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03/20/2017 AC Minutes Minutes Town of Lexington Appropriation Committee (AC) March 20, 2017 Place and Time: Ellen Stone Room, Cary Memorial Building, 6:30 p.m. Members Present: John Bartenstein, Chair; Alan Levine, Vice-Chair & Secretary; Ellen Basch; Eric Michelson; Andrei Radulescu-Banu; Sanjay Padaki; Lily Manhua Yan; Jian Helen Yang Member(s) Absent: Richard Neumeier; Carolyn Kosnoff, Assistant Town Manager, Finance (non- voting, ex officio) Other Attendees: None The meeting was called to order at 6:35 pm. 1.2017 Special Town Meeting-1 (STM-1) Mr. Bartenstein provided an update on STM-1, Article 5: Appropriate Bonds and Notes Premiums to Pay Project Costs. Initially it was anticipated that all of the premiums, net of issuance costs, would be appropriated to reduce the borrowing under the February 16, 2017 bond and bond anticipation note (BAN) issuance. However, bond counsel and the Town were recently made aware of some accounting differences in the calculation of premiums applied by both the bond and BAN lenders that has resulted in a small amount of the funds being held for application to future bond issuances for the same projects. This is a change in the mechanics for implementation, but the principles of the Article remain the same. A motion was made and seconded to support 2017 STM-1, Article 5 with the implementation changes, as discussed. The motion passed. VOTE: 8-0 2.Report to 2017 Annual Town Meeting (ATM) on Financially Related Warrant Articles It was agreed that the main report was substantially ready to go to the printer with the addition of one vote to be incorporated (see below), some minor clarifications, and non-substantive “tweaking”. A motion was made and seconded to accept the latest version of the draft report, with edits as discussed. The motion passed. VOTE: 8-0 Updates were provided for the following ATM Articles: Article 36: Amend General Bylaws—Municipal Modernization Act (MMA): The 2017 ATM Warrant proposes the acceptance of five local options under the MMA. All were previously supported by this Committee, except for the local option under Chapter 41, Section 111F, which allows appropriations into a Special Fund for Injured Police and Firefighters, as to which additional information was sought. Mr. Bartenstein reported that the Town Manager had explained that the Town has been making such appropriations for several years. The MMA has essentially adopted this process for the entire State. Acceptance of this element of the MMA will ensure that the Town’s continued practice would be in compliance with State law. A motion was made and seconded to support Chapter 41, Section 111F included in Article 36. The motion passed. VOTE: 8-0 1