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Selectmen—February 12, 2018 Page 2 of 11 abatement and a different staff person will review the matter and present findings to the Board of Assessors, which will make a determination. • The number of abatement applications this year (350) is not far from the recent average, (285) within the context of a total of 12,000 Lexington parcels. Additionally, the DOR has recommended recent changes in valuation methodology. • Based on home sales comparisons, the DOR, in its regulatory capacity, recommended the Town increase the valuation of some properties, because it found the existing grading methodology yielded under-valuations in some cases. Mr. Valente also responded a question posed by Mr. Kelley about Slocum Road assessments. The four Traditional Colonial style homes on Slocum Road increased in assessed value by 9%, which the Assessors believe to be justified and comparable to similar properties. The assessments were also reviewed and certified by the DOR. If Slocum Road residents filed abatements, the Assessors will review the valuations. Award Bond and Note Sale and Approve Amount to be Bonded for Hastings School Project Ms. Kosnoff, Assistant Town Manager for Finance, presented information about the $48M bond and $11.7M short-term note sale that will fund a variety of projects: Clark and Diamond middle schools; study, design, and beginning construction costs for the Hastings Elementary School; design and site work for the Lexington Children's Place;public safety equipment purchases; DPW equipment including the compost screener for the Hartwell Road facility; sidewalks; and water and sewer Enterprise projects. On Wednesday, February 7, 2018, Arnold Lovering, Town Treasurer, received competitive bids from seven bond underwriters and seven note underwriters for a$45,725,000 29-year bond issue and an $11,790,508 359-day note issue. Raymond James & Associates, Inc. was the winning bidder on the Bonds with an average interest rate of 3.0%. J.P. Morgan Securities LLC was the winning bidder on the Notes with a net interest cost of 1.4%. The premium received was $2.7M; this has been factored into the true interest cost and has reduced the size of the sale from $48M to $45M. Ms. Kosnoff said she will recalculate debt projections based on these figures. Prior to the sale, Moody's Investors Service and S &P municipal credit rating agencies, assigned the highest rating of"Aaa"to the Town's Bonds and the highest rating of"MIG-1"to the Notes. The agencies cited the Town's healthy and flexible financial position; strong liquidity; sizeable and affluent tax base; manageable debt and pension burdens; and strong management as positive credit factors. Mr. Kelley applauded staff for able stewardship of Town finances and noted there are few other communities that enjoy "Aaa"ratings. He said a 29- year bond term is somewhat new for