June 1 2020 meeting

Chairman Crawford called the meeting to order at 5:32 p.m. He noted that the meeting was being recorded for cable television transmission.

Letter of Commitment with North Suburban Transportation, Inc. regarding contractual school transportation services

Town Administrator Dolans said that as part of the emergency measures promulgated by Governor Baker regarding the COVID-19 epidemic, municipalities and school districts have been authorized to reach agreements with vendors who supply services essential to education that allows for agreements that will ensure these vendors’ employees will receive compensation and the vendors will remain in business to conduct these essential services in the future.

As have a number of communities, Lynnfield has reached an agreement with its school transportation vendor. This letter of Commitment would have the Town pay 70 percent of the amount that would be due under the Town’s contract with North Suburban Transportation, Inc. for each school day that its services were not required due to the shutdown of schools during the pandemic. The agreement requires the company to will pay all employees assigned to service the Town’s students under the Contract the full, guaranteed weekly contractual hours of all such employees and any related contractual benefits.

This agreement was approved by Town Counsel and reviewed by the School Department and the Town Accountant.

MOTION by Selectman Dalton, duly seconded by Selectman Crawford: I move that the Board vote to approve the Letter of Commitment with North Suburban Transportation, Inc. regarding contractual school transportation services. Vote was 2-0 (Chairman Barrett absent).

Review and approval of Bond and Note results

Town Accountant and Assistant Finance Director Julie McCarthy discussed the bond issue the Board is being asked to approve tonight, which will yield a significant savings to the Town by refinancing existing borrowing at a more advantageous rate.  Mr. Dolans said this was done in association with the Town’s bonding consultant. Ms. McCarthy said these relate to the golf course purchase, the Center farm purchase and the Jordan Park and Middle School track projects. There were five bidders. The Town will save almost $280,000 due to advantageous interest rates. She said the Town had a recent bond rating call with Standard and Poor’s and will retain its AA+ rating.

On the motion of Selectman Dalton, duly seconded by Selectman Crawford, the Board adopted the following. The vote was unanimous.

Voted:  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 other enabling authority, to refund all or a portion of the Town’s $4,585,000 General Obligation Municipal Purpose Loan of 2007 Bonds dated February 15, 2007 maturing on February 15 in the years 2021 through 2025 (inclusive) and the Town’s $7,820,000 General Obligation Municipal Purpose Loan of 2009 Bonds dated February 15, 2009 maturing on February 15 in the years 2021 through 2025 (inclusive) (collectively, the “Refunded Bonds”) and that the proceeds of any refunding bonds issued pursuant to this vote shall be used to pay the principal, redemption premium and interest on the Refunded Bonds and costs of issuance of the refunding bonds.

Further Voted:  that the sale of the $4,680,000 General Obligation Municipal Purpose Loan of 2020 Bonds of the Town dated June 4, 2020 (the “Bonds”), to Piper Sandler & Co. at the price of $5,059,146.53 and accrued interest, if any, is hereby approved and confirmed.  The Bonds shall be payable on February 15 of the years and in the principal amounts and bear interest at the respective rates, as follows:

            Further Voted:  that the Bonds maturing on February 15, 2033 (a “Term Bond”) shall be subject to mandatory redemption or mature as follows: 

*Final Maturity

Further Voted:  to approve the sale of a $188,000 2.05 percent General Obligation Bond Anticipation Notes ‎(Subject to Federal and ‎Massachusetts Income Taxation)‎ of the Town dated June 4, 2020, and payable June 4, 2021 (the “Notes”), to Century Bank and Trust Company at par and accrued interest, if any.

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 7, 2020, and a final Official Statement dated May 19, 2020 (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 in connection with the marketing and sale of the Notes, the preparation and distribution of a Notice of Sale and Preliminary Official Statement dated May 7, 2020, and a final Official Statement dated May 19, 2020, 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 continuing and significant events disclosure undertakings in compliance with SEC Rule 15c2-12 in such forms as may be approved by bond counsel to the Town, which undertaking shall be incorporated by reference in the Bonds and Notes, as applicable, for the benefit of the holders of the Bonds and Notes 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 Notes 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.

Update from Town Administrator on operations during state of emergency

Town Administrator Rob Dolan gave a brief overview of the measures undertaken in Lynnfield as a result of the COVID-19 pandemic, including reopening of restaurants at Market Street, book pickup with reservation ant the library, the upcoming election on June 13 and town meeting on June 20.

Request for executive session under Mass. General Laws Chapter 30A, Section 21 (A) (3) to discuss bargaining strategy with non-union personnel for which an open discussion may adversely affect the Town’s negotiating position

MOTION by Selectman Dalton, duly seconded by Selectman Crawford: I move that the Board vote to enter executive session under Mass. General Laws Chapter 30A, Section 21 (A) (3) to discuss bargaining strategy with non-union personnel for which an open discussion may adversely affect the Town’s negotiating position.

Roll call: Dalton – yes. Crawford – yes.

Selectman Crawford announced that the Board will not resume open session.

The Board entered executive session at 5:43 p.m.