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Town of Hudson - Board of Selectmen
Minutes –April 25, 2005
1. Call to Order:
Present were Messieurs Loura, Durant, Parente, Leeber, Lucy, Blazar, and Cipriano. Also present were Mesdames Ciccolo and Santos.
2. Minutes to be Approved:
Public Session: April 11, 2005
On a motion by Mr. Durant, seconded by Mr. Parente, the Board voted by a margin of 5-0 to approve the minutes.
Executive Session: April 11, 2005
On a motion by Mr. Durant, seconded by Mr. Parente, the Board voted by a margin of 5-0 to approve the minutes.
3. Citizen’s Issues:
Mr. Arthur Gordon was present requesting support for the erection of a statue honoring Pope John Paul II.
4. Meetings and Public Hearings - 7:00 PM:
Selectmen to meet with Sarah Krongard and Kyle Knoblock, President and President-Elect of the Service-Learning School Administration (SLSA).
The Board received a presentation from the President and President-elect of the SLSA about its activities and accomplishments this year.
5. Licenses:
Selectmen to consider approval of application by Fen Giu Zhang for a transfer of a common victualler’s license form Shao Garden to China Garden, Hudson at 439 Main Street.
On a motion by Mr. Lucy, seconded by Mr. Leeber, the Board voted by a margin of 5-0 to approve the transfer.
Selectmen to consider approval of Transient Vendor’s License for Paulette Naves for a Trade Show at the Hudson Elks on May 1, 2005.
On a motion by Mr. Lucy, seconded by Mr. Leeber, the Board voted by a margin of 5-0 to approve the license.
Selectmen to consider approval of mid-year license renewals for applicants who have met all requirements.
On a motion by Mr. Lucy, seconded by Mr. Parente, the Board voted by a margin of 5-0 to approve the licenses as noted.
6. Personnel:
Selectmen to consider approval of appointment of Alvaro Sousa Avila as W2 Laborer in the Public Works Department.
On a motion by Mr. Lucy, seconded by Mr. Parente, the Board voted by a margin of 5-0 to approve the appointment.
Selectmen to consider approval of appointment of Jose M. Chaves to the position of part time Traffic Supervisor for the Police Department.
On a motion by Mr. Lucy, seconded by Mr. Parente, the Board voted by a margin of 4-0-1 to approve the appointment. Mr. Leeber abstained from the vote.
7. Contracts:
Selectmen to consider approval of contract amendment #3 with Gannett Fleming, Inc. in the amount of $12,161.60 for additional design work on the South Street Upgrade project.
On a motion by Mr. Lucy, seconded by Mr. Parente the Board voted by a margin of 5-0 to approve the amendment.
Selectmen to consider approval of extension of lease with Cingular Wireless for its monopole located at the Crestview Water Tank.
On a motion by Mr. Durant, seconded by Mr. Parente, the Board voted by a margin of 3-2 to approve the lease amendment. Messieurs Leeber and Lucy opposed the motion.
Selectmen to consider authorizing signing of a contract with the Commonwealth of Massachusetts in conjunction with the award of a River Visions grant in the amount of $19,661.
On a motion by Mr. Durant, seconded by Mr. Parente, the Board voted by a margin of 5-0 to approve signing of the contract.
Selectmen to consider authorizing signing of contract with Layne Christensen Company in the amount of $28,932 (LB) for the cleaning of Chestnut Wells 1 and 3.
On a motion by Mr. Lucy, seconded by Mr. Parente, the Board voted by a margin of 5-0 to approve the signing of the contract.
8. General:
Selectmen to ratify, adopt, confirm and approve the sale, of bonds to Merrill Lynch & Co. (LB) in the amount of $22,978,000 with a total interest cost of 4.107897%; and Bond Anticipation Notes to Sovereign Bank (LB) in the amount of $7,635,307 with a total interest cost of 2.8699%, and to sign said instruments and include and incorporate the full text of said votes into the minutes of the meeting.
On a motion by Mr. Lucy, seconded by Mr. Leeber, the Board voted by a margin of 5-0 as follows:
That all action taken by the Town Treasurer in advertising for public sale of the $22,978,000 General Obligation Bonds (the "Bonds") of the Town authorized under Chapter~44, Sections 7, 8 and 16 of the Massachusetts General Laws, as amended and supplemented, and by votes of the Town duly adopted as further described in Exhibit A attached hereto, which by reference thereto is hereby incorporated in and made a part of the minutes of this meeting and this vote, and, in that connection, preparing and distributing a Preliminary Official Statement and Notice of Sale and a final Official Statement, be and hereby is ratified, confirmed, approved and adopted;
That the Bonds shall be dated as of May 1, 2005, payable on May 1 in each of the years as follows: $1,243,000 in 2006, $1,235,000 in 2007, $1,225,000 in 2008 and 2009, $1,220,000 in 2010 and 2011, $1,205,000 in 2012, $1,200,000 in 2013 and 2014, $1,190,000 in 2015 through 2020, inclusive, $1,140,000 in 2021, $1,135,000 in 2022, $1,075,000 in 2023, $760,000 in 2024, and $755,000 in 2025;
That the Bonds shall be in the denomination of $5,000 or any authorized multiple thereof, with one denomination of $3,000 that will mature in 2006, and shall be numbered consecutively; and subject to the provisions of this Vote, the Bonds shall be in such form as the Treasurer and a majority of the Selectmen shall determine or approve by their execution of the Bonds;
That it is hereby determined, in accordance with the provisions of Chapter 44, section 7(9) of the General Laws, as amended and supplemented, that any departmental equipment to be acquired with proceeds of the Bonds, will have a maximum useful life of 15 years;
That the Bonds shall be a consolidated issue of the bonds described in Exhibit A, and shall mature as described in Exhibit B which by reference thereto is hereby incorporated in an made part of the minutes of this meeting and this vote;
That the Bonds maturing in the years 2006 through 2015, inclusive, are not subject to redemption prior to their stated dates of maturity. The Bonds maturing on or after May 1, 2016 are subject to redemption prior to their stated dates of maturity, at the option of the Town, on and after May 1, 2015 either in whole or in part at any time, and if in part, by lot within a maturity, at par, plus accrued interest to date set for redemption;
That the Bonds shall originally be issued by means of a book-entry system evidencing ownership and transfer of the Bonds; and in the event of failure or termination of the book-entry system, Wachovia Bank, National Association, Boston, Massachusetts, shall issue replacement bonds in the form of fully registered certificates and shall act as Bond Registrar, Transfer Agent and Paying Agent, therefor;
That the Bonds maturing in each respective year shall bear interest payable on May 1 and November 1 in each year, commencing November 1, 2005, at the respective rates per annum as follows:
Year Principal
Amount Interest
Rate
Year Principal
Amount Interest
Rate
2006 $1,243,000 4.00% 2016 $1,190,000 4.25%
2007 1,235,000 4.00 2017 1,190,000 4.25
2008 1,225,000 3.50 2018 1,190,000 4.25
2009 1,225,000 3.50 2019 1,190,000 4.25
2010 1,220,000 3.50 2020 1,190,000 4.25
2011 1,220,000 4.00 2021 1,140,000 4.25
2012 1,205,000 4.00 2022 1,135,000 4.25
2013 1,200,000 4.25 2023 1,075,000 4.25
2014 1,200,000 4.25 2024 760,000 4.50
2015 1,190,000 4.25 2025 755,000 4.50
That the bid of Merrill Lynch & Co. to purchase the Bonds at a price of $23,137,361.34 and interest accrued to date of delivery, resulting in a net interest cost of $9,540,021.16 and a true interest rate of 4.107897%, being the best bid received for the Bonds, bearing interest at the lowest true interest cost, be and it hereby is accepted, and the Town Treasurer be and hereby is authorized to deliver the Bonds to the aforesaid purchaser or order against payment therefor;
That the Treasurer be, and hereby is, 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 council and as generally as described in the Official Statement relating to the Bonds and to incorporate by reference thereto in each Bond the form of such undertaking and the obligation of the Town contained in such undertaking, is hereby approved and confirmed; and
That the Bonds to be issued pursuant to this vote may be secured by insurance or by letter or lines of credit or other credit facilities in accordance with the provisions of Chapter 44, Section 22C, of the General Laws, as the Treasurer or Finance Director, as appropriate, shall determine, and the Board of Selectmen, the Treasurer and the Town Clerk be and hereby are, and each of them severally is, authorized to contract for and purchase, if necessary, any policy of municipal bond insurance with respect to the Bonds, and each such officer may take all such action, 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 vote."
That all action taken by the Town Treasurer in advertising for public sale of the $7,635,307 Bond Anticipation Note (School Bonds), No. R-1 dated May 13, 2005, payable May 12, 2006 (the “Note”) of the Town, issued in anticipation of bonds authorized pursuant to Chapter 44, Section 7, of the Massachusetts General Laws, as amended and supplemented, and by a vote of the Town duly adopted under and 27 of the Warrant at the 2000 Annual Town Meeting, as further described in Exhibit A attached hereto which by reference thereto is hereby incorporated in and made a part of this vote, be and hereby are ratified, confirmed, approved and adopted;
That the Note shall be dated as of May 13, 2005; shall each mature on May 12, 2006, be in such form, of such denomination and contain such other details as the Town Treasurer and a majority of the Board of Selectmen shall determine or approve by their execution of the Note;
That the Note shall not be subject to redemption prior to its stated date of maturity;
That the Note shall originally be issued by means of a book-entry system evidencing ownership and transfer of the Note; and in the event of failure or termination of the book-entry system, The Bank of New York, N.A., in Boston, Massachusetts, shall issue replacement notes in the form of fully registered certificates and shall act as Transfer Agent and Paying Agent therefor;
That the Note shall bear interest payable at maturity and are hereby sold and awarded as follows:
Purchasers Note No. Amount Interest Rate Premium
Sovereign Securities Corporation LLC
R-1
$7,635,307
4.00%
$86,278.97
That the Town Treasurer be, and hereby is, authorized to execute and deliver a Material Events Disclosure Certificate generally as described in the official statement relating to the Note and to incorporate by reference thereto in the Note such Certificate both in such form as the signatories may approve by their execution thereof, and the obligation of the Town contained in such certificate is hereby approved and confirmed;
That the Board of Selectmen, the Treasurer and the Town Clerk be and hereby are, and each of them severally is, authorized to take such action, and to 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 vote; and
That the Town Treasurer is hereby authorized to prepare and deliver the Note to the aforesaid purchaser or order against payment in full of the agreed purchase price.”
Selectmen to consider approval of Loan Subordination Agreement of HOME lien in the amount of $16,000 on property located at 169 Marlborough Street in Hudson.
On a motion by Mr. Lucy, seconded by Mr. Parente, the Board voted by a margin of 5-0 to approve the loan subordination agreement.
9. Town Issues:
Several Board members fulminated against the arrogance of Comcast in raising the Expanded Basic rate to cover the reduction in the basic cable rate required because of their prior overcharge in that area. The Board called for an effort to attract competition for the service in town.
10. Proclamations:
Mr. Parente read a statement honoring the efforts of the Girl Scouts.
11. Correspondence to be Noted by Clerk:
On a motion by Mr. Parente, seconded by Mr. Leeber, the Board voted by a margin of 5-0 to note correspondence.
12. Executive Session:
13. Adjourn:
On a motion by Mr. Leeber, seconded by Mr. Lucy, the Board voted by a margin of 5-0 to adjourn.
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