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Minutes of Meeting – July 23, 2008; meeting called to order at 5:00 pm.
Present: S Pavlosky; L Messana; KR Flynn. Absent: RN Sandlin; J McNinch.
MOTION by LM, seconded by SP to appoint KRF as Assistant Clerk. 3/0 vote.
MOTION by LM, seconded by KRF to accept the following votes as presented below. 3/0 vote.
~~~~~~~~I, the Clerk of the Board of Selectmen of the Town of Lenox, Massachusetts (the “Town”), certify that at a meeting of the board held July 23, 2008, of which meeting all members of the board were duly notified and at which a quorum was present, the following votes were unanimously passed, all of which appears upon the official record of the board in my custody:
~~~~~~~~~~~~~~~~Voted: ~that the sale of the $9,300,000 General Obligation Municipal Purpose Loan of 2008 Bonds of the Town dated July 29, 2008 (the “Bonds”), to PNC Capital Markets at the price of $9,429,673.45 and accrued interest is hereby approved and confirmed. ~The Bonds shall be payable on July 15 of the years and in the principal amounts and bear interest at the respective rates, as follows:
Year |
Amount |
Interest ~~~Rate~~~ |
Year |
Amount |
Interest ~~~Rate~~~ |
2009 |
$545,000 |
3.625% |
2016 |
$ ~605,000 |
5.00% |
2010 |
540,000 |
3.625 |
2017 |
615,000 |
3.65 |
2011 |
550,000 |
3.625 |
2018 |
625,000 |
3.80 |
2012 |
560,000 |
3.125 |
2020 |
720,000 |
4.00 |
2013 |
565,000 |
3.625 |
2024 |
1,490,000 |
4.20 |
2014 |
580,000 |
3.625 |
2028 |
1,310,000 |
4.45 |
2015 |
595,000 |
5.00 |
|
|
|
~~~~~~~~Further Voted: ~that the Bonds maturing on July 15, 2020, July 15, 2024 and July 15, 2028 (each a “Term Bond”) shall be subject to mandatory redemption or mature as follows: ~
Bond due July 15, 2020 |
Year |
Amount |
2019 |
$355,000 |
2020* |
365,000 |
~~~~~~~~
*Final Maturity
Bond due July 15, 2024 |
Year |
Amount |
2021 |
$385,000 |
2022 |
395,000 |
2023 |
415,000 |
2024* |
295,000 |
~~~~~~~~
*Final Maturity
Bond due July 15, 2028 |
Year |
Amount |
2025 |
$305,000 |
2026 |
320,000 |
2027 |
335,000 |
2028* |
350,000 |
~~~~~~~~
*Final Maturity
~~~~~~~~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 July 7, 2008, and a final Official Statement dated July 21, 2008, (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 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 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 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.
~~~~~~~~I further certify that the votes were taken at a meeting open to the public, that no vote was taken by secret ballot, that notice stating the place, date and time of the meeting was filed with the Town Clerk and a copy thereof posted in the office of the Town Clerk or on the principal official bulletin board of the Town at least 48 hours, including Saturdays but not Sundays and legal holidays, prior to the time of the meeting and remained so posted at the time of the meeting, that no deliberations or decision in connection with the sale of the Bonds were taken in executive session, and that the official record of the meeting was made available to the public promptly and remains available to the public, all in accordance with G.L. c.39, s.23B as amended.
Meeting adjourned at 5:35 pm.
Minutes Taken By: ______________________ Minutes Accepted By: ______________________
Mary Ellen Deming Clerk
Assistant to Town Manager Board of Selectmen
__________________________
Mary Ellen Deming
Town of Lenox
Town Hall - 6 Walker Street
Lenox, MA 01240
phone: (413) 637-5500
fax: (413) 637-5518
__________________________
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