Wellfleet Board of Water Commissioners
Minutes of the Meeting of May 14, 2010
Wellfleet Town Hall, 3:00 p.m.
Present: Water Commissioners Emily Beebe, Co-Chair, Lori Vanderschmidt, Eugena Schaefer, Clerk
Absent: Water Commissioners Steve Gazzano, Co-Chair and Dan Wexman
Re: Town of Wellfleet Water Bond, dated May 17, 2010:
Motion made by Eugena Schaefer and seconded by Emily Beebe, as follows:
I move that with respect to the sale of the following 2.375 percent bond of the town dated May 17, 2010,
$1,500,000 Water Bond (Well, Storage Tank, Mains) dated May 17, 2010 and payable annually on the 17th day of May of each year in installments of $59,415 each, except for the last installment which shall be $59,063.51, representing principal and interest in the proportions shown on the attached Exhibit A, and that the bond bears the town seal which is also affixed hereto.
to the United States of America, acting through the Rural Utilities Service, USDA, at par and accrued interest is hereby confirmed.
To covenant with the registered owner from time to time of the bond that the town shall maintain rates and charges for the use of the town’s water system in an amount sufficient, with other income of the town’s water works, to pay all costs of operating the system and the entire principal of and interest on the bond and all other indebtedness of the town incurred for municipal water purposes as they become due. The bond shall nevertheless be a general obligation of the town, payable from any of its available revenues, including revenues derived from ad valorem taxes levied in accordance with the law upon all property within the town which is lawfully subject to such taxes.
The motion was unanimously passed, 3 – 0.
Adjournment
The meeting was adjourned by consensus at 3:15 pm.
Respectfully submitted,
Dated: _______________, 2010. ________________________________________
Clerk of the Board of Water Commissioners
________________________________________
Emily Beebe, Co-Chair
The Water Commissioners approved these minutes at the meeting held 5/18/10.
Attachment: Bond Payment Schedule
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