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Home My WebLink About2022-09-29 SB Packet - Released SELECT BOARD MEETING Thursday, S eptember 29, 2022 C onducted by Remote P articipation* 6:50 P M AGENDA ITEMS FOR INDIVIDUAL CONSIDERATION 1. Award S ale of Bond Anticipation Notes 6:SOpm ADJOURN 1. Anticipated Adjournment 7:OOpm T he S elec t B o ard meeting p ac ket is typ ic ally availab le at leas t o ne b us ine s s day in advanc e o f the meeting:https://lexington.novusagenda.com/agendapublic/ Membe�s of the public can view the meetz'ng webina�f�om thei�compute�o�tablet by clicking on the following link at the tz'me of the meeting: https://us06web.zoom.us/j/85055850628?pwd=VktGZEpP WjZmNHRmMWZvbGR1NjRBZz09 iP ho ne o ne-tap: +13126266799„85055850628# or+16469313860„85055850628# Telephone:+1 312 626 6799 or+1 646 931 3 860 or+1 929 436 2866 or+1 301 715 8592 or+1 309 205 3325 or+1 253 215 8782 or+1 346 248 7799 or+1 3 86 347 5053 or+1 564 217 2000 or+1 669 444 9171 or+1 669 900 6833 or+1 719 359 4580 Webinar ID: 850 5585 0628 Passcode: 841943 *An Act Relative to Extending C ertain S tate o f Emergency Ac c o mo datio ns:http s://www.mas s.go v/the-o p en-meeting-law A S ummit meeting o f the S elect Board, S chool C ommittee,Appropriation C ommittee and C apital Expenditures Committee will be held on Thursday, September 29, 2022 at 7:OOpm via remote participation. The next regularly scheduled meeting of the Select Board will be held on Monday, October 3, 2022 at 6:30pm via remote participation. Hea�ing Assistance Devices Available on Request � All agenda time and the o�de�of items a�e app�ximate and � � �,�,,, subject to change. Recarded by LexMedia AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDAITEM TITLE: Award Sale of Bond Anticipation Notes PRESENTER: ITEM NUMBER: C aro lyn Ko sno ff,As sistant Town Manager for Finance I.1 S UMMARY: Category:Decision-Making (a vote is required for this item) On Thursday, September 30, 2022 the Town sold a$1.7M Bond Anticipation Note (BAN)related to the Hastings S chool C onstruction. This BAN will cover work as sociated with the solar canopy installation at Hastings, and the Town expects this full amount Will eventually be reimbursed by the MS BA during the project c lo s e-out. T his is a 5-mo nth no te c o ming due o n F eb ruary 24, 202 3, whic h is ap p ro ximately the time the To wn exp ec ts to receive reimbursement for these costs. The Town received two competitive bids, and the low bidder, Oppenheimer& Co. offered a NIC of 3.9625%, Which reflects a 5% coupon rate and a premium of$7,055.00. SUGGESTED MOTION: I mo ve: to ap p ro ve the s ale o f$1,700,000 5.00 p erc ent G eneral O b ligatio n B o nd Antic ip atio n No te s o f the Town dated S eptember 30, 2022 and payable F ebruary 24, 2023 (the "Notes")to Oppenheimer& Co., Inc. at par and accrued interest, plus a premium of$7,055.00. and further: that in c o nnec tio n with the marketing and s ale o f the No te s, the p rep aratio n and d is trib utio n o f a Notic e o f S ale and P reliminary O ffic ial S tatement dated S eptemb er 19, 2022 and a final O ffic ial Statement dated September 22, 2022, each in such form as may be approved by the Town Treasurer, be and hereby are ratified, confirmed, approved and adopted. and further: that any certif'icates or documents relating to the Notes (collectively, the "Documents"), may b e exec uted in s everal c o unterp arts, eac h o f whic h s hall b e regard ed as an o riginal and all o f whic h s hall c o ns titute o ne and the s ame d o c ument; d e livery o f an exec uted c o unterp art o f a s ignature p age to a Document by electronic mail in a".pdf' file or by other electronic transmission shall be as effective as delivery of a manually executed counterpart signature page to such Document; and electronic signatures on any o f the Documents shall b e deemed original signatures for the purpo s es o f the Documents and all matters relating thereto, having the same legal effect as original signatures. and further: that the Town Treasurer and the S elect Board be, and hereby are, authorized to execute and d eliver a s ignif'ic ant events d is c lo s ure und ertaking in c o mp lianc e with S E C Rule 15 c 2-12 in s uc h form as may be approved by bond counsel to the Town, which undertakings shall be incorporated by referenc e in the Notes, as app lic ab le, for the b enefit o f the ho lders o f the Notes from time to time. and further: that we autho rize and d irec t the To wn Treas urer to e s tab lis h p o s t is s uanc e fed eral tax compliance procedures and continuing disclosure procedures in such forms as the Town Treasurer and b o nd c o uns el d e em s uffic ient, o r if s uc h p ro c edure s are c urrently in p lac e, to review and up d ate s aid p ro c edure s, in o rd er to mo nito r and maintain the tax-exemp t s tatus o f the No te s and to c o mp ly with relevant s ecurities laws. and further: that each member of the S elect Board, the Town Clerk and the Town Treasurer be and hereb y are, autho rized to take any and all s uc h ac tio ns, and exec ute and d eliver s uc h c ertific ate s, receipts or other documents as may be determined by them, or any of them, to be necessary or c o nvenient to c arry into e ffec t the p ro vis io ns o f the fo rego ing vo te s. FOLLOW-UP: S elect Board signs documents, BAN documents delivered for closing on S eptember 30, 2022. 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