Board of Selectmen's Meeting Minutes
January 16, 2002
At 6:30PM, Susan Mills, Treasurer-Collector/Jerry Haley State Street Bank
Mr. Merritt stated the concern is with the Department of Education not releasing money.
1. to give us as many years as possible in the repayment schedule
2. interest rates are at a 15 year low, if the state can hold up their end of the deal.
Mr. Haley started by saying he wished he had positive news. Still not seen a published list of funded projects for this year. The Board of Education has 17 projects, category 2, until the list is published we won't know.
Mr. Boudreau stated, he will attend the Department of Education meeting in Malden next Tuesday along with many surrounding Towns. The argument will be the Commonwealth is being Penny-Wise and Pound Foolish because they reimburse upon the actual interest rates which will cost them millions of dollars more by putting these projects off. Because interest rates are low and if the economy stays poor some of these communities are going to see their bond ratings lowered.
Mr. Haley said his suspicions are based on the review process from Standard & Poors.
Positive aspect to this with interest rates still remaining low, the fact that your still not funded, the Commonwealth should probably look at more instead of less.
Mr. Mariano stated the sooner we go out to Bond the less it will cost the taxpayers in the Town of Norwell.
Mr. Merritt stated that the we have a great opportunity because the rates are now beneath our projections, so we have an opportunity to deliver to the taxpayer a tax increase of what it was projected to be.
Mr. Marino stated the biggest impact will be at the end of the line, the High School, based on the rate we are being reimbursed at.
Mr. Boudreau stated the Audits pay for themselves, if you let the projects go out now at lower interest rates the savings will pay for the audits.
Mr. Merritt said we should plan to roll these over.
Mr. Boudreau asked if the Board wanted to capture those rates and bonds for the Middle School, what would it cost?
Mr. Haley answered, based on analyzation it would be 865,000.00 in principal the first year and 865,000.00 in Interest based on 5% rate less reimbursement. If you didn't get reimbursement it would be triple that or1,050,000.00, the average house is 400,000.00 or 600 hundred for one school.
Using the money earned in arbitrage, to reduce that assuming that the next year, or the same as appropriating money back against the tax rate.
Mr. Boudreau stated that someone could do special legislation, not withstanding any general or special act to the contrary and go to the top of the list.
Mr. Merritt opened the meeting and introduced the Board members and Jim Boudreau, Town Administrator.
He continued saying the Board has been in meeting with the Financial Advisor, Jerry Haley, from State Street Bank and Susan Mill, Treasurer. The discussion was regarding the Town has Bonds coming due in February for the School Building Project, about 45 million dollars with the issue on the table of State reimbursement being delayed we felt it prudent to meet with our Advisor and see what the course of action will be. It appears we will be rolling over the 45 million dollars at an interest rate that is substantially less than what we have paid for the last year so that is good news that our temporary borrowing cost will go down, the bad news is it looks very likely that the reimbursement on the permanent bonding now will be delayed about a year. We will have a subsequent meeting to look at the issue of arbitrage and
whether the Board want to borrow additional money at this point and invest the money in the meantime. We are able to borrow inexpensively now but the invest opportunity is equally low as far as interest rates are concerned.
MOTION: Mr. Mariano moved the Board approve the agenda as written. Second by Mr. Gaynor.
Unanimously Voted.
At 7:30, Richard Barry, Chairman of the Beautification Committee, presented the Awards.
Mr. Barry said this is the 13th Year with different categories over the years. There are several hundred people involved in the programs. With people picking up litter, and those who take care of the elm trees. Tonight we have five awards;
2001
MYRTLE H. McKAY
BEAUTIFICATION AWARD
To
Charles S. Morgan
in recognition of his work and involvement
in the continued improvement of the
Norwell Beautification Programs
2001
HOME BEAUTIFICATION AWARD
To
Edward and Linda Owens
for excellence in maintaining
the landscaping of their home at
637 Main Street
2001
BUSINESS BEAUTIFICATION AWARD
To
McDonald's of Norwell
for continued excellence in landscaping
and maintaining the restaurant grounds at
57-59 Washington Street
2001
TRIANGLE BEAUTIFICATION AWARD
To
Barbara Doyle-Feldstein
for excellence
in landscaping and maintaining the two triangles at
Central Street and Old Oaken Bucket Road
2001
SPECIAL RECOGNITION AWARD
To
Stephen B.Chase
for the original decorations at his home
67 Main Street
More volunteer are needed for the Adopt The Street Program.
At 7:50, Mark Aigen, Chairman of the Permanent Drainage Committee to gave an Update.
Mr. Aigen introduced the committee members present, Paul Foulsham, James Donovan.
For the past year, we have worked in the Washington Park area doing, Stetson Road, High Street, Parker Street.
· He continued saying they meet once a month to review site plans of the new developments in town.
· We comment and keep in mind where the water is going.
· We are reviewing and revamping the drainage regulations we have. Our goal is to get the regulations up to date, we have neighboring town regulations.
At 8:00, Mr. Merritt introduced James L. McKenney, a PBMC Applicant.
Mr. McKenney works 20 hours a week at present. During the time he was on the committee in the past he worked on the school roof and the fire station on High Street. His background includes Mechanical Engineer, currently working as an application engineer for Laars Heating Systems.
MOTION: Mr. Mariano moved the Board appoint James L. McKenney, 35 Norwell Avenue to the Permanent Building and Maintenance Committee. Second by Mr. Gaynor.
Unanimously Voted.
At 8:10, Mr. Merritt introduced Mr. Donald Mauch, an Advisory Board Applicant.
Mr. Mauch said that his background is in financial management. His motivation in seeking the Advisory Board is Norwell is where he and his family would like to settle. His concern is the town going to be facing decisions budget demands.
MOTION: Mr. Mariano moved the Board appoint Donald A. Mauch, 296 Main Street to the Advisory Board to fill the un-expired term of Joseph Burke. Second by Mr. Gaynor.
Unanimously Voted.
Old Business
1. Amusement License Renewal (Weekdays): North River Theatre
MOTION: Mr. Marinao moved the Board approve the License Renewal for the North River Theatre for a weekday Amusement License. Second by Mr. Gaynor.
Unanimously Voted.
2. Approve Board of Selectmen's Meeting Minutes
· October 3, 2001 - October 30, 2001
· November 7, 2001 - November 28, 2001
· December 5, 2001 - December 17, 2001
· January 2, 2002 and January 9, 2002
MOTION: Mr. Mariano moved the Board approve the Board of Selectmen Meeting Minutes for the following dates October 3, 2001 - October 30, 2001, November 7, 2001 - November 28, 2001, December 5, 2001 - December 17, 2001, January 2, 2002 and January 9, 2002. Second by Mr. Gaynor.
Unanimously Voted.
New Business
1. Gift of Land - 78 South Street
MOTION: Mr. Mariano moved the Board of Selectmen vote to accept a gift of land from Donald B. Shute. This parcel abuts the High School property and is a portion of Parcel Block 53, Lot 46 containing 12 acres more or less on a plan prepared by Keefe Associates, dated 10-7-99 as Lot A-1-2 consisting of 5. 4 acres and Lot A-1-1B consisting of 6.26 acres. Second by Mr. Gaynor.
Unanimously Voted.
2. Accept Resignation of Dorothy Dickson from the Council on Aging Board
MOTION: Mr. Mariano moved the Board accept with regret the resignation of Dorothy M. Dickson from the Council on Aging. Second by Mr. Gaynor.
Unanimously Voted.
3. Request from Family Crest Catering Inc. for a One Day License to serve Wine and Malt only at an event to be held at the Cushing Center on January 26, 2002 between the hours of 7:00 PM and 10:30 PM.
MOTION: Mr. Mariano moved the Board approve the Request from Family Crest Catering Inc. for a One Day License to serve Wine and Malt only at an event to be held at the Cushing Center on January 26, 2002 between the hours of 7:00 PM and 10:30 PM.
4. Repairs to Sparrell School
MOTION: Mr. Mariano moved the Board authorize the Permanent Building and Maintenance Committee to award a contract to John Hoadley Plumbing and Heating, 672 Union Street, Rockland, MA for the purpose of Septic and Plumbing work. Said funds to be expended from the Sparrell Building fund. Second by Mr. Gaynor.
Unanimously Voted.
5. Retaining wall at the Council on Aging
MOTION: Mr. Marino moved the Board award a contract for the repair of the retaining wall at the Council on Aging to Green Environmental Inc. in the amount of $9,960.00. Second by Mr. Gaynor.
Unanimously Voted.
6. Request from Talk of the Town for a One Day License to serve Wine and Malt only at an event to be held at the Cushing Center on January 25, 2002 between the hours of 7:00 PM and 11:00 PM.
MOTION: Mr. Mariano moved the Board approve the Request from Talk of the Town for a One Day License to serve Wine and Malt only at an event to be held at the Cushing Center on January 25, 2002 between the hours of 7:00 PM and 11:00 PM. Second by Mr. Gaynor.
Unanimously Voted.
MOTION: Mr. Mariano moved the Board adjourn to Executive Session for the purpose of discussing Contracts and Litigations not to resume to Open Session. Second by Mr. Gaynor.
Mr. Merritt polled the Board; Mr. Mariano; Mr. Gaynor; yes, Mr. Merritt; yes.
Unanimously Voted.
___________________________________________
James M. Boudreau, Town Administrator
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