2015-03-AC-ATM-rpt - Laserfiche WebLink

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AC–2015ATM PPROPRIATIONOMMITTEE FundsFundingCommittee Article 23: Accept Chapter 235 of the RequestedSourceRecommendation Acts of 1994 Approve (9-0) NoneN/A Acceptance of this statute would allow certain police officers and firefighters who were previously termi- nated due to a reduction-in-force, and then reinstated, to be credited with active service for such period of unemployment. The employee would be required to pay into the retirement system an amount equal to what would have been paid, plus interest, had he or she remained an active member in service during said period of unemployment. The maximum qualifying duration between reduction-in-force and reinstatement is three years, and em- ployees are responsible for interest on these contributions, therefore the Committee believes the net im- pact of this change on the Town’s retirement system will be negligible. The Committee recommends approval of this request (9-0). FundsFundingCommittee Article 24: Appropriate Bonds and RequestedSourceRecommendation Notes Premiums Approve (9-0) $149,140Bond Premium The Town received a premium of $149,140 on the February 19, 2015 sale of general obligation bonds related to construction financing of the Bridge/Bowman ($32,858) and Estabrook ($116,282) projects. This action will appropriate the premiums for project costs and will also rescind the bonding authorization for the same amounts. It does not increase or decrease costs for either project. The Committee recommends approval of this request (9-0). FundsFundingCommittee Article 25: Rescind Prior Borrowing RequestedSourceRecommendation Authorizations Pending NoneN/A State law requires that Town Meeting vote to rescind the unissued portions of borrowing authorizations that are no longer required for the purpose stated in the authorization. As of publication, the Committee was not informed of any prior borrowing authorizations that are ready to be rescinded. This Committee will report further when the Article is taken up. The Committee has taken no position on this request. 34