HomeMy WebLinkAbout2019-06-10 Board of Selectmen Minutes
BOARD OF SELECTMEN MINUTES June 10, 2019
CALL TO ORDER: Chairman Regina Kean called the meeting to order at 7:00 PM in Board of
Selectmen Meeting Room.
ATTENDANCE: The following were present: Chairman Regina Kean, Clerk Phil DeCologero, Rosemary
Smedile, Acting Town Manager Lyne Savage and Executive Assistant, Laurie Burzlaff.
CONSENT ITEMS
Rosemary Smedile made a MOTION, seconded by Phil DeCologero that the Board of Selectmen
approve the sale of the $6,710,000 General Obligation Municipal Purpose Loan of 2019 Bonds of
the Town dated June 19, 2019 (the “Bonds”), to Robert W. Baird & Co., Inc. at the price of
$7,235,884.87 and accrued interest, if any, is hereby approved and confirmed. The Bonds shall be
payable on June 15 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
2020 $625,000 5.00% 2029 $270,000 3.00%
2021 625,000 5.00 2030 245,000 3.00
2022 610,000 5.00 2031 245,000 3.00
2023 610,000 5.00 2032 250,000 3.00
2024 605,000 5.00 2033 225,000 3.00
2025 260,000 2.00 2035 450,000 3.00
2026 260,000 5.00 2037 450,000 3.00
2027 260,000 5.00 2039 450,000 3.00
2028 270,000 3.00
The bonds of this issue maturing on June 15, 2035, June 15, 2037, and June 15, 2039 (the “Term
Bonds”), unless called for earlier redemption as 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:
Term Bond due June 15, 2035
Principal
Date Amount
June 15, 2034 $225,000
June 15, 2035 (maturity) 225,000
Term Bond due June 15, 2037
Principal
Date Amount
June 15, 2036 $225,000
June 15, 2037 (maturity) 225,000
Term Bond due June 15, 2039
Principal
Date Amount
June 15, 2038 $225,000
June 15, 2039 (maturity) 225,000
Board of Selectmen Minutes June 10, 2019 2
Further Voted: 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 May 30, 2019, and a final
Official Statement dated June 5, 2019 (the “Official Statement”), each in such form as may be
approved by the Town Treasurer, be and hereby are ratified, confirmed, approved and adopted.
Further Voted: 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 Voted: 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 Voted: that we authorize and direct the Town Treasurer to establish post issuance federal
tax compliance procedures and continuing disclosure procedures in such forms as the Town
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 and to comply with relevant securities laws.
Further Voted: 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.
ADJOURNMENT
Phil DeCologero made a MOTION, seconded by Rosemary Smedile to adjourn the meeting at 7:15
p.m. Motion approved 3-0.
Laurie A. Burzlaff
Executive Assistant
_______________________________
Phil DeCologero, Clerk of the Board
Documents used at meeting:
Bonds