2009-03-04-AC-min - Laserfiche WebLink

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$14 million for Clarke, Diamond, and the High School. There was a note that came due for approximately $11 million. The residual (exempt costs of the project) was set aside per the directive of the Department of Revenue and the balance was to be drawn down over the life of the High School bond (until 2023). A schedule was developed and the funds were set aside and have been in a Massachusetts Municipal Depository Trust. Per the advice of bond counsel and the DOR directive, the monies should be set aside in a separate stabilization fund and should be drawn out through appropriation. A request to appropriate $130,000 out of the stabilization fund to offset debt service on the high school will be requested. The Article asks that the stabilization fund be created this year, that it be funded and that $130,000 be taken out. A two thirds vote is required. The committee, by a vote of 8 -0, voted in favor of the article. 4. Other Articles. We briefly discussed Article 27 in that Eric mentioned that he would circulate a write -up and a short discussion ensued. Regarding Article 35, the fee will be set in the coming weeks, we had a short discussion on retirement and OPEB as well as the municipal budget and that it is effectively a level service budget. John briefly explained Article 34 and tax relief. The meeting was adjourned at 9:47 PM. Respectfully submitted, Susan McLeish Approved July 6, 2009 2