Town of Buxton
Minutes for June 28, 2007 Emergency Selectmen’s Meeting
Prepared by: Dianne Senechal
Members Present: Jean C. Harmon, Robert C. Libby and Daniel T. Collomy. Clifford L. Emery and Linda W. Pulsoni were absent.
Business Meeting Agenda
1. Call to Order.
The Meeting was called to order at 2:00 p.m.
2. Executive Orders
E.O.060706028 – An order to rescind E.O.060706026. Approved 3-0-2.
E.O.060706029 -- That the offer of KeyBank, N.A. to purchase bond anticipation notes of the Town of Buxton in the original principal amount of Seven Hundred Forty Thousand Dollars ($740,000) with an interest rate per annum on the outstanding principal amount thereof equal to 3.74%, be and the same hereby is accepted and approved. Approved 3-0-2.
E.O.060706030 -- That the Board of Selectmen of the Town of Buxton hereby authorizes a borrowing in the amount of Seven Hundred Forty Thousand Dollars ($740,000) from KeyBank, N.A. on behalf of the Town, with interest on the principal amount thereof at a rate of 3.74% per annum, principal and interest to be paid at maturity on November 7, 2007, which borrowing is for the purpose of providing funds to construct and equip a public works garage facility.
Approved 3-0-2
E.O.060706031 -- That under and pursuant to the provisions of Title 30-A M.R.S.A. Section 5772, the Chairperson of the Board of Selectmen and the Treasurer of the Town be and they are hereby authorized to borrow from KeyBank, N.A. in the name and on behalf of the Town of Buxton the sum of up to Seven Hundred Forty Thousand Dollars ($740,000) at the per annum interest rate of 3.74%, and that the Chairperson of the Board of Selectmen and the Treasurer be and they are hereby authorized to issue general obligation securities of the Town of Buxton in an aggregate principal amount not to exceed Seven Hundred Forty Thousand Dollars ($740,000) which securities are for the purpose of financing costs to construct and equip a public works garage facility, and to execute and deliver a note or notes under
the seal of the Town attested by the Town Clerk, dated on or about June 29, 2007, to mature on November 7, 2007 in such form as the Chairperson of the Board of Selectmen and the Treasurer may approve; and that the appropriate officials of the Town be and hereby are authorized to execute and deliver on behalf of the Town such other documents and certificates as may be required in connection with such borrowing; and that no part of the proceeds of said borrowing shall be used, directly or indirectly, to acquire any securities and obligations, the acquisition of which would cause the notes to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"); and that the bond anticipation notes issued pursuant hereto be designated as qualified tax-exempt obligations within the meaning of Section 265(b)(3) of said Code; and that
the Chairperson of the Board of Selectmen and the Treasurer be and they are hereby authorized to covenant on behalf of the Town to file any information report and pay any rebate due to the United States in connection with the issuance of said notes, to take all other lawful actions necessary to
insure the interest on the notes will be excluded from the gross income of the owners thereof for purposes of federal income taxation and to refrain from taking any action which would cause interest on the notes to become includable in the gross income of the owners thereof.
Approved 3-0-2.
2. Motion to Adjourn
Motion made and seconded to adjourn the Meeting at 2:15 p.m. Approved 3-0-2.
| 
