October 11, 2016 minutes
Board of Selectmen
October 11, 2016
Regular Session
Selectmen’s hearing room, Town Hall
Present:
Philip Crawford, Chairman
Christopher Barrett, Selectman
Richard Dalton, Selectman
Chairman Crawford called the meeting to order at 5:00 p.m.
Sale of $1,405,903 general obligation taxable bond anticipation notes, Series A
Chairman Crawford explained that this borrowing was for the purchase of Center Farm, as authorized by town meeting. This borrowing will be paid off when the property is sold.
Sale of $1,182,068 general obligation bond anticipation notes, Series B
Chairman Crawford explained that this borrowing was to pay for the fields project approved at annual Town meeting and the purchase of equipment by the Department of Public Works, also approved by annual town meeting. These items include a ten-wheel dump truck, a sidewalk plow and snow blower, and a small truck with a plow.
Vote to approve the sale of bonds
On the motion of Selectman Barrett, duly seconded by Selectman Dalton, the Board voted the following, which was read by Selectman Dalton, unanimously:
Voted: to approve the sale of a $1,405,903 .70 percent General Obligation Taxable Bond Anticipation Note, Series A (the “Series A Notes”) of the Town dated October 14, 2016, and payable April 14, 2017, to Century Bank and Trust Company at par and accrued interest, if any.
Further Voted: to approve the sale of a $1,182,068 1.35 percent General Obligation Bond Anticipation Note, Series B (the “Series B Notes” and together with the Series A Notes, the “Notes”) of the Town dated October 14, 2016, and payable April 14, 2017, to Century Bank and Trust Company at par and accrued interest, if any, plus a premium of $2,365.00.
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 September 30, 2016, and a final Official Statement dated October 6, 2016, 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 Town Treasurer and the Board of Selectmen be, and hereby are, authorized to execute and deliver a significant events disclosure undertaking in compliance with SEC Rule 15c2-12 in such form as may be approved by bond counsel to the Town, which undertakings shall be incorporated by reference in the Notes for the benefit of the holders of the Notes from time to time.
Further Voted: that we authorize and direct the Treasurer to establish post issuance federal tax compliance procedures in such form as the 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 Series B Notes.
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.
On the motion of Selectman Barrett, duly seconded by Selectman Dalton, the Board voted unanimously to adjourn at 5:16 p.m.