Town of Princeton, Mass. – June 16, 2015 -- 6 PM
BOARD OF SELECTMEN Minutes - PBMLP Working Meeting
6:05 PM The meeting was called to order in the Town Hall Annex. Present were Chairman Edith Morgan, Stan Moss, Jon Fudeman and interim T.A. Robert Reed. Advisory Board present were: Chairman John Shipman, Wayne Adams, Jim O’Coin, David Cruise and Bill Lawton
6:15 PM Joe O’Brien, 29 Gregory Road, came in with a list of questions, mainly about risk management and possible need for engaging an attorney for the broadband process. The need for the town controlling the operation is necessary for bond counsel to approve the borrowing. Jon F. said he’s looking for a risk analysis, as with vendors potentially providing some of the funding or cost coverage. Stan pointed out that bond counsel and Mass. Broadband Institute want an operational contract but don’t have a model and don’t know what one would look like. He outlined the steps that should be taken to get the project moving: He had a letter from bond counsel recommending that the town petition the legislature to get around certain Chapt. 44 restrictions which
limit the way towns borrow funds. After that, BOS would vote to authorize acquiring the monies, followed by a vote to authorize the Broadband MLB to commence with the actual work. Bob R. said the BOS can petition for a Chapt. 44 exemption through the governor’s office, as an “emergency” law.
These steps represent the “front end” of operational control. The “back end” would be doing the installation of equipment in-house or with a vendor. Stan also produced some estimates on costs of due diligence and the actual fiber installation. If the town did the whole project the cost is estimated at about $5.5 million. The boards discussed the different interest rates and options for borrowing through a Statehouse note. A “technology planning grant” is also available but an application needs to be submitted by the end of June.
Discussion continued about risks and financing.
7:55 PM Adjourn
Respectfully submitted, Marie N. Auger, administrative assistant & Robert Reed, interim T.A.
BOS Referenced Documents: Spreadsheets and documents describing costs.
Marie Auger
Administrative Assistant
Planning Department
978-464-2100
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