HomeMy WebLinkAbout2022-09-29 SB-min
Select Board Meeting
September 29, 2022
A remote participation meeting of the Lexington Select Board was called to order at 6:50 p.m. on
Thursday, September 29, 2022 via hybrid meeting services. Ms. Hai, Chair; Mr. Lucente; Vice Chair, Mr.
Pato, Ms. Barry, and Mr. Sandeen were present, as well as Mr. Malloy, Town Manager; Ms. Axtell,
Deputy Town Manager; Ms. Kosnoff, Assistant Town Manager for Finance; and Ms. Katzenback,
Executive Clerk.
Ms. Hai stated that the meeting was being conducted via Zoom as posted, with the agenda on the Town’s
website.
ITEMS FOR INDIVIDUAL CONSIDERATION
1. Award Sale of Bond Anticipation Notes
Ms. Kosnoff said that on September 30, 2022 the Town will sell a $1.7M Bond Anticipation Note (BAN)
related to the Hastings School Construction. This BAN will cover work associated with the solar canopy
installation at Hastings, and the Town expects this full amount will eventually be reimbursed by the
MSBA during the project close-out. This is a 5-month note coming due on February 24, 2023, which is
approximately the time the Town expects 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.
VOTE: Upon a motion duly made and seconded, the Select Board voted 5-0 by roll call to approve the
sale of $1,700,000 5.00 percent General Obligation Bond Anticipation Notes of the Town dated
September 30, 2022 and payable February 24, 2023 (the “Notes”) to Oppenheimer & Co., Inc. at par and
accrued interest, plus a premium of $7,055.00.
and further: that in connection with the marketing and sale of the Notes, the preparation and distribution
of a Notice of Sale and Preliminary Official Statement dated September 19, 2022 and a final Official
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 certificates or documents relating to the Notes (collectively, the “Documents”), may
be executed in several counterparts, each of which shall be regarded as an original and all of which shall
constitute one and the same document; delivery of an executed counterpart of a signature page 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 of the Documents shall be deemed original signatures for the purposes of the Documents and all
matters relating thereto, having the same legal effect as original signatures.
and further: that the Town Treasurer and the Select Board be, and hereby are, authorized to execute and
deliver a significant events disclosure undertaking in compliance with SEC Rule 15c2-12 in such form as
may be approved by bond counsel to the Town, which undertakings shall be incorporated by reference in
the Notes, as applicable, for the benefit of the holders of the Notes from time to time.
and further: that we authorize and direct the Town Treasurer to establish post issuance federal tax
compliance procedures and continuing disclosure procedures in such forms as the Town Treasurer and
bond counsel deem sufficient, or if such procedures are currently in place, to review and update said
procedures, in order to monitor and maintain the tax-exempt status of the Notes and to comply with
relevant securities laws.
and further: that each member of the Select Board, the Town Clerk and the Town Treasurer be and
hereby are, authorized to take any and all such actions, and execute and deliver such certificates, receipts
or other documents as may be determined by them, or any of them, to be necessary or convenient to carry
into effect the provisions of the foregoing votes.
ACTION ITEMS: The sale of the notes will close on September 30, 2022. Select Board and Town staff
will sign closing documents.
DOCUMENTS: BAN Bid Results; BAN Summary
ADJOURN
VOTE: Upon a motion duly made and seconded, by roll call, the Select Board voted 5-0 to adjourn the
meeting at 6:55pm.
A true record; Attest:
Kim Katzenback
Executive Clerk