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348 Authorize Mr. Carroll to obtain bids for Water Construc- tion Loan SELECTMEN'S &METING May 13, 1947 The regular meeting of the Board of Selectmen was held. in the Selectmen's Rooms Town Office Building, on Tuesday evening, May 13, 1947,_at 7:30 p.m. There were present, Chairman Paxton, Messrs. Locke, Emery and Gay. The Clerk was also present. At 7:30 p.m. Mr. James J. Carroll, Town Treasurer, and Mr. Joseph H. DeFoe, Supt. of Public Works, met with the Board. Mr. Carroll said that he had received a letter from the Board requesting him to obtain bids on a $50,000 loan for water construction and inasmuch as the vote authorizing the borrowing was i'n 'two parts, it wasn't quite clear to him just what the Board desired. Mr. Paxton explained that the anticipated construction under the Betterment Act will be for water mains less than 16". Mr. DeFoe said that he believes now he should have asked for a $100,000. loan because the 16" pipe is coming through: The Chairman asked how the Board felt about borrowing an additional $50,000 and Mr. Locke said that if the work is going to be done, the money should be borrowed. Mr. Carroll suggested that a larger amount than $50,000 be borrowed and he explained that the entire amount will be due 15 years from this year regardless:of what year it is borrowed. The Chairman said that there is no question in his mind but that the Summer Street job will come through. MLr. DeFoe said he thought he could do the Summer Street and Lowell Street jobs much cheaper than they had been @Atimated, and he believed these two mains would be installed this year. The Chairman said it might be well to borfow $100,000 for 25 years and increase the borrowing on the other to $75,000 which would be $5,000 for five years. Upon motion of Mr. Emery, seconded by Mr. Gay, it was voted to rescind the vote of the Board on May 5, 1947, requesting the Town Treasurer to borrow the sum of $50,000 for water construction (sundry streets)...Mr. Locke then moved that the Town Treasurer be requested to obtain bids on a loan of $75,000 for the installation of water mains, not less than 6" but less than 16" in diameter, said loan to be payable within a period not exceeding 15 years. Mr. Locke then moved that the Town Treasurer be requested to obtain bids on a loan of $100,000 for the installation of water mains over 16" in diameter, said loan to be paid within a period not ex- caeding 25 years. Mr. Emery seconded the motion, and it was so Voted (Authority for these loans was approved at the Adjourned Town Meeting held on March 24, 1947, Article #10.) Mr. Carroll retired at 8107 p.m. c 17) act 1 1