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07/08/2020 AC Minutes Minutes Town of Lexington Appropriation Committee (AC) July 8, 2020 Place and Time: Remote Participation: in accordance with the Governor's March 12, 2020 Order Suspending Certain Provisions of the Open Meeting Law; communication took place via a Zoom teleconferencing session that was open to the public; 7:00 p.m. Members Present: Glenn Parker, Chair; Sanjay Padaki, Vice-Chair; Alan Levine, Secretary; John Bartenstein; Eric Michelson; Meg Muckenhoupt; Nick Nichols; Lily Manhua Yan; Carolyn Kosnoff, Assistant Town Manager, Finance (non-voting, ex officio) Member(s)Absent: None Other Attendees: David Kanter, Vice-Chair and Clerk, Capital Expenditures Committee (CEC) Using the Remote Meeting Prologue as a guide, Mr. Parker confirmed attendance by roll call and reviewed the section entitled Introduction to Remote Meeting, noting that the meeting was being called to order at 7:05 p.m. on July 8, 2020 and that the meeting was being recorded to assist in the writing of minutes. He also reviewed the section entitled Meeting Protocol and noted that materials for the meeting were available on-line. Announcements and Liaison Reports Mr. Levine reported that in late May, there was a virtual meeting of the School Master Planning Committee, during which a draft 80-page compendium, a shorter version of a 450-page report prepared by DiNisco Design, was reviewed. In early June, Mr. Levine provided the Superintendent of Schools, Julie Hackett, with suggested edits but has not yet received any feedback. Mr. Michelson reported that Dave Horton had stepped down as Lexington's representative on the Minuteman District School Committee, and the Select Board (SB) had appointed Judy Crocker to replace him. Ms. Kosnoff reported that the Town had issued a 15-year$20 million bond in mid-June; its true interest cost was 1.3 % and includes a $2.4 million premium resulting in an $18 million par value. This was instead of issuing Bond Authorization Notes, as is common practice at this time of year, because the Town's financial advisors had advised that rates were currently low, and the market could experience some turmoil after the November federal elections. Because the issuance was in FY2020, a principal payment will be due in FY2021. The approved FY2021 budget does not authorize such an expenditure, but staff plans to recommend a fall special town meeting amendment to the budget requesting an appropriation from the Capital Stabilization Fund for that principal. The bond is almost entirely for excluded debt projects for which the money has already been spent: Hastings Elementary School, the Fire Station, Lexington Children's Place, and a small amount for the Visitors Center. Ms. Kosnoff noted that this bond covers all of Lexington's remaining excluded debt and stressed that the bond would have been issued in February 2021 if not at this time. Mr. Nichols reported that he had been reappointed to this Committee so that he could participate as a member through this evening, but he is moving to Charlottesville, NC, likely before the fall Special Town Meeting and will be resigning from the Committee. Mr. Parker noted that Mr. Nichols had discussed his plans with Mr. Parker and Deborah Brown, the Town Moderator. Members and Mr. Kanter expressed their appreciation for his valuable contributions on the Committee and as liaison to the CEC. Mr. Parker reported that Ms. Brown is seeking new members 1