MINUTES
BOARD OF SELECTMEN
May 25, 2005
Present at the meeting that was held at the Stow Town Building were Chairman John Clayton and Selectmen Stephen Dungan, Carole Makary, Edward R. Perry Jr., and Janet Wheeler.
Also present was Administrative Assistant Susan Flint Hosier. Town Administrator William Wrigley did not attend.
Chairman Clayton called the meeting to order at 7:00 p.m.
Refunding Approval for Hale School Bond
The Board held the second of two required votes to approve issuing refunding bonds to reduce interest costs on the Hale School debt.
Ms. Vogel said that this transaction will result in $500,000 total savings over the life of the bond. The state will receive 65 percent of the savings, as this is a school-building loan; however, Stow will save $10,000 per year for 14 years. This is a five-year advance on the original 20-year bond. The figures are net savings because all expenses are factored into the refinancing.
The Board approved the refunding in a series of motions recorded in the Clerk’s certification of the meeting votes, dated May 25, 2005 and signed by Ms. Wheeler.
The purchase agreement and Clerk’s certification are available from the offices on both the Treasurer/Collector and the Board of Selectmen.
In summary, the Board voted:
1. To authorize the Treasurer to issue refunding bonds, pursuant to G.L. c.44, section 21a to refund all or a portion of the Town’s School Project Loan, Act of 1948 Bonds dated February 1, 2000 -- Ms. Makary moved, Ms. Wheeler seconded and all voted in favor.
2. To authorize sale of the $6,380,000 Refunding Bonds of the Town dated June 1, 2005, to Eastern Bank; to confirm the provisions of the Bond Purchase Agreement, dated May 25, 2005; and that the bonds shall be secured by a municipal bind insurance policy. -- Mr. Clayton moved, Mr. Dungan seconded, and all voted in favor.
3. To sign the bond purchase agreement, Ms. Makary moved, Ms. Wheeler seconded, and all voted in favor.
The Board signed the agreement, which was witnessed and attested to by the Town Clerk.
Annual Board of Selectmen Reorganization
Chairman Clayton welcomed newly elected Selectman Steve Dungan to the Board, after which the Board voted the offices of Chairman and Clerk for the upcoming year.
Mr. Dungan moved to elect senior board member Ross Perry as chair, Ms. Wheeler seconded, and all voted in favor.
M. Makary moved to elect Janet Wheeler as clerk, Mr. Dungan seconded, and all voted in favor.
Mr. Perry chaired the remainder of the meeting.
Housekeeping Items
Chairman Perry presented his suggestions on the Board’s operating style and general processes. To set agendas for the regularly scheduled meetings, he will see the Town Administrator and Administrative Assistant on the prior Thursday afternoons. He asked that board members communicate among themselves and with the Town Administrator and Administrative Assistant face-to-face or by telephone, as opposed to through e-mail.
Agenda items to be scheduled as soon as possible include a meeting minutes policy, FY06 goals, and a plan for a fall Special Town Meeting.
Mr. Perry pointed out that everyone is here to serve the best interest of the Town. He requested that people be polite, noting that it is okay to disagree but not to point at Town employees. Instead he asked people to talk to each other at the table.
Additional agenda topics were then discussed and the need for new liaison assignments was noted.
The meeting adjourned at 7:30 p.m., on a motion by Ms. Makary, seconded by Mr. Dungan, and with all voting in favor.
Respectfully submitted,
Susan Flint Hosier
Administrative Assistant
Board of Selectmen
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