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21 <br /> Meeting of the Appropriation Committee, November 4, 1968, 7:30 p.m. <br /> Present: D. Grant, Chairman; J. Blaisdell; R. blomfield; L. Burnell; <br /> R. Gary; R. Perry, Comptroller; L. Zeheer; R. Souza <br /> Moody Rating - Dick Perry talked with someone from Moody's. Ability to <br /> pay and willingness to pay seem important; Lexington is second in <br /> ability to pay (second to Wellesley which is rated AAA) . Dick will <br /> send them further information on these two points. <br /> Junior High School -some information was given by Logan Clarke and Mr. <br /> Fobert after our last meeting. Enrolment projections are running ahead <br /> of estimates now. Building plans for the new school have been altered <br /> in the interest of economy; they have moved toward a square and a <br /> 2-story rather than a 3-story school. However the inflationary cost <br /> r.� of construction is out of their control. The cost will be in excess of <br /> $4 million, they suspect. <br /> r--I <br /> Ci Town Office Buildings - Architect says cost is going up 1% per month <br /> Structure of Government Committee <br /> Marge Battin , Chairman, requests a transfer of $1800 from the Reserve <br /> Fund for printing and mailing to each household a copy of the bill as <br /> passed by Town Meeting. This was unanticipated because they could not <br /> know whether the plan would be changed from that proposed last March. <br /> They feel there has been a change in substance as well as in words <br /> from the copy sent in March. They wish to send a copy ofthe plan and <br /> an abridgment by the end of January so there will be time for a meeting <br /> before the plan is voted on. Don Grant suggested that the state <br /> printers, Wright and Potter, probably have the type set up and that <br /> using them might save money. Yrs. Battin agreed to look into this. <br /> Request is held until final price is known. <br /> Information :fleeting with Needham Finance Committee member <br /> Bond Issue - Issuing bonds for 20 years rather than 15 years adds 35% <br /> to the interest cost. <br /> Overlay Reserve- has over $150,000 balance. Dick Perry has written <br /> asking assessors to release some bslances especially since no taxes <br /> are owed prior to 1966 ($100,000 balance for the years before 1966) . <br /> Committee hopes to get Reserve Fund moneyfrom this source next year. <br /> Sewer Charges Needham uses a different formula. Is Lexington's formula <br /> the best possible? Is the sewer charge adequate? <br /> Capital ExpendituresCommittee came in to discuss capital projects. <br /> Junior High School. - cost may be $4 to $5 million <br /> Land Use - CEC favors a large expenditure in 1969, possibly $500,000, <br /> andwould consider borrowing for this purpose. Conservation Commi.siion <br /> proposes to bring in a series of Articles each for a specific piece of <br /> land, then appropriate a lump sum at the end raised either by borrowing <br /> or from available funds or otherwise. <br /> Capital Expenditures Committee will meet with¢ us again in another month. <br /> Respectfully submitted, <br /> Ruth F. Souza, secretary <br />