 3.50 2018 $150,000 4.00
2009 $150,000 4.25 2019 $150,000 4.00
2010 $150,000 3.375 2020 $150,000 4.00
2011 $150,000 4.00 2021 $150,000 4.00
2012 $150,000 3.50 2022 $150,000 4.00
2013 $150,000 3.50 2023 $150,000 4.125
2014 $150,000 3.50 2024 $150,000 4.125
2015 $150,000 3.60 2025 $150,000 4.25
Board of Selectmen Minutes September 26, 2005 2
Further Voted: to approve the sale of a $10,979,078 at 4.00 percent Bond Anticipation Note of the
Town dated October 5, 2005, and payable October 5, 2006, to First Albany Capital Inc. at par and
accrued interest plus a premium of$115,735.
1 further certify that the votes were taken at a meeting open to the public, that no vote was taken in 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 bonds or 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.
c39, s.23B as amended.
Dated: September 26, 2005
Clerk of the Board of Selectmen
James Xenakis made the MOTION, seconded by Mark Caggiano, for the sale of the Bonds and Notes.
Vote approved 4-0.
ADJOURNMENT:
Thomas Licciardello made a MOTION, seconded by Mark Caggiano, to adjourn the meeting at 5:15 PM.
Vote approved 4-0.
Adele J. Johnson
Administrative Secretary
James M. Xenakis, Clerk of the Board