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APPROPRIATION COMMITTEE-2.020 ATM 25 March 2020 Stabilization Fund Deposit Committee Fund Balance (withdrawal) Source/Destination Recommendation 3/12/2020 Debt Service $437,058 ($124,057) Offset debt payments for 2003 See Article 20 school projects Visitors Center $215,549 ($200,000) Debt service for new Visitors See Article 4 Capital Center Transportation Demand/Public $376,127 Lexpress and contribution to REV ($141,000) shuttle See Article 4 Transportation Any additional payments received prior to the vote on this article will be deposited into special revenue accounts. If necessary,the motion will be updated to include additional transfers into the specified stabili- zation funds. The Committee recommends approval of 19 (a), (b) and (c)by a vote of(8-0). The Committee recommends approval of 19 (d) by a vote of(6-2). Article 20 Appropriate From Debt Service Stabilization Fund Funds Requested Funding Source Committee Recommendation $124,057 DSSF Approve (8-0) In August 2006, the Town received a lump-sum reimbursement of approximately $14 million from the Massachusetts School Building Authority (MSBA)to cover its remaining obligation for construction pro- jects previously completed at Clarke and Diamond Middle Schools and Lexington High School. The Mas- sachusetts Department of Revenue (DOR) required the Town to set aside the excess funds from this up- front reimbursement for these school construction projects,and to apportion those funds over the life of the bonds related to the projects to help fund the debt service. The 2009 Annual Town Meeting voted to establish a specified stabilization fund under G.L. c. 40 Section 5B called the Debt Service Stabilization Fund (DSSF). The $1,739,894 remaining from the FY2007 set- aside was then appropriated into the DSSF. This fund allows the Town to invest the set-aside funds beyond the one-year arbitrage limit that would otherwise apply. The current balance in the DSSF is $548,390. The bonds for the subject school construction projects mature in 2023,which will also be the final year for the required annual appropriations from the DSSF. The Committee recommends approval by a vote of(8-0). Article 21 Appropriate for Prior Years' Unpaid Bills Funds Requested Funding Source Committee Recommendation None N/A IP As of publication,no action is anticipated under this article. The Committee supports indefinite postponement for this article. 42