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02/02/2017 AC Minutes debt was authorized. This is a clean approach that helps to assure that legal obligations are satisfied without the need for inordinate tracking and paperwork. The premium will be applied strictly pro rata to all borrowings, both exempt and non - exempt, for which the premium is received. 6. Participation in Local Campaign Activities Mr. Bartenstein, Mr. Levine, and Mr. Michelson discussed the issue of participation by members in local campaign activities and past policies related to such participation. Some years ago, this Committee adopted a policy to limit members' participation in local campaigns, allowing a modest financial contribution and non - leadership assistance but discouraging a leadership role or making a public endorsement. The goal was to preserve the Committee members' independence and maintain the public perception of impartiality and objectivity when making evaluations and recommendations to Town Meeting. Because Town Counsel has advised that such restrictions are inconsistent with the First Amendment rights of members and cannot be mandated, the policy is no longer in force. Most members have continued voluntarily to limit their campaign activity in accordance with the former guidelines. Mr. Bartenstein suggested that members should be cognizant of the prudential reasons for avoiding excessive embroilment in local campaign activity and guided by their own conscience as to reasonable limits; and that care should be taken not to give the impression that positions taken individually are those of the Committee as a whole. 7. Next Meetings It was agreed to hold the next meeting immediately following the February 9, 2017 Budget Summit, which is expected to be short. Because the League of Women Voters candidate's night is on Thursday, February 16, it was agreed to meet on February 15 instead. 8. Adjourn The Committee adjourned at 9:38 p.m. The documents used at the meeting are listed below. Respectfully submitted, Sara Arnold, Recording Secretary Approved: February 15, 2017 Exhibits • Agenda, posted by John Bartenstein, Chair • Debt Issuance — Use of Excess Premiums Example, table prepared by Ms. Kosnoff 3