2023-02-13 SB Packet - Released - Laserfiche WebLink

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Town of Lexington Town Manager's Office APIUM11 �d w, t�,, James J. Malloy, Town Manager Tel: (781) 698-4540 Kelly E. Axtell, Deputy Town Manager Fax: (781) 861-2921 MEMORANDUM TO: Select Board FROM: Jim Malloy, Town Manager DATE: February 10, 2022 RE: Weekly Update The following is an update of activities for the week ending February 10, 2022: Various Administrative Issues: • At the last Select Board meeting we discussed the Opioid Settlement that is currently before the Town. The total payment to Lexington will be $857,575.24 as a participant in the settlement (over a period of varying years). The breakdown by company is as follows: o Walgreens would pay$241,583.04 over 15 years; o Walmart would pay$125,809.57 over 6 years (with higher payments years 1-3 and smaller payments years 4-6); o CVS would pay$222,166.71 over 10 years; o Teva would pay$167,955.83 over 13 years; and o Allergan would pay up to $100,060.09 over 7 years. • Attached please find Moody's Credit Opinion on the Town of Lexington for the new bond issuance. As I stated in the meeting on 2-3-23, the Town retained its Aaa rating as a result the interest rate on the bonds we are issuing came in at 3%. • At the last Select Board meeting a question was asked about the brickwork and paving on Massachusetts Avenue. I inspected the brickwork and did not see any defects and checked with John Livsey, Town Engineer who also indicated they were not aware nor have we seen any brick issues but will do a walk through to confirm. Engineering and DPW are aware of the asphalt issue in the area of Michelson's and have already performed testing, engaged the contractor and received the contractor's commitment to mill repave and restripe in the spring when the weather is suitable at their cost as a warranty item. It appears to be a bad batch from the plant as the limits seem to be clearly the size of a load of asphalt (not a workmanship issue). • Attached please find the Annual Review of Contract Rates vs. Utility Rates for the Town's electric usage which indicates that the annual savings for 2022 was $972,087. • Attached please find the agenda tracker for upcoming Select Board meetings. 1625 MASSACHUSETTS AVENUE 9 LEXINGTON,MASSACHUSETTS 02420