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SELECTMEN’S MEETING MONDAY MARCH 8, 2004 5:00 P.M.
In attendance: James G. Mullen, Jr., Charles J. McCarthy, David W. Owen, Town Administrator and Paula Rizzi, Executive Secretary
The Board met with Treasurer Kevin Sorgi to approve and sign Bond Anticipation Notes.
Charles J. McCarthy moved, James G. Mullen, Jr. seconded and the Board voted unanimously to award the $27,000,000 Town of Milton, Massachusetts Bond Anticipation Notes sold on March 2, 2004 to be dated March 12, 2004 and maturing March 11, 2005 to Sovereign Securities Corporation LLC at a net interest cost of 1.033% as set forth in a document prepared by Ropes and Gray, Bond Counsel to the Town as follows:
That all action taken by the Town Treasurer in advertising for public sale of the $27,000,000. aggregate principal amount of Bond Anticipation Note (School Bonds), No. R-1 dated March 12, 2004, payable March 11, 2005 (the “Note”) of the Town, issued in anticipation of bonds authorized pursuant to Chapter 44, Section 7(3) and (3A), of the Massachusetts General Laws, as amended and supplemented, and by votes of the Town duly adopted under Article 1 of the Warrant at the Special Town Meeting held on June 19, 2000 and Article 1 of the Warrant at the Special Town Meeting held on February 26, 2002, all 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 ratified, confirmed, approved and
adopted;
That the Note shall be dated as of March 12, 2004; shall each mature on March 11, 2005, be in such form, of such denominations 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, U.S. Bank National Association, 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 is hereby sold and awarded as follows:
BOND ANTICIPATION NOTE
Purchasers Note No. Amount Interest Rate Premium
Sovereign Securities R-1 $27,000,000 1.75% $193,050.00
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.”
We further certify that the foregoing is a true copy of the Vote adopted at said Meeting as appearing in the minutes thereof; that the Meeting was open to the public; that notice stating the place, date and time of the Meeting was filed in the office of the Town Clerk and a copy thereof was posted in the Town Clerk’s office 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 decisions in connection with the Vote were taken in executive session; and that the official record of the Meeting was made available to the public promptly and will remain available to the public all in accordance with Chapter 39, Section
23B, of the General Laws, as amended (the “open-meeting law”).
Charles J. McCarthy moved, James G. Mullen, Jr. seconded and the Board voted unanimously to approve and sign correspondence to the Secretary of the Commonwealth informing him that the Town has funded and the Board has voted to purchase the Accu Vote OS to be used in all future elections held in the Town of Milton.
3. Charles J. McCarthy moved, James G. Mullen, Jr. seconded and the Board voted unanimously to adjourn at 5:10 p.m.
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