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February 11, 2019
<br />Page 2 of 9
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<br /> The solar RFP has been issued and a vendor has been selected. Town staff will provide
<br />an update to the Board of Selectmen and ask for authorization to move ahead.
<br /> Mr. Malloy will work to schedule a joint QPR mental health education training session
<br />for the Board of Selectmen and the School Committee.
<br />Approve Sale of Bonds and Notes
<br />Carolyn Kosnoff, Assistant Town Manager for Finance, reported that on Wednesday, February 6,
<br />2019 the Town offered for sale approximately $57.4M of municipal bonds and $8.5M of short-
<br />term notes. The proceeds of these items will finance a variety of municipal projects which
<br />include:
<br /> Hastings Elementary School- $27M
<br /> Fire Headquarters- $12.6M
<br /> Lexington Children’s Place- $9M
<br /> Clarke & Diamond Middle Schools- $2.5M
<br /> LPS Technology $1.3M
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<br />Eleven competitive bids for the bonds and 5 competitive bids for the notes were received. The
<br />low bidder for the bonds is Mesirow Financial, with a True Interest Cost (TIC) of 3.21%
<br />including a premium of $3.1M. The resized Par Value of the bonds, net of issuance costs
<br />and underwriter's discount, is $54.6M. The low bidder for the notes is TD Securities with a Net
<br />Interest Cost (NIC) of 1.77% and a premium of $102,967.
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<br />In preparation for the sale, the Town's bond and note ratings were reaffirmed with Moody’s
<br />Investors Services. The Town's bond rating remains AAA and the note rating MIG-1.
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<br />Upon motion duly made and seconded, the Board of Selectmen voted 4-0 to approve and confirm
<br />the sale of the $54,645,000 General Obligation Municipal Purpose Loan of 2019 Bonds of the
<br />Town dated February 14, 2019 (the “Bonds”) to Mesirow Financial, Inc. at the price of
<br />$57,634,704.70 and accrued interest. The Bonds shall be payable on February 1 of the years and
<br />in the principal amounts and bear interest at the respective rates, as follows:
<br />
<br /> Interest Interest
<br />Year Amount Rate Year Amount Rate
<br />
<br />2020 $2,690,000 5.00% 2033 $1,650,000 4.00%
<br />2021 2,655,000 5.00 2034 1,655,000 3.00
<br />2022 2,655,000 5.00 2035 1,650,000 3.00
<br />2023 2,580,000 5.00 2036 1,650,000 3.125
<br />2024 2,165,000 5.00 2037 1,650,000 3.125
<br />2025 1,890,000 5.00 2038 1,635,000 3.25
<br />2026 1,885,000 5.00 2039 1,630,000 3.375
<br />2027 1,875,000 5.00 2040 1,630,000 3.375
<br />2028 1,875,000 5.00 2041 1,630,000 3.50
<br />2029 1,875,000 4.00 2042 1,630,000 3.50
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