May 25, 2021 meeting
Select Board | May 25, 2021 |
Regular Session | Maney Room, Town Hall |
Present: | Richard Dalton, Chair |
| Philip Crawford, Vice Chair Joseph Connell, Member |
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Chair Dalton called the meeting to order at 4:00 p.m.
He explained that the borrowoing being approved was for the school building project.
Review and Approval of Bond Results
MOTION by Mr. Crawford, duly seconded by Mr. Connell: I move that the Board vote to approve the following:
That the sale of the $15,520,000 General Obligation School Bonds of the Town dated June 3, 2021 (the “Bonds”), to Janney Montgomery Scott LLC at the price of $17,104,288.50 and accrued interest, if any, is hereby approved and confirmed. The Bonds shall be payable on June 1 of the years and in the principal amounts and bear interest at the respective rates, as shown in the table provided.
Vote was unanimous.
MOTION by Mr. Crawford, duly seconded by Mr. Connell: I move that the Board vote to approve the following:
That the Bonds maturing on June 1, 2039 (a “Term Bond”) shall be subject to mandatory redemption or mature as follows:
Term Bond due June 1, 2039
Year Amount
2038 $940,000
2039 (final maturity) 960,000
Vote was unanimous.
MOTION by Mr. Crawford, duly seconded by Mr. Connell: I move that the Board vote to approve the following:
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 6, 2021, and a final Official Statement dated May 18, 2021 (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: 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: that the Town Treasurer and the Select Board 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: 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: that any certificates or documents relating to the Bonds (collectively, the “Documents”), may be executed in several counterparts, each of which shall be regarded as an original and all of which shall constitute one and the same document; delivery of an executed counterpart of a signature page to a Document by electronic mail in a “.pdf” file or by other electronic transmission shall be as effective as delivery of a manually executed counterpart signature page to such Document; and electronic signatures on any of the Documents shall be deemed original signatures for the purposes of the Documents and all matters relating thereto, having the same legal effect as original signatures.
Further: that each member of the Select Board, 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.
Vote was unanimous.
Board members executed the documents.
MOTION by Mr. Crawford, duly seconded by Mr. Connell: I move that the Board adjourn. Vote was unanimous.
The Board adjourned at 4:07 p.m.