Back to Board of Selectmen Meeting Minutes
October 20, 2009
Regular Session 6:30pm
Ms. Burns, Mr. Rabuffo
The Board reviewed the Treasurer’s report of the General Obligation Bond and Refund Bond bids received this morning and noted the favorable interest rate.
Voted: that under and pursuant to Chapter 44, Section 21A, of the General Laws, and any other enabling authority, there is hereby authorized the issuance and sale of $3,700,000 General Obligation Refunding Bonds (the “Refunding Bonds”) of the Town for the purpose of refunding all or any portion of the outstanding principal amount of the Town's (i) $5,095,000 General Obligation Municipal Purpose Loan of 1998 Bonds dated February 15, 1998 and (ii) $5,845,000 General Obligation Municipal Purpose Loan of 1998 Bonds dated October 15, 1998 (collectively, the “Refunded Bonds”) and, in addition, to finance costs of issuance of the Refunding Bonds, any redemption premium and any interest due on the Refunded Bonds.
Further Voted: that the sale of the $38,565,991 General Obligation Municipal Purpose Loan of 2009 Bonds, Series A of the Town dated October 28, 2009 (the “Series A Bonds”), to Morgan Keegan & Co., Inc. at the price of $40,451,648.95 and accrued interest is hereby approved and confirmed. The Series A Bonds shall be payable on April 15 of the years and in the principal amounts and bear interest at the respective rates, as follows:
Year |
Amount |
Interest |
Year |
Amount |
Interest |
2010 |
$2,210,991 |
3.00% |
2020 |
$1,965,000 |
5.00% |
2011 |
2,155,000 |
3.00 |
2021 |
1,965,000 |
5.00 |
2012 |
2,155,000 |
3.00 |
2022 |
1,965,000 |
4.00 |
2013 |
2,145,000 |
3.00 |
2023 |
1,965,000 |
4.00 |
2014 |
1,985,000 |
4.50 |
2024 |
1,965,000 |
4.00 |
2015 |
1,975,000 |
3.00 |
2025 |
1,965,000 |
4.00 |
2016 |
1,975,000 |
3.00 |
2026 |
1,965,000 |
4.00 |
2017 |
1,975,000 |
3.00 |
2027 |
1,965,000 |
4.00 |
2018 |
1,975,000 |
5.00 |
2028 |
1,965,000 |
4.00 |
2019 |
1,970,000 |
4.00 |
2029 |
360,000 |
4.00 |
Further Voted: that the sale of the $3,700,000 General Obligation Refunding Bonds, Series B of the Town dated October 28, 2009 (the “Series B Bonds” and together with the Series A Bonds, the “Bonds”), to UBS Financial Services Inc. at the price of $3,755,097.00 and accrued interest is hereby approved and confirmed. The Series B Bonds shall be payable in the years and in the principal amounts and bear interest at the respective rates, as follows:
Maturity |
Amount |
Interest |
Maturity |
Amount |
Interest |
February 15, 2010 |
$235,000 |
2.00% |
August 15, 2014 |
$400,000 |
2.25% |
August 15, 2010 |
455,000 |
2.00 |
August 15, 2015 |
390,000 |
2.50 |
August 15, 2011 |
450,000 |
2.00 |
August 15, 2016 |
385,000 |
3.00 |
August 15, 2012 |
420,000 |
2.00 |
August 15, 2017 |
375,000 |
3.00 |
August 15, 2013 |
410,000 |
2.25 |
August 15, 2018 |
180,000 |
3.00 |
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 October 13, 2009, and a final Official Statement dated October 20, 2009 (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 Series A 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 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.
Building Reinspection Fee
The Board revisited the reinspection fee recommended by the Building Inspector. Mr. Paicos indicated that the charge of $75 would cover any cost associated with the reinspection.
Voted - to set the fee for reinspection of buildings at $75.
The Board voted by roll call vote to adjourn to executive session for purpose of collective bargaining and not to return to open session this evening.
Mr. Rabuffo – yes
Ms. Burns – yes
Open session adjourned 6:45 pm.