|
Selectmen’s Meeting – February 13, 2012
<br />
<br />Seven bids were submitted for the bonds. The bids, based on a calculation of the true interest
<br />cost (TIC) which takes into consideration the amount of the issue, its term, coupon rates and any
<br />premium bid, ranged from a high of 1.084344% to a low of 0.916907%. The low bidder was
<br />Southwest Securities, Inc. A component of the low bid was a premium of $810,959, which
<br />enables the Buyer to offer the bonds for sale at a higher coupon rate. Of the premium amount,
<br />$144,038 was attributable to wastewater, $164,616 to water, and $502,305 to general funds.
<br />
<br />Upon motion duly made and seconded, it was voted that we hereby determine, in accordance
<br />with G.L. c. 70B, that the amount of the cost of the high school roof repair project authorized by
<br />a vote of the Town passed on April 11, 2011 (Article 13F) not being paid by the school facilities
<br />grant is $616,779 and we hereby approve of the issuance of notes and bonds up to such amount
<br />under said G.L. c. 70B.
<br />
<br />It was further voted that the sale of the $6,823,000 General Obligation Municipal Purpose Loan
<br />of 2012 Bonds of the Town dated February 16, 2012 (the “Bonds”), to Southwest Securities, Inc.
<br />at the price of $7,633,959.85 and accrued interest, if any, is hereby approved and confirmed.
<br />The Bonds shall be payable on February 15 of the years and in the principal amounts and bear
<br />interest at the respective rates, as follows:
<br />
<br />Year Amount Interest Year Amount Interest
<br /> Rate Rate
<br />
<br />2013 $1,118,000 5.00% 2018 $285,000 4.00%
<br />2014 1,095,000 5.00 2019 280,000 4.00
<br />2015 1,085,000 5.00 2020 280,000 3.00
<br />2016 1,085,000 4.00 2021 280,000 3.00
<br />2017 1,035,000 4.00 2022 280,000 3.00
<br />
<br />It was further voted that in connection with the marketing and sale of the Bonds, the preparation
<br />and distribution of a Notice of Sale and Preliminary Official Statement dated January 26, 2012,
<br />and a final Official Statement dated February 2, 2012 (the “Official Statement”), each in such
<br />form as may be approved by the Town Treasurer, be and hereby are ratified, confirmed,
<br />approved and adopted.
<br />
<br />It was further voted, that the Town Treasurer and the Board of Selectmen be, and hereby are
<br />authorized to execute and deliver a continuing disclosure undertaking in compliance with SEC
<br />Rule 15c2-12 in such form as may be approved by bond counsel to the Town, which undertaking
<br />shall be incorporated by reference in the Bonds for the benefit of the holders of the Bonds from
<br />time to time.
<br />
<br />It was further voted, that each member of the Board of Selectmen, the Town Clerk and the Town
<br />Treasurer be and hereby are, authorized to take any and all such actions, and execute and deliver
<br />such certificates, receipts or other documents as may be determined by them, or any of them, to
<br />be necessary or convenient to carry into effect the provisions of the foregoing votes.
<br />
<br />
|