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BOARD OF SELECTMEN
WEDNESDAY, FEBRUARY 8, 2012
A special meeting for the Board of Selectmen convened at 6:20 p.m. in the Conference Room at 29 Thompson Street. In attendance were Dr. Richard M. Smith, Edward A. Maia, Finance Director Deborah Mahar and Town Treasurer Cristina Pedro. Selectmen John F. Goodrich II was not present.
Mr. Maia made a motion that in order to reduce interest costs, the Treasurer is authorized to issue refunding bonds, at one time or from time to time, pursuant to Chapter 44, Section 21A of the General Laws, or pursuant to any other enabling authority, to refund all or a portion of the Town’s $18,138,000 General Obligation School Project Loan, Chapter 70B Bonds dated November 15, 2002 maturing on May 15 in the years 2013 through 2022, inclusive, (the “Refunded Bonds”) and that the proceeds of any refunding bonds issued pursuant to this vote shall be used to pay the principal, redemption premium and interest on the Refunded Bonds and costs of issuance of the refunding bonds. Dr. Smith seconded and it was so VOTED.
Mr. Maia made a motion that the sale of the $1,955,000 State Qualified General Obligation Refunding Bonds of the Town dated February 15, 2012 (the “Bonds”), to Fidelity Capital Markets, a division of National Financial Services LLC at the price of $2,020,099.55 and accrued interest, if any, is hereby approved and confirmed. The Bonds shall be payable on March 1 of the years and in the principal amounts and bear interest at the respective rates, as follows:
Interest Interest
Year Amount Rate Year Amount Rate
2013 $185,000 2.00% 2018 $195,000 2.00%
2014 190,000 2.00 2019 195,000 2.00
2015 190,000 2.00 2020 200,000 3.00
2016 190,000 3.00 2021 205,000 2.00
2017 195,000 3.00 2022 210,000 2.00
Dr. Smith seconded and it was so VOTED.
Mr. Maia made a motion 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 January 23, 2012, and a final Official Statement dated February 2, 2012 (the “Official Statement”), each in such form as may be approved by the Town Treasurer, be and hereby are ratified, confirmed, approved and adopted. Dr. Smith seconded and it was so VOTED.
Mr. Maia made a motion 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. Dr. Smith seconded and it was so VOTED.
Dr. Smith made a motion 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 Bonds. Mr. Maia seconded and it was so VOTED.
Dr. Smith made a motion 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. Mr. Maia seconded and it was so VOTED.
At 6:31 p.m., Dr. Smith made a motion to adjourn. Mr. Maia seconded and it was so VOTED.
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Edward A. Maia, Clerk
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