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make the building functional for its intended use. The Cary Memorial Building, he reasoned, could be used in its present state. Mr. Cohen added his opinion regarding Mr. Pato’s concerns about long-term CPA bonding, noting that the availability of the State Matching funds completely “changes the game”. He explained that it made sense to take advantage of State funding, and noted that had Lexington approved the CPA when neighboring Bedford did, Lexington would have had an additional $6M for CPA projects. Mr. Addelson resumed his presentation regarding re-modeling the debt picture for funding the Cary Memorial Upgrades project. He said there would be $1.6M in premium funds that would be returned to CPF, which could be appropriated at a 2014 Fall Special Town Meeting. He said his current model showed $200,000 in the Historic Resources balance that could also be made available for appropriation at that meeting, as well as an estimated residual of $880,000 in the th Undesignated Fund Balance (“the 4 bucket”). He said he would need to do further modeling to get a sense of the impact of either (1) paying more cash up front for the Cary Memorial project, or (2) shortening the length of the bond. He said it was likely he could lower the amount of the debt payment, but was less certain about shortening the term of the bond. Mr. Addelson said it was possible that there might be additional monies in the Stabilization Fund and in “Excluded Debt” that could mitigate an increase in taxes. Ms. Fenollosa asked if it was likely that the Town would receive a premium on the upcoming February 2015 bond issuance, to which Mr. Addelson replied that he was unable to predict such a return. He explained that the authorization at the upcoming March Special Town Meeting to fund the Cary project with the issuance of debt would have to be for the full $8,241,350. He added, however, that it might be possible to stage the issuance of debt to meet the cash flow needs of the project. He said he had had preliminary discussions with the architects and believed he might be able to reduce total bonding by initially issuing a bond of only $3M and following it several months later with a new bond issuance. Such rolling debt appropriations could reduce the total debt burden by taking advantage of CPA cash as it become available. Mr. Cohen stated that the Cary Memorial Upgrades project required a 2/3rds vote, which if not received, might sideline the project indefinitely. Mr. Kanter of the CEC felt his committee would encourage the payment of the Cary Memorial Upgrades project with any available CPA cash appropriated at the 2014 Fall Special Town Meeting. He said the CEC would likely wait until the fall before recommending a term length on any bonding, however. Mr. Parker of the Appropriations Committee stated that his committee had voted (8-1) to support the project, and that the sole negative vote had revolved around the issue of financing. He encouraged the CPC to “figure out what it wanted to do” and let Mr. Addelson “find a way to do it”. He also encouraged the CPC not to leave $2M in the CPF as a cushion from year to year. He said that the CPC “should put the funds to work”. Dick Wolk and David Horton asked Mr. Pato if he could suggest an acceptable term for bonding of the Cary Memorial Building project, specifically one that would ease his concern about burdening the Town with long term debt obligations. Mr. Wolk suggested modeling a “couple of scenarios” and Mr. Kanter added, that at the very least, modeling the “no cash in the reserve” option might be instructive. Mr. Parker stated that he did not think the alternative of additional cash payments for Cary could bring down the term length to five years, but perhaps might 2