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2023-02-13 SB Packet - Released
SELECT BOARD MEETING Monday, February 13, 2023 Select Board Meeting Room, 1625 Massachusetts Avenue, Lexington, MA 02420 - Hybrid Participation* 6:30 PM AGENDA PUBLIC COMMENTS Public comments are allowed for up to 10 minutes at the beginning of each meeting. Each speaker is limited to 2 minutes for comment. Members of the Board will neither comment nor respond, other than to ask questions of clarification. Speakers are encouraged to notify the Select Board's Office at 781-698- 4580 if they wish to speak during public comment to assist the Chair in managing meeting times. SELECT BOARD MEMBER CONCERNS AND LIAISON REPORTS 1. Announcement: Moody's once again rated Lexington at its highest level,Aaa "judged to be of the highest quality". 2. Select Board Member Concerns and Liaison Reports TOWN MANAGER REPORT 1. Town Manager Weekly Update CONSENT AGENDA 1. Select Board Committee Appointments • Ad Hoc Transportation Committee • Sally Castleman- Member of Transportation Advisory Committee o Howard Cloth- Member of Senior Community • Sharon Gunda- Human Services Designee o Varda Haimo - Business Representative • Carolyn Ko s no ff-Assistant Town Manager for F inanc e o Bridger McGaw- Member of Economic Development Advisory Committee o Deepika S awhney- Member of School Committee 2. Application: One-Day Liquor License - Spectacle Management, Inc., 1605 Massachusetts Avenue • Jake S himabukuro 3. Town Celebrations Committee Request-Approve Sending Sponsorship Letters for 2023 Patriots' Day Parade 4. Application: Battle Green Permit- Lions Club of Lexington, Inc. 109th Annual Patriots' Day 5-Mile Road Race ITEMS FOR INDIVIDUAL CONSIDERATION 1. Review and Approve Police Station Solar Project Design 6:40pm 2. 2023 Fee Schedule for Recreation& Community Programs 7:10pm 3. 2023 Annual Town Meeting 7:25pm • Procedures for Participation at 2023 Annual Town Meeting • Presentation-ATM 2023 Article 40:Amend Section 135 - 4.4 of the Zoning Bylaw-Reduce Residential Gross Floor(Citizen Petition) • Select Board Article Presenters, Discussion and Positions 4. Joint Meeting- Select Board & Special Permit Residential Development Zoning 7:55pm Bylaw Amendment Ad Hoc Committee • Presentation-ATM 2023 Article 33:Amend Zoning Bylaw - Special Permit Residential Development 5. Presentation- Town Meeting Member Association(TMMA) Recommendations for 8:10pm Town Meeting Information Improvement 6. Award Sale of Bonds and Notes 8:30pm 7. Approve Final List of Participatory Budgeting Projects 8:40pm 8. Discuss and Approve the F Y2024 Recommended Budget and Financing Plan 8:55pm 9. Review and Approve P ayByP hone at Parking Meters 9:25pm ADJOURN 1. Anticipated Adjournment 9:30pm The Select Board meeting packet is typ is ally available at least one business day in advance of the meeting:https://Iexington.novusagenda.com/agendapubRc/ *Members of the public can attend the meeting from their computer or tablet by clicking on the following link at the time of the meeting: https://zoom.us/j/92482764382?pwd=SFFvYWo3MmVkODF laG5ETmNsRDVoZz09 iP ho ne one-tap: +13092053325„92482764382#,,11*380743# US +13126266799„92482764382#,,,,*380743# US (Chicago) Telephone: +1 309 205 3325 US +1 312 626 6799 US (Chicago) +1 646 9313860 US +1 929 205 6099 US (New York) +1 301 715 8592 US (Washington DC) Meeting ID: 924 8276 4382 Passcode: 380743 An Act Relative to Extending Certain State of Emergency Ac c o mo datio ns:https://www.mass.gov/the-open-meeting-law The next regularly scheduled meeting of the Select Board will be held on Monday, February 27, 2023 at 6:30pm via hybrid participation. Hearing Assistance Devices Available on Request All agenda time and the order of items are approximate and Lei ila subject to change. Recorded by LexMedia AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Select Board Member Concerns and Liaison Reports PRESENTER: ITEM NUMBER: Select Board Members LR.1 SUMMARY: Under this item, Select Board Members can provide verbal updates, as well as comment on any additional points and concerns. There are currently no written updates for the February 13, 2023 meeting. SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Town Manager Weekly Update PRESENTER:TER• ITEM S NUMBER: Jim Malloy, Town Manager TM.1 SUMMARY: Attached please find the Town Manager's Weekly Update for the week ending: 2-10-23 SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 ATTACHMENTS: Description Type Town of Lexington Town Manager's Office APIUM11 �d w, t�,, James J. Malloy, Town Manager Tel: (781) 698-4540 Kelly E. Axtell, Deputy Town Manager Fax: (781) 861-2921 MEMORANDUM TO: Select Board FROM: Jim Malloy, Town Manager DATE: February 10, 2022 RE: Weekly Update The following is an update of activities for the week ending February 10, 2022: Various Administrative Issues: • At the last Select Board meeting we discussed the Opioid Settlement that is currently before the Town. The total payment to Lexington will be $857,575.24 as a participant in the settlement (over a period of varying years). The breakdown by company is as follows: o Walgreens would pay$241,583.04 over 15 years; o Walmart would pay$125,809.57 over 6 years (with higher payments years 1-3 and smaller payments years 4-6); o CVS would pay$222,166.71 over 10 years; o Teva would pay$167,955.83 over 13 years; and o Allergan would pay up to $100,060.09 over 7 years. • Attached please find Moody's Credit Opinion on the Town of Lexington for the new bond issuance. As I stated in the meeting on 2-3-23, the Town retained its Aaa rating as a result the interest rate on the bonds we are issuing came in at 3%. • At the last Select Board meeting a question was asked about the brickwork and paving on Massachusetts Avenue. I inspected the brickwork and did not see any defects and checked with John Livsey, Town Engineer who also indicated they were not aware nor have we seen any brick issues but will do a walk through to confirm. Engineering and DPW are aware of the asphalt issue in the area of Michelson's and have already performed testing, engaged the contractor and received the contractor's commitment to mill repave and restripe in the spring when the weather is suitable at their cost as a warranty item. It appears to be a bad batch from the plant as the limits seem to be clearly the size of a load of asphalt (not a workmanship issue). • Attached please find the Annual Review of Contract Rates vs. Utility Rates for the Town's electric usage which indicates that the annual savings for 2022 was $972,087. • Attached please find the agenda tracker for upcoming Select Board meetings. 1625 MASSACHUSETTS AVENUE 9 LEXINGTON,MASSACHUSETTS 02420 Fire Department: • As a companion to the EMS Survey data from last week, James Robinson, Management Fellow has undertaken a review of the various survey data and impacts on overall revenues from EMS calls. This report more clearly shows the variation between Lexington's current rates and those charged by other Towns, ranging from 12% - 20%under the comparison towns (equaling approximately $2001000 - $300,000 per year). While we wouldn't budget an increase until FY25 so that we have real data to use, this will provide additional funds for town provided services (keeping in mind that this becomes part of the Town's General Fund revenues and is run through the revenue allocation model, where the municipal government retains 26%, therefore providing approximately$52,000 - $78,000 additional revenues). Land Use Health and Development: • The Select Board's Special Permit Residential Development Zoning Bylaw Ad Hoc Committee presented its proposed bylaw amendment Wednesday at the Planning Board's required public hearing. Town Meeting previously referred this matter to the Select Board for the purpose of amending the SPRD bylaw to encourage the creation of a greater variety of home types in Lexington besides large single-family homes on large lots. The Ad Hoc Committee continues its public outreach on the resulting warrant article as follows: February 13: Select Board February 14: Commission on Disability February 15: continued Planning Board hearing on the bylaw amendment February 21: Housing Partnership Board February 23: 7pm Public information session at Lexington Community Center February 28: 7pm Sustainable Lexington March 2 or March 15: 7pm TMMA Info session March 3: 9:30am League of Women Voters First Fridays • Health Office updates—The Lexington Health Office will again be hosting ServSafe Certification classes. These classes will be offered to all restaurant and retail food establishments in Lexington. There will be 1 class taught in English, Monday March 20, 2023, and 1 class taught in Spanish, Monday March 6, 2023, both being held at the LPS Central Office Building. The average cost of a ServSafe certification training class per person is $200. We have received grant funding which allows us to offer these classes at a lower cost. Food establishments are required by the Food Code to have staff trained in ServSafe. All permit holders in Lexington were offered this opportunity. Due to the limited number of spaces per class and if there is more demand than can be accommodated, another round of trainings will be offered. • Economic Development Office updates—The Economic Development Office was recognized by Ragan &PR Daily for the ED , "s"in",,,,,s " ,ki . Ragan and PR Daily Award programs celebrate the most successful campaigns, initiatives, people, and teams in the communication, PR, marketing and employee wellbeing industries. As the leading voice in organizational communications both internal and external Ragan Communications recognizes those who create and cultivate best practices. Sandhya Iyer was nominated and elected to the Board of Directors for Built Environment Plus. Built Environment Plus, formerly known as the USGBC Massachusetts Chapter, is a membership- based community advocating for green buildings at the state and local level. Built Environment Plus provides green building education, networking, advocacy, and leadership opportunities for the sustainable building practitioner community and beyond. Our events and programming are supported and enhanced by the volunteer efforts of our community members. • Planning updates—Article 34 - Zoning Bylaw and Zoning Map amendments to allow multi-family housing in new village overlay districts, public hearing opened on February 1. On February 8 the Planning Board considered public comments and reduced the maximum heights throughout town, including down to four stories maximum in the center and north Bedford street. Article 33 —Zoning Bylaw Amendments to Special Permit Residential Developments was opened on February 8. Article 40— Citizen Petition to reduce residential maximum gross floor area public hearing will open on February 15 on Zoom. Recreation & Community Pro_rg ams: • The Summer 2023 Employment &Volunteer.................... rtunities Guide is now available online and applications are being accepted and interviews scheduled—Come Join Our Team! • February is Therapeutic Recreation Month—Enjoy this .R VJ...d.e o,created by our Regis College TR Intern, Tia Zanardi. • The Lincoln Park Master Plan process is underway. A Community Meeting will be held via webinar on Thursday, February 16th. hll� s://I..... t in n a. / a1 n r.as ®AEI ::::::::::::1 nth:::::::::::: ear:::::::::::: . a ::::::::::::1 1T yp ..................................... R I.R I I I IRI I 4R 4 IRI ..I .I. LI. I., , Ili i IW Ilu ..III IIIII II I III II @II I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I of CIRIEIDi r o�ip i�iN i o�iN T wn Lexington, MA 06 February 2023 New Issue lay �„I ➢IIII@� ,� I ,>u�a Suinimairy The::::I::: r_n _fr.ll::::.ex'iin.g pD If�assach�use�tts(Aaa stable)continues to benefit from a growing local economy, high demand for development and its proximity to Boston. Projections for sustained revenue growth support management's aggressive funding of reserves and Contacts capital planning. Large capital projects in the medium term will increase the town's already IlK 'tliiie I o iii�000i s iii�,,i(°III 1 2'""IIII 2 553 376 1 moderate leverage,which will be partially offset by property tax growth and build up of capital reserves. kabe t Diu„iseind°� rl 100("JI 'I'l Gred-111"t stireiingi, iii Illh a iiir lllI m 78 j m 222 1 2 2....senior Analyst » Dynamic local economy and high resident incomes Ample reserves and liquidity 11,,.II IF IN IF SERVICES IZ553I 1653IIII IIII° IIII AsiaIIIIladIII�fiIIIc ��" �����"'�'�'�'�" �� ���� » Large capital projects anticipated over the long-term 8 II �����������2�������������������������������������IIII Revenue constraints under the Proposition 2 112 tax levy limit Ill'1llllll1IIII�1111Ill'1llllll11 A 4 5,111,,4. IIII IIII The stable outlook reflects Lexington's local economy characterized in its strong economic growth as part of the Boston metro area, biotech industry presence and very high resident incomes and property wealth.The stable outlook also incorporates the town's very high reserves which have been maintained over several years while continuing to fund pension and OPEB liabilities. III, ,I IIII in IIII IIIII ade Not applicable "1::::`acis,ii,i couid Lead ,to a dowingirade Significant deterioration in reserves and liquidity Increase in long-term liabilities exceeding current capital plans Contraction of local economy m m m an m�min au min a m w min e w mi. .. mr m m nu an m�m� ..as au a ou m min a ..w min �m n ro mi an m�min ,.au au.a..do on w min .. �m a m uu an au min as m�a�m o III ..w min �m ro a�m m�min ou 0 a.m do ro w min �m b ro nu re m�min ou an re mi.m a�re e min nu as g nu oB ao�m ..au u ro au m m,a a mW nu re a no os ao�m au ao m nu m ow m ro mW .. ....oB.air,. a.v...w® .... ..a.w au mn au u ro na ro a`®,. ro mW nu as n no w ao nu ..ail w ro nu m ae® ro mW .. nu oB m,w w au nl� au.au m nu ro a,re ..ro my ,. air a ro au oo an ua w ro of an an ao- ao air a au on a� of w w on ua m mr� au au ro au ,.nn an ua w w"I ooi.au m�ro au m ro au oo an ua w w of un w min m� au m ro au on a� of m ro on m mi m�ro au a ro an on,u� ,.na w ua av on air an..m.an on a� na w m on on I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I II I II II2 III I liiii III III Iillll III II C�IlU I II C u Key Immmmmm II IIII IIII Illr Exhibit 1 Lexington(Town of)MA 2020 2021 Aaa IMe 'iins Economy Resident income ratio(%) 259.1% 268.5% 253.7% N/A 173.2% Full Value($000) $10,863,785 $12,008,479 $12,008,479 $13,471,182 $8,668,233 Population 33,480 331340 33,304 34,235 36,139 Full value per capita($) $3241486 $360,182 $360,572 $393,492 $225,444 Economic growth metric(%) N/A 0.7% 0.5% 0.7% -0.6% Financial Performance Revenue($000) $270,188 $290,393 $304,853 $314,265 $101,271 Available fund balance($000) $116364 $109,936 $116,230 $115,572 $60,284 Net unrestricted cash($000) $1741041 $1851652 $1711268 $1661069 $85,080 Available fund balance ratio(%) 43.1% 37.9% 38.1% 36.8% 62.5% Liquidity ratio(%) 64.4% 63.9% 56.2% 52.8% 89.9% Leverage Debt($000) $193,251 $219,206 $238,964 $217,687 $71,359 Adjusted net pension liabilities($000) $95,021 $1241707 $155,597 $207,877 $120,889 Adjusted net OPEB liabilities($000) $2111241 $213,653 $266,565 $293,285 $14,025 Other long-term liabilities($000) $1,552 $11730 $21272 $2,341 $3,650 Long-term liabilities ratio(%) 185.5% 192.6% 217.6% 229.5% 257.7% Fixed costs Implied debt service($000) $0 $14,239 $15,982 $17,113 $4,843 Pension tread water contribution($000) $1,431 $1,516 N/A N/A $3,247 OPEB contributions($000) $9,372 $81103 $81427 $81884 $517 Implied cost of other long-term liabilities($000) $0 $114 $126 $163 $244 Fixed-costs ratio N 4.0% 8.3% 8.5% 10.4% 11.3% For definitions of the metrics in the table above please refer to the�.0 �_id s_ _nd Counties Medha�dolc� or see the Glossary in the Appendix below.Metrics represented as N/A indicate the data were not available at the time of publication.The medians come from our most recently published�.US Ciitii s nd C u�u_irn ii s Median R . The Economic Growth metric cited above compares the five-year CAGR of real GDP for Boston-Cambridge-Newton,MA-NH Metropolitan Statistical Area to the five-year CAGR of real GDP for the US. Sources:US Census Bureau,Lexington(Town of)MA's financial statements and Moody's Investors Service,US Bureau of Economic Analysis IP Ilr "IIII te Located in Middlesex County,the Town of Lexington is a wealthy suburb 11 miles northwest of the. _i.ty of If3ostoin (Aaa stable).The town has a population of 34,235,as of the 2021 American Community Survey. ,,, t fill Ilr IIII t IIII IIII it " IIII IIII IIIII'IIIIIII',c l Irn :G,IIII�° 11l IIII *Ii IIIItl III In d l ocal,,ec IIII II�rny&n6II III° IIby weattIlyI o it .IIIII °t hill fsec°t III Lexington's local economy is expected to continue growing given its strong residential market and ongoing demand for commercial and industrial space, primarily related to life science and biotech industries.The town additionally benefits from its proximity to Boston.The local economy is part of the strong greater Boston MSA with a 0.7%growth rate (Boston MSA five-year CAGR of real GDP compared to the US GDP growth rate). The town's economic development plans remain strong and focused on rezoning initiatives for higher density areas and to continue to focus on providing laboratory and manufacturing space to support life science, biotech and pharmaceutical industries. Management reports very limited vacancy in commercial properties with newer buildings being fully leased before completion, reflecting very high demand.The town's top ten largest taxpayers collectively equal 8.75%of 2023's full value;the largest taxpayer, :::Iak a I harmaceu tica[ . _ iM..pany IL....�iilrniited (Baal positive), represents only 2.2%.Takeda is also a top employer and is currently expanding its footprint in town. I his Ip ullshcatioin does not airminouinco a cirediL iratiiing acboiin.Il ii mill dire&&iiratiiings referenced iiiis Chiis Ipulbhcab in,piease sec dhe iissu ec/deal page oiin IIIittp:/ii~ bill gs.oi oo so ii for dh rsuost qpdated cire6t ii~abrig acboiru iiir4oirrna6oiin&nd irabrig Ihistory. I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I E IIII""a li ��������iiu ur S L'"��11s°1u ulr1�o°Illl..,��ii!n�d iiiiw�.�t uu°i I Ii :III,I ew IIII�������^�u���a�u����� ii ii2 iii i hill iii iii dlllii iii ii i ii mmmmmm Resident income and property wealth are very strong. Resident income,calculated as median household income adjusted for the regional price parity of the Boston metro area, is 253.7%of the US resident income.Additionally, full value per capita has been increasing, reflecting tax base valuation growth against a fairly stable population. Full value per capita,calculated with 2023 full value and 2021 population (most recent year data is available) is $459,915. Exhibit 2 Resident Income Median household income O °°°°°»»»»»»»»»»r Resident income ratio(%) —Aaa median resident income ratio(%) 200,000 mummtmnuirwruwa'>mu'iuniaaoiiaovmiiaoiiaiiai mummmnuirwru+iwiwimmrmimimn/m'u' rmmiiaoiiaomu iiw'mlunutmw;'+Horn,mmnomm»»iimm»»iimm»»iimm»»iimm»i 260 rc r» rc, n�»r »»»r»r r r» »»» r�r,�nn, ,�,n�»»rrr��u»»r rm Y,mm� m m 150000 Y �m ��N r� m r r uuu mwm+ r 240 100 000 220 50 000 200 f w d, 180 0 2014 2015 2016 2017 2018 2019 2020 Source:Moody's Investors Service iiiilwc hill s f o Ilp e ra t iii1 ii-is-, IIIE iii iii r iii it CIII iiIiii iiiii iiii, iiiir-e irves sbill a t,w Lexington's financial position is expected to remain exceptionally strong given preliminary estimates for fiscal 2022 and revenue growth projections through 2024.At the close of fiscal 2021 the town held $115.6 million in available fund balance across all funds, equal to a strong 36.8%of total revenues(see exhibit).The town's governmental funds account for 72%of total revenues;the town's business type activities (which includes water,sewer and housing) comprises 28%.The town's governmental funds derived 73.7%of revenues from property taxes with 17.8%and 4.3%from intergovernmental revenues(primarily funding education)and charges for services respectively. Management is committed to increasing the tax levy to the 2.5%cap annually which, in conjunction with new development,will sustain revenue growth over the medium term. Unaudited results for fiscal 2022 estimate an $11.6 million surplus in the general fund. Management estimates that general fund revenues will increase by 3.9% and 3.4% in fiscal years 2023 and 2024, per the town's 2024 recommended budget.As revenues have increased, management has opted to maintain current levels of service while utilizing dedicated tax levies to increase the capital stabilization and retirement funds.Additionally,operating turnbacks from departments are put towards capital projects instead of operating expense. Management's efforts towards harnessing growth to aggressively fund reserves and capital needs allows for a significant contingency should market conditions change and/or revenues fall short of projections. In both the water and sewer funds, management is moving towards cash financing of capital improvements to save on interest costs in the long term. Management is also considering creating a stormwater fund to cover capital expenses (typically about $2.5 million annually)to improve and maintain proper drainage;the fund would be financed by the additional fee on utilities. Estimated average bill would be $89 annually for residents. �i °oirt of �ii!niii�iuii„m �ouu°i .I��il s��suwS 6 iuu. ollfoll2fflzllsl li'll iliziell7lillilTilifiizizllammmmmm Exhibit 3 Fund Balance General fund Other governmental funds 0 internal service funds Business-type activities .............................Available fund balance ratio Aaa median available fund balance ratio mw� $100,000 60 50 50,000 40 0 2018 2019 2020 2021 Source:Moody's Investors Service Liquidity Lexington's net unrestricted cash totaled $166.1 million at the close of fiscal 2021,equal to 52.8%of total revenues a 1 eve��rage: lft&ra te Leve�rage iiiicli is*�i f Lo�iig teiiinrn IIII laiiIis Lexington's leverage will increase over the medium term given current plans which includes the construction of a new high school.The town's current leverage,calculated as Moody's adjusted unfunded pension and OPEB liabilities and outstanding debt, equals 229.5% of revenues.The high school project,which is nearing design phase, is preliminarily estimated to cost around $350 million to $500 million,with the Massachusetts School Building Authority covering about 25%of total costs.Of the remaining cost, management expects continued commercial growth to cover about 50%of the anticipated $15 to $20 million annual debt service for the project. Exhibit 4 Lexington's leverage is average and is expected to be driven by the debt burden and OPEB liability over the long-term Governmental Debt Business-Type Activity Debt 0 Adjusted net pension liabilities Adjusted net other post-employment liabilities Other long-term liabilities .............................. Long-term liabilities ratio N as median long-term liabilities ratio N $800,000 600,000 250 400,000 200,000 200 0 2018 2019 2020 2021 Source:Moody's Investors Service Legal security The bonds are backed by the town's full faith and credit genera[obligation limited tax pledge as not all debt service has been voted by the town as excluded from the tax levy limit of Proposition 2 112. Debt structure The town's entire debt portfolio is fixed rate with a final maturity of 2049. Debt-related derivatives Lexington has no debt-related derivatives. iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillilillillillill i 4,, 6 Ib iiii uairy 2023 IlYwin af ie!nii��i iiii„'i g,,t o iiii i IM A:INil e w s!�s u e ii ii2 iii i hill iii iii dlllii iii ii i ii mmmmmm Pensions and OPEB Lexington's pension and OPEB liabilities on a reported basis are smaller than the debt burden and,though manageable at this time, represent a potential future credit challenge.The town participates in the Lexington Retirement System,a single-employer defined benefit plan,and makes annual required contributions based on at least its proportional share.The town is still on track to fully fund its pension obligations by 2030 after which the town will more aggressively fund its OPEB obligations. Currently OPEB is funded at about $1.9 million annually with an increase of$50,000 each year.The town's teachers participate in the Massachusetts Teachers Retirement System in which the town receives on-behalf payments toward that liability that is covered by the Commonwealth. IIIII eAlHng t iiiii Illll utw i f IIIIIMNmm IIIII°SG C ii hill t IIIII iiiii-n Ip t Scoiiire IN le ti tira III ow C III Exhibit 5 ESG Credit Impact Score C S 2 NONE= Neutral-to-Low �i l RAc r �i'A PAc r For an issuer scored CIS-2 (Neutral-to-Low), its ESG attributes are overall considered as having a neutral-to-low impact on the current rating; i.e.,the overall influence of these attributes on the rating is non-material. Source:Moody's Investors Service The City of Lexington's ESG credit impact score is neutral-to-low(CIS-2), reflecting neutral to low environmental exposure, neutral to low social risk and a strong governance profile that supports the city's credit rating, resilience and capacity to respond to shocks. Exhibit 6 ESG Issuer Profile Scores ENVIRONMENTAL SOCIAL GOVERNANCE S 2 Neutral-to-Low Neutral-to-Low Positive JJy��J����������� Illllllllllllllllllllll��ii����� IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII JJy��J�����������t Illlllllllllllllllllllll�ii������ IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII JJy��J�����������t IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Illlllllllllllll�ii��llllllllll Source:Moody's Investors Service Lexington's E environmental issuer profile score is neutral to low(E-2).The city's carbon transition, natural capital,and water and pollution risks are modest. Given Lexington's geographical location, physical climate risk is also neutral to low with no material exposure to sea level rise and moderate exposure to shocks from extreme weather events such as hurricanes and nor-easters. *il Lexington's S social issuer profile score is neutral-to-low(S-2). Lexington benefits from favorable educational attainment and health and safety. City residents have access to basic services and risks associated with demographics, labor and income and housing are limited. iiGove��riin&ll ice Lexington's G governance issuer profile score is positive (G-1).The city has a favorable institutional structure,transparency and disclosure.The city also consistently approves and releases its budgets and audited financial statements in a timely manner. Lexington's 5 6 b ui t,j a uir 2(�)2 3 �����f������i w uirm e if Illl..,�ie!niii�ii uii„'m g�,,t o uu illM A:IIINllii es!�s a le II I II II2 III I liiii III III lilliI III II C�IlU I II C u mmmmmm budget management and policy credibility and effectiveness are considered strong as evident by its healthy financial position and trend of balanced operations. ESG Issuer Profile Scores and Credit Impact Scores for the rated entity/transaction are available on Moodys.com. In order to view the latest scores, please click.Ih r to go to the landing page for the entity/transaction on MDC and view the ESG Scores section. The US Cities and Counties Rating Methodology includes a scorecard,which summarizes the rating factors generally most important to city and county credit profiles. Because the scorecard is a summary,and may not include every consideration in the credit analysis for a specific issuer,a scorecard-indicated outcome may or may not map closely to the actual rating assigned. Exhibit 7 Lexington(Town of)MA Il e s uire Weigilit Score Economy Resident income ratio 253.7% 10.0% Aaa Full value per-capita $459,915 10.0% Aaa Economic growth metric 0.7% 10.0% Aaa Financial Performance Available fund balance ratio 36.8% 20.0% Aaa Liquidity ratio 52.8% 10.0% Aaa Institutional Framework Institutional Framework Aa 10.0% Aa Leverage Long-term liabilities ratio 229.5% 20.0% A Fixed-costs ratio 9.5% 10.0% Aaa Notching factors Additional Strength in Local Resources 1.5 Scorecard-Indicated Outcome Aaa Assigned Rating Aaa Sources:US Census Bureau,Lexington(Town of)MA's financial statements and Moody's Investors Service I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 6 Ilf"'' b ui°t,j a uir 2(�)2 3 i°wo uirm o�f �ie!niii�ii uii„'m gto uu i IN1 A:IIINiii os!�s a e II I II II2 III I lilll III III IIIIII III II C�IlU I II C u mmmmmm Appendix Exhibit 8 Key Indicators Glossary Il efiiiiniitiion "'117 piiic Source* Economy Resident income ratio Median Household Income(MHI)for the city or county,adjusted for MHI:US Census Bureau Regional Price Parity(RPP),as a%of the US MHI RPP:US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories;audited financial statements;continuing disclosures Population Population of the city or county US Census Bureau Full value per capita Full value/population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or Real GDP:US Bureau of Economic Analysis county minus the five-year CAGR of real GDP for the US Financial performance Revenue Sum of revenue from total governmental funds,operating and non- Audited financial statements operating revenue from total business-type activities,and non- operating revenue from internal services funds,excluding transfers and one-time revenue,e.g.,bond proceeds or capital contributions Available fund balance Sum of all fund balances that are classified as unassigned,assigned orAudited financial statements committed in the total governmental funds,plus unrestricted current assets minus current liabilities from the city's or county's business- type activities and internal services funds Net unrestricted cash Sum of unrestricted cash in governmental activities,business type Audited financial statements activities and internal services fund,net of short-term debt Available fund balance ratio Available fund balance(including net current assets from business- type activities and internal services funds)/Revenue Liquidity ratio Net unrestricted cash/Revenue Leverage Debt Outstanding long-term bonds and all other forms of long-term debt Audited financial statements;official across the governmental and business-type activities,including debt statements of another entity for which it has provided a guarantee disclosed in its financial statements Adjusted net pension liabilities(ANPL) Total primary government's pension liabilities adjusted by Moody's to Audited financial statements;Moody's standardize the discount rate used to compute the present value of Investors Service accrued benefits Adjusted net OPEB liabilities(ANOL) Total primary government's net other post-employment benefit Audited financial statements;Moody's (OPEB)liabilities adjusted by Moody's to standardize the discount Investors Service rate used to compute the present value of accrued benefits Other long-term liabilities(OLTL) Miscellaneous long-term liabilities reported under the governmental Audited financial statements and business-type activities entries Long-term liabilities ratio Debt+ANPL+ANOL+OLTL/Revenue Fixed costs Implied debt service Annual cost to amortize city or county's long-term debt over 20 Audited financial statements;official years with level payments statements;Moody's Investors Service Pension tread water contribution Pension contribution necessary to prevent reported unfunded Audited financial statements;Moody's pension liabilities from growing,year over year,in nominal dollars,if Investors Service all actuarial assumptions are met OPEB contribution City or county's actual contribution in a given period Audited financial statements Implied cost of OLTL Annual cost to amortize city or county's other long-term liabilities Audited financial statements;Moody's over 20 years with level payments Investors Service Fixed-costs ratio Implied debt service+Pension tread water+OPEB contributions+ Implied cost of OLTL/Revenue *Note:If typical data source is not available then alternative sources or proxy data may be considered.For more detailed definitions of the metrics listed above please refer to the_ill S_City _Ind'..._Go I.ii_s..._imetihodo� . Source:Moody's Investors Service I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I S Illf"'° Illk��uu�.,�ii���������iiu uu° f�i°wo in o'���Illl..,��ii!niii�ii uii„'m ww�,,to uui°i .III^iil e s�!�s a w������� ii ii2 iii i iiiii iii iii dlllii iii ii i ii mmmmmm SSSS(Moody"s CeryereUlilo n"Il o dy"s IIrivest rs Serve ce"inc.,(Moody°s Anaiybcs,(Ulric.and/or Ulh 6r fliceunsors ellmd effihates(cottecdnlieefy,""III CCIIi)y" ").AU II udllhts uresenreedo I IIIII IIIL......IIIII IIII I IIIIC I IIII IIIII IIII IIIL......IIII IIIII IIII' IIII IIIII IIIL......IIIIS IIII I IIII I IIII IIIII IIII IIII IIII IIIL......IIII �IIIL...... 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At[infcnlrllrnebori cellrntalried IIhelreuun Its obt&lllned)y MOODY'S flrorx sources Ibehe ed Isy it to be accurate&nd II efuelhsfe.Ill)xeceUse of the Ilmessiil[ufu�iy of Ilmuullnnellrh or Irnecfinenllcef eu~nrelr es wek as eL r factors,however,eff hiforrinadorn ini.ei r�i d Fi i Im lre ided S IS IIeuU rr Infi/ rn IkIIId. CL S sdelh..�)� enecessa I -nessn es se that tihe i ri f rrna ri b: uses Illlln as&gnl i,d e oredlli..Irating Its of scufhclellrit yuucflli.y and funs(s uulllces II IDY S ceunsAells to be Ilefllelh.nfe Irnc.fuudllling,wheln eISIdIIIeldll Mete"uuidellnenndenni tlihilld 1party sources.Il ieeveeelr, MOODY'S Ills no i:ar-i au61or and celliun t it n every IrisLaI nce IIIndelfiellndellnL y nuerufy or validate uunfeu Ilinetllelln IlecOved In the credit Irradlln ISlllccess or In IprelfSelllITing its III uulbbc boons. to drllme exUeunt Ifselrlr nl Lted Ihsy lean"III .CfIII..`C S&nd Illts&ecd.usu s"efflc&s"ellnrnlyfcuyees"agents,Ill eyll eselritadves"hc&nsell s sulllnd suuyfnflll rs discfellllrnn fuefmuhty to&ny person call ellibty for any ny hridilrecU s ecW consequential,or li ncidellrntef tosses or d rna es sm+llnetseev&r Ilrliisiln.fn�ellrn olr li n oril lnecbonn ssiiU.11m the innfusrmatiori celllntainned Ihmelrein or the use of or lillmefsiht to use III°n " Ills � S � d y y suucllln infellrrnetllelln"even lif III CSILC S or&Iy of its durec�tors"officers,elr nyfusyees"edellrn�ts"reyllreselritadlees"hc&nsellls ell suuySke s Its advised I n advance of tllne ycnsslllbllflllty of such losses or dellrnmege.sy lillncfuudiling but not Ufurnmited to-(e)&ny lass of plresellrn�t or ylresdec�dve dllrc�fi s or(S)army fens or dernage elJsil n inrllhelre tllne relevant filllrnelrncW it ns�bruurnelrit is II~mot the subject of e y IrdcuuUelr ore6t rabng asslgllmed by II iCSCtIIDYS. Io LIlme extellnt pelf Irnm ted b f sm,\100IDYS&A Ibs dulrectusus"effllc&s"elrnnfnf yees"edelrit"Ilrell,ulleselritadves"hcelrnsells and suplphers dllscfellllr n fIII IImIhty fell&ny dullect ell cclrnmp&nsatellry losses or darnages caused to ar,ny persor,i or ellm�ft "Il IIcf�uudlllrnd Ilsuut IIInoL f.11llrnnlited to by slimy Ilneg[igell nce(but cxcfuudlllrnd fraud, INf.muf Ilrnllscellrn�duuc�t or ellny odher type of UII bihi'y�tll~net"for tune avoidance of deuulkut"by lave celrhlnot be excluded)on tlihe Ifselrt of,or any ceu°ni::uundeuncy veil tl[ii rh or beyond Urihe cellrntlro[of,IIMO DY'S or any of��ts dills~cc�tour,officers,eIIrnpfeyees"agerits, rgpreseuntabves Hcelrisors or suu..mfielrs,alns�i ri.�flrornm our illln cchlrhllr���iec�tlielln Ilth�tll-�ie liilrnforrsnsn�tlilorh cellrn�telillned Ih�neure�iilrn or dlihe use of or lilrmeditt �te use ellr���n suucllh��i it n�felrlrnne�tioeri Ifm � ISII a d� .y y I\10 WAR�R,Niu iC'"IIII I)IIICIIiSS UUC IIIII IIPIL..IIHii]L.)"AS 10 11 III:ACCURACY,i HiKiiiIi II"SII:SS"y I 14)II.IIiii i IIIiIIvIIi s,II IIIiIRC i II\U MIItIIIIL..III..I.. 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I:: i'V yIIU IIIII i IC f 111 sly y"ASS II:S S II II IIiii Ily.i 11 i IL IIIC I-)III ll"S III Illy aC H',4IiiiGIUMAi 111 IIIS III S y III Ii Ili OR IVM,Nliiifify Ilf DY'S III Ily NNY II ll lll''C OIR III IS IId If:.IIIC Wii II ..l..SC II C%llli IR. cuedy"s Illuneestcurs Service,Ilhnc.,e Wholly owried credit Ilre��l in edellnc�y snufss�&ary of 11 1cncnd "s yellrlpou re�tfelln("IISy ")"Ihe�lr6l1)y discloses tllhe�t IIIrnesL i6suelrs of defs�t secuullr��bes(�ncfuuding corporate ate&nd Ilnnu.unlclllfnef bonds,delll..iellrntuulll es"IlrnoLes&nd cell rn i-nc llrciat definell)and ICI(efell II ed stuscll<rated Ihny(Moody s investors Sells vice,(Uric Illneee,pIilolr to e sIII IIInlrnnelrit of&ny cu cdu t a t'Hin g agreed to day to Il cody"s Illn csLcllrs Service"inc,for ore6t radrigs edlilllimns&-id selrefces(rend&ed Ihsy it fees Ilrangil ng hrolrn °"'ll"SCUS to sdlSlrnsxfunrnetef 5"000"000.IIIMC O and Il seedy" Illneestcnlrs Serve ce also Ilrnelhn�tairi cnhclie�s aril rcncednures�to address�tllhne li nde elndellmce of IIIMood "s Illllnee�s�tolrs Selrvu ce credit ratings ellmd credit ure�tfum processes,Iirifelrllmablcsln Illre��&rdlhn d S d y S d fs d d celrtaium effif.iletlilclrns tllhnct(le y exist Ilset eelln Erectors of II\ICO and IIrated elrntibes"and between elln�tlil�tlies who hold oredi�t Ilre�drigs frcnum�n R eedy"s investors Selrvlce"(Ulric.and Ihneee also t l:wuu.Sflilcfy y e "" II�ell�melr�ted to lllne Sllillm esi�Ilmellrsllmillm iIIImUellresuM Illlln IIntC� �Ilmncnll�e dMll�nsllrn. /"Its postedunllnllrnuuef.f.y et yurt�rt�r,rrt��d s under dMllhnc Ilhneedilllmd IllllmuresUrcllr IRcfetliellrns.......Corporate C/useerllrnsnllmce Clhnerlelr IDocuullnnielnts I itllrectosl aII-id Sllnsllrelln [dell ffilf atiellm Il)efficy." ddlru.II nat tell urns for Austraha or Ay-Any II puulbhcetllelln I rite AusbraUa of tlllnlls docusllrrnelrit Its pursuant to tlllne Ausi.,llr flare Iiiiuriaricu f Selrellces IiI cerise of I O D S sffiha e,IIMoody s irwestors Sellrvice FIty III...(rrnited NIN Si 003 SSS 657,NiiiSIi 336969 ullid/ells "° oody s lmefyi:cs AusUraha FIty II.td ki3IN dS 105 136 972 kiii&i 383569(as eII)llshcable).i his decuslrnneund.,Its IlHntellided to be Iisrovllded eurnfy to vellhoc esAe ctiellnts nnrll -lull Like urnesuning of sccbocri 761G of Ulna v urllporstu funs Act SSS II.Illy c ribnsuung to access tihl s d csurnerit fa u n Irdllnri Austraha,you relyll esellnt to II D S d:lllnet you are,or cure ecces liilrnd the decuulllm&nt as e relpreseunU U.urre of, sslhh fesefe chelnnd:: and i:lllnet uidtfher emu Inor tune ellnbiy yunuu IIreISIrITes&nt will dllllrect[y or II IIidi ectfy 6ssellmnllllrnete d..11nllls dmncwu i'nelliU.or Ilts contents d:e Ietelllf cb&nts ninn&lmllllrn tlllne Ilnne llnil ng of sectiori SIG of the Celrlpoe dole is Act SSSfm II"S CSIIi WS celledlllt radrig Its ellm elllsll nlloln as to tlllne creditworthiness of a delhnt Ibligatiori of the issuser,Iriet oIri dine eymullty secu.ulribes of the issuer or ellny felrunn of secuulrl�ty tli iaL lies avai4lhnfe to Ilre�tA it nee�tolrs. ddlitlioriaU telnins folr Japan only:(("lawny"s Jap&ln II<.IIIC.(""IM lll<II<")is e Wlneffy owned credit rating agency suubs04iy of Il cucudy"s Cfll~ u.ud jelSellln .K."vellhicfn lies Wholly owned by Il oody"s Overseas Il lol&lings Illnnc."c v holly owried suuSsfdfery of II CO,R eedy".s SIIii jelfsen II<.II<.(II SII:I)is e Whotty owned oredi�t re�dlrid c ellmcy suuSsfdfelry of IIIJIICIIIC.II &iiij is not e III"Se�tilelrncffy Recognized m m :� ...m °.,,...m as "� ., . ., Recedllnlized SteuJ��llsbcef IIII tlrig Ordeununetueun( IISVII SIIC ). i llneuef Ire"ore6t Illretlhigs sssllgned Illy IIIISII��i�ij are Illell�h��������ll"SII�CSIRO Credilt IRatings.Illcn V6RO ylrediL IRatings are essild,;llned Illy elln eIritity OIneU.Ills not e NR&RO sand"coriseyuuellntfy"LIlne rated cubtid tllon will,Ilhe�t quahfy for cellrlairi types of treatrneriL uurnder U.S.laws.II jIIi(K ellnd IIIISIIIiiij are credit Illre�tlillnd edellncies uredf telred ui tIm tlhe.clSer m lmcU Servlce e�icy and tlnei��edlsd�ete�n�uu�nde�s are :Sl yermanissiellne~(Ilretnds ISe.S and S respectively. y. IIII<II<or t II. (es IIsphc b[e)hereby 6scf.mse tln t most issuellrs of debt secribes(hnc[u&ng cs~IImcrate&nd mnsnc uf ferndss debenntures"notes acid cornl-sercial IIsa er)aril isreferred stecll4c Irated by II JIKK or II SIIiiij(es aI:)I:Acabte)Ilneee,Il�-)�J sir to assignrnelnt of ellny ore&t re�drhd,agreed to Ilne.y to II f IICi(or II &iiiij(es IInllnfic ISfe)for ore&t ure�tlillrh s ellCliilrmliellns ellnd services ureundelred by Intl fees u~enn i rnd fll'UTI jIf:�Y100,000 i:e alum)lhmullromrrnetef.y J[PY5 0,00S" dd,. ijll<IIIC ellrnd II\I&iiij also Ilrneliilnrdrai n Ifneflildes arid Ilhnrocedu.ulres to address jepelriese uµeduufsiU:usu-y Ilrequulrrelr nelrits. 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I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 9 6 b t,j a iry 2 0 2,3 IIIL"111D 1111V 1111f NIA:I lei leifv Issue Annual Review of Contract Rates vs Utility Supply Rates and Forward Projections Lexington, MA To: Jim Malloy, Michael Cronin, Lisa Rozzi, Carolyn Kosnoff, Elizabeth Mancini, Shawn Newell,Town of Lexington From: Howard Plante., Bart Fromuth CC: John Shortsleeve, Susan Shortsleeve Date: February 9, 2023 Your electricity consulting agreement with Bay State Consultants, which is effective through December 2023, requires an annual review of your contract supply rates as compared to the avoided Eversource rates, and forward budget projections of your supply costs. Bay State has engaged Freedom Energy to assist with the preparation of the Annual Review. Table 1 depicts the annual weighted average Eversource supply rate and the contract electricity supply rates: Table 1: Supply Contract Rates Vs Utility Supply Rate Cal 2022 FY 2023 FY 2024 Contract Rate $0.09181 $0.09181 $0.10655 Weighted Utility Rate T $0.20697 TBD TBD Calendar Year 2022: Table 1- In calendar year 2022,savings from your EDF supply contract, as compared to the avoided utility supply rates totaled approximately $972,087, assuming usage of 8,440,900 kWh across all accounts under this contract. Total Electric Supply Savings: Calendar Year 2022 =$972,087 Forward Projections: Based on the same annual usage of 8,440,900,we recommend you budget$774,959 in Calendar 2023 and $899,377 in FY 2024 for energy supply charges. ($0.09181/kWh X 8,.440,900 kWh for calendar year 2023 & $0.10655/kWh X 8,440,900 kWh for FY 2024). The FY 2024 rate was calculated by blending the existing agreement with the next agreement. These budget numbers are for the accounts served by the EDF contracts and will increase or decrease if the assumed consumption changes. Additional Info: Lexington's current electric supply agreement expires in December 2023, and Freedom Energy helped the town execute their next agreement, locking rates in until November 2026 at $0.12129/kWh with EDF. This agreement is also 1 00% Grl'ee�n !E�rie����gy with Lexington opting to purchase an additional 20%MA Class I RECs and 54%Texas National Wind RECs,keeping the town ahead of schedule on its goal of 50% MA Class I RECs by 2030. Please let us know if we can help answer any questions. lam A itenda Tracker g ITEM NAME PROPOSED MINUTES DESCRIPTION DATE Select Board Committee Ad Hoc Transportation Committee Appointments 13-Feb-23 0 (appoint as Special Municipal Employees) Approve One-Day Liquor Spectacle Management x1 event at License - Spectacle 13-Feb-23 0 Cary: Jake Shimabukuro 7/16 Management TCC Request-Approve Sending TCC Sponsorship request ok for this Sponsorship Letters for 2023 13-Feb-23 0 meeting Patriots' Day Parade Battle Green Use Request - 13-Feb-23 0 109th Annual Patriots' Day 5-Mile Road Lions Club of Lexington Inc. Race (Police; Fire; DPW - OK) This presentation will include the most recent design information on the Solar Canopies as approved by the H DC. In addition to the design, a brief analysis of the building energy consumption vs the energy produced by the solar canopy system. This project will be presented to Police Station Solar Update and Annual Town Meeting and will be funded Decision 13-Feb-23 30 by bonding. Timeline is Annual Town Meeting for approval. Construction will be in two phases. If the project is approved, the site work will be put out to bid immediately. The structure and the solar panels will be bid separately, later in the summer of 2023. Melissa Battite has asked to present Recreation Fee Increase 13-Feb-23 15 Recreation Department Fee Increases for the upcoming year. ATM 2023-Procedures for Matt Daggett- confirmed Participation at 2023 Annual Town Meeting Presentations: AMEND SECTION 135-4.4 OF THE 13-Feb-23 30 ZONING BYLAW-REDUCE RESIDENTIAL GROSS FLOOR AREA(Citizen petition) Select Board Article Discussion and Positions Presentation -A I M 2U23 Article 33: Joint Meeting -Select Board & 13-Feb-23 15 AMEND ZONING BYLAW- SPECIAL SPRD PERMIT RESIDENTIAL DEVELOPMENT TMMA Presentation on Town This would be a follow up discussion to Meeting Information 13-Feb-23 20 Bridger McGaw's memo dated 1/12/23 Improvement Bond counsel would I-Ike this voted at the Bond Issuance Award 13-Feb-23 10 Feb 13th meeting Participatory Budgeting Final Final determination on what will go Decision 13-Feb-23 15 before voters on the PB funding projects. White Book Budget carry over discussion from 2/6 meeting, Discussion/Approve the Board asked for further discussion recommended FY24 Budget and 13-Feb-23 30 regarding the Budget: Lexpress, Financing Plan Composting/trash, Public Grounds Superintendent, Fire Inspector To have a further discussion/decision on PayByPhone at Meters 13-Feb-23 5 whether all meters should be coins, credit cards and paybyphone as options budget was presented on 1/30 and discussed on 2/6, at the 2/6 SB Approve the Recommended meeting voting the white book was FY2024 Budget and Financing 16-Feb-23 15 rescheduled to Thursday, 2/16 at 8:30 Plan am This 2/16/23 8:30 am meeting will need to be posted by end of day monday, 2/13 Approve Select Board Meeting 27-Feb-23 0 Minutes Select Board Committee 27-Feb-23 0 Affordable Housing Trust Board of Appointments Trustees Dress rehearsal for Battle of Lexington Reenactment 4/1 (rain date: 4/2); Battle Green Use Requests - Parker's Revenge Reenactment 4/15; Lexington Minute Men x3 27-Feb-23 0 Battle of Lexington Reenactment& wreath laying ceremony with DAR at obelisk 4/17 (rain date: 4/22) Paul Revere's Ride: Bedtord btreet trom Massachusetts Avenue to Hancock Road Closure Request- Street and Hancock Street to Adams Lexington Minute Men & 27-Feb-23 0 Street closed to all but resident Lexington Historical Society emergency traffic from 10:30pm on 4/16 to 12:30am on 4/17 (Police- OK; Fire- - DPW - ; TMO- ) Approve One-Day Liquor Lexington Historical Society Tavern License - Lexington Historical 27-Feb-23 0 Night 3/4 inside of Buckman Tavern Society Water and Sewer Adjustments 27-Feb-23 0 Email request from Robin on 2/7 The Planning Board is workign on the updated plan, but the Planning Update the Select Board on the Department wants to present to the Draft Updated TMO-1 Hartwell 27-Feb-23 15 Select Board and obtain feedback prior Area Plan to finalizing the plan as the zoning requires the Planning Board adopt the plan in consultation with the Select Board. Placeholder Grant of Location - 1/18/22 Request submitted - Engineering Verizon -Stedman Road 27-Feb-23 10 requested more detail, waiting for new plan submission The Open Space and Recreation Plan is near completion. The final draft will be available and open to the Public on/about 12/21-1/31, additionally, Placeholder-Open Space and 27-Feb-23 30 another community meeting will be Recreation Plan Review held. The final review required is by the Select Board. In reviewing the timeline, would it be possible to hold a space on the 2/27 Select Board agenda? PLACEHOLDER-Tourism More commonly referred to as the Committee Recommendations 27-Feb-23 15 Visitors Center Lawn (recommendations for Zone B of Battle Green unanimously approved at Tourism Master Plan Committee meeting on 12/15) ATM 2023 Dinesh Patel- confirmed Abby McCabe- and Bob Peters, PB presentations: chair, confirmed Art 31 FAIR T RAD E RESTRICTIONS- FUR PRODUCTS (Citizen Petition) Dinesh Patel Art 34 Amend Zoning Bylaw- MULTI-FAMILY ZONING FOR MBTA COMMUNITIES Art 36 AMEND ZONING Bylaw and MAP-CENTRAL BUSINESS DISTRICT Art 37 Amend Zoning Bylaw- ACTION DEADLINE FOR MAJOR SITE PLAN REVIEW 27-Feb-23 60 Art 38 Amend Zoning Bylaw- MINOR MODIFICATIONS TO APPROVED PERMITS Art 39 AMEND ZONING BYLAW- TECHNICAL CORRECTIONS Art 40 AMEND SECTION 135-4.4 OF THE ZONING BYLAW- REDUCE RESIDENTIAL GROSS FLOOR AREA(Planning Board feedback) Art 33 AMEND ZONING BYLAW- SPECIAL PERMIT RESIDENTIAL DEVELOPMENT (Planning board feedback) Common Victualler License Application -Taipei Gourmet 27-Feb-23 5 Under new management- new CV LLC d/b/a Taipei Gourmet, 211 application (Zoning; Building; Health - Massachusetts Avenue OK) Common Victualler License Application - BlY Foods LLC 27-Feb-23 5 New CV application (Zoning; Building; d/b/a BlY Foods, 317 Woburn Health - OK) Street On 1/16, the LBAC requested to present LBAC Request for Set of and discuss the proposed safety signs at Proposed Safety Signs on the 27-Feb-23 10 a Select Board meeting prior to Annual Minuteman Bikeway Town Meeting. Approve Annual Little League Parade Request- Lexington 27-Feb-23 0 Annual request to use Mass ave for Little League parade Sandhya requested to be on an agenda Events in Lexington Center 27-Feb-23 15 at the end of February to discuss events in the Center. Affordable Housing Trust approved at Dissolve Affordable Housing 8-Mar-23 0 Town Meeting; recruitment is in place for Trust Study Committee? members of the Trust-to be diissolved once Trust has been established Placeholder Grant of Location - Eversource - Pelham Road Request to Amend Housing 8-Mar-23 10 The HPB submitted a revised charge on Partnership Board Charge 12/15 with multiple changes Parking Lot Parking Fee At a recent Select Board meeting there Discussion was a question regarding the parking fees charged at the EV spots in public parking areas. Contradictory times exist 8-Mar-23 15 and a uniform time should be established. Additionally, there is a section of the parking regulations that needs to be amended for the EV chargers. viacenoiaer- update on vroject Follow up items from 1/11/23 Retreat- Tracker(JP), Communication 8-Mar-23 Select Board project, March date Matrix(SB) committments of project status The policy adopted by the Select Board and School Committee in 2020 requires that the Select Board and School Discussion on establishing a Committee jointly appoint a Committee Committee to review the to review the policy every three years Integrated Building Design and 8-Mar-23 (2023 is the third year). The Select Construction Policy Board should vote to create the Committee and then invite the School Committee into a discussion to determine how to make the joint appointment. The Fire Department and James Robinson have undertaken a fee survey Fire Department EMS Fee of area towns and towns throughout the Survey 8-Mar-23 Commonwealth and found that Lexington's fees are significantly low for EMS. Staff will present recommended fee increases. This is an Intermunicipal Agreement for Tri-Ton Health Services a grant program to provide Health Agreement 8-Mar-23 10 Services among the Towns of Burlington, Lexington and Wilmington. Tree Canopy Study 8-Mar-23 20 Presentation on the results of the Tree Canopy Study Placeholder- Flammable Fuel 8-Mar-23 10 913 Waltham Street Marsha Baker from the Lexington Historical Society has requested to Preliminary Request for present their idea to have a Re- Reenactment of 200th enactment of Layfayette's vit to Anniversary of Lafayette's Visit 13-Mar-23 15 Lexington ot the Board at a January to Lexington meetings get initial consensus from the Select Board before they spend too much time planning. (Marsha away in Feb/March) TENTATIVE - Presentation - Sandhya requested to be tentatively Wayfinding Signage in East 13-Mar-23 15 placed on an agenda in mid-March to Lexington present wayfinding signs in East Lexington SELECT BOARD WORK 13-Mar-23 SESSION Mina Makarious/Anderson & Krieger LLP Select Board Committee to be appointed as Town Counsel; Appointment & Reappointment 20-Mar-23 0 Gordon Jones III seeking reappointment to the Registrars of Voters- both expire on 3/31 Approve and Sign April is Autism Awareness and Proclamations -Autism Acceptance Month; National Public Awareness and Acceptance Safety Telecom m unicators,Week 4/9- Month; National Public Safety 20-Mar-23 0 4/15 (annual proclamations); NEW - National Public Health Week 4/2-4/8 Telecommunicators Week, National Public Health Week Approve Select Board Meeting 20-Mar-23 Minutes Kelly spoke with Maggie Peard who was PLACEHOLDER- Energy Use at a Sustainability meeting with Mark Disclosure Update (requested 29-Mar-23 15 Sandeen on 11/15 and he suggested for Jan.lFeb. meeting) she come to a SB meeting in Jan/Feb to update on the energy use disclosure PLACEHOLDER- Green Vehicle Maggie Peard will provide an update on Policy Update (requested for 29-Mar-23 15 where the Town is in tracking the vehicle Jan.lFeb. meeting) type and replacement Minuteman Cane Award- Outstanding Youth Approve and Sign Awards for 0 of Lexington Award (to b 7 e signed prior to Patriots' Day 2023 awarding at Patriots' Day) Approve and Sign National Library Week 4/23-4/29;Arbor Day Proclamations - National Library 0 4/28 (annual proclamations) Week; Arbor Day This will be the quarterly ARPA request ARPA Requests/Decisions 20 coming before the Select Board for decision making as per previous discussions. PLACEHOLDER- Presentation - Jill confirmed with CW that group will do the Statement of Concern for 10 outreach and then come to the Board in April Lexington's Trees after TM to present. (email 1/18) Request for Select Board Jeff Howry submitted request on 2/6/23 approval for submission of seeking to come before the Select Board application of the Stone seeking approval to submit an Building as a National Historic application for the Stone Building to be considered as National Landmark Landmark PLACEHOLDER- Discuss Carolyn suggested that we add this to an Deposit Location(s) for agenda for discussion to vote to direct all Charitable Funds Donated to 15 funds to one place Town for"Where It's Needed Mostwo This is to have a discussion on the Select Board's preference on Discuss Update to the establishing a process to update the Integrated Building Design & 10 Integrated Building Design & Construction Policy Construction Policy. The Policy adopted in 2019 recommended that it be updated every three years and it's 2022 (2022- 2019 = 3). The Town has received a $263,000 earmark for transportation improvements that we have been informed is related to Discussion on bike share 15 a bike share program. The Board has program not discussed and taken a position of supporting or not supporting such a program, but will need to before we can sign an agreement. Discuss Increasing Select Board The fees have not been increased in Licensing Fees (march/April years (need to consider increasing for all 2023 or sooner) types effective immediately- last discussed in late 2019/early 2020) PLACEHOLDER- Lex250 S Barry requested to move to 10/3 Update - Request approval for meeting dates of 2025 Celebration -- 15 pending per Suzie on 10/4 (do not assign a meeting date to this vet) COA work related to Age Friendly Report Sr Housing discussion w/COA 60 implementations has requested a round and other parties table with SB and others Jim will ask Dave P. to send a memo in Adjust Fees at Hartwell Avenue 0 advance (thi's item was taken off of Compost Site the 318 meeting per Dave P.IXM) In order to be eligible for significant federal traffic improvement grants, the town must have adopted a 'vision zero' traffic safety plan by the end of July. Planning and Conservation 10 (vision of zero traffic/pedestrian Easements accidents) *Presentation 15 min and q and a 5 mins. Sheila will send documents. This meeting is presentation only. next meeting (8/8) is approval from SB Requested by S. Page- MBTA is proposing bus stop improvements-much of it on Wood Street although there are scatter Presentation - MBTA proposed 20 locations-The improvements makes Bus Stop Improvements crossings safer and enhances accessibility. Planning is recommending to have MBTA design consultants do a quick presentation to the SB. Susan Barrett following up to comment made during budget presentation asking Hold- Regional Transportation for a regional transportation update- do update you want presentation or written in weekly update? Center Streetscape Design Review Ad Vote to Dissolve Select Board Hoc Committee (provided final report of Committees 5 recommendations -Tiers 1-3 -to the Board of Selectmen on 1/30/17) School Facilities Master 20 Dr. Hackett- after they finish their final Planning Update report Mass Clean Energy Center (MassCEC will not be offering funding for HeatSmart Program Grant 2021 HeatSmart campaigns) submission Application of Grant application for HeatSmart Program Approve Select Board Meeting 11/30/22 Budget Presentations, 12/1/22 Minutes Budget Presentations CCA amendment Amendment choices to community choice aggregation. Kelly has memo At 6/28/21 meeting Joe asked this to be Long Term view of commercial on a future agenda to possibly make use of recreation property some permanant edits to the current policy Discussion on Meetings, Email request from Robin on 7/30 delegation and the potential to reduce the number of meetings to provide time for work sessions on major topics. Relative to Recreation Center Bathroom project delay. Policy discussion is needed to give clear direction to staff on Policy Discussion on Process the proposed process for"smaller" for Future Building Projects Building projects. What is the threshhold for a project to go before the PBC and DPF, other stakeholders? Policy discussion on outdoor Requested by Joe @ 6/28 meeting after use of Town Property discussion of COVID related permissions Confirm Town Manager's Thomas Romano as Adult Advisor. This i appointment to the Youth appointment requires SB confirmation. Commission Sustainable Lexington warrant proposal on fossil fuel Snow Removal in the Center Discussion 0 -V� vl� vl� ij-j� ij-j� ij-j� M� 0 LM OOONM% x LLI o---% J x LLI o to w cc m x E > > CD x (U LLI to —j o %*Moo E E tw tw E E 0 m m LU 4A 0 0 Ln m > > a a 0 o o o CA *a LM > > m m LM LM C*4 E E o o 0 u u u LL LL xington EMS System Revenue (ACTUALS) CY2022 kiiii Projected #of Transports BLS 49.8% 2269 ALS-I 48.7% ALS-21 1.5%1 Medicare %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 58.2% 93.0% BLS $494.03 $459.451 658 $325,002 $302,251 ALS-1 $586.66 $545.59 643 $377,414 $350,995 ALS-21 $849.12, $789.68 20 $16,825, $15,648 1 113211 Net Rate Net Charge Net Rate Ave Miles per Mile Projected Transports Mileage Projected Mileage F 5 —$8—.-7lT $8.101 1,3211 $66,734.281 $62,062.88 Payor Total $785,975 $730,957 NRPT $595 $5531 Medicaid %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 10.4% 93.0% BLS $334.19 $310.80 118 $39,443 $36,682 ALS-1 $396.86 $369.08 115 $45,805 $42,599 ALS-21 $574.40 $534.19 4 $2,042 $1,8991 1 2371 Net Rate Net Charge Net Rate Ave Miles $per Mile Projected Transports Mileage Projected Mileage F 5.81 $6.001 2371 $8,866.171 $8,245-54 Payor Total $96,156 $89,4261 NRPT $406 $377 Insurance %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 29.6% 80.0% BLS $1,251.00 $1,000.80 335 $418,655 $334,924 ALS-1 $1,515.00 $1)212.00 327 $495,805 $396,644 ALS-2 $2,056.00 $1,644.80 10 $20,724 $16,5801 6721 Net Rate Net Charge Net Rate Ave Miles $per Mile Projected Transports Mileage Projected Mileage F 5.81 $-2-8--OTO $22.401 6721 $109,132.801 $87,306.24 Payor Total $1,044,317 $835,4541 NRPT $1,554 $1 Y243 Bill Patient %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 1.7% 5.0% BLS $1,251.00 $62.551 19 $24,297 $1,215 ALS-1 $1,515.00 $75.75 19 $28,774 $1,439 1 ALS-21 $2,056.00, $102.80 1 $1,203, $60 39 Net Rate Net Charge Net Rate Ave Miles $per Mile Projected Transports Mileage Projected Mileage F 5.81 $28.001 $1.401 391 $61333.601 $316.68 Payor Total $60,608 $3,030 NRPT $1,554 $78 System Totals Total Total Total Net Rate Transports Net Charge Promected Totals Total EMS System Projected Revenue 2)269 $1,987,056 $1,658,867 Net Revenue Per Transport $876 $731 Net-Net 83.5%1 (COMSTAR TOP 50) CY2022 Projected #of Transports BLS 49.8% 2269 J ALS-1 48.7% ALS-2 1.5% Medicare %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 58.2% 93.0% BLS $494.03 $459.45 658 $325,002 $302,251 ALS-1 $586.66 $545-59 643 $377,414 $350,995 ALS-21 $849.12 $789.68 20 $16,825 $15,6481 1 113211 Net Rate Net Charge Net Rate Ave Miles per Mile Projected Transports Mileage Projected Mileage F 5.81 -$8-.7 1T $8.101 1,3211 $66,734.281 $62,062.88 Payor Total $785,975 $730,957 NRPT $595 $5531 Medicaid %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 10.4% 93.0% BLS $334.19 $310.80 118 $39,443 $36,682 ALS-1 $396.86 $369.08 115 $45,805 $42,599 ALS-21 $574.40 $534.19 4 $2,042 $1,8991 1 2371 Net Rate Net Charge Net Rate Ave Miles $per Mile Projected Transports Mileage Projected Mileage F 5.81 $6.001 2371 $8,866.171 $8,245-54 Payor Total $96,156 $89,4261 NRPT $406 $377 Insurance %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 29.6% 80.0% BLS $1,477.00 $1,181.60 335 $494,287 $395,430 ALS-1 $2,329.00 $1,863.20 327 $762,198 $609,758 ALS-2 $3,420.00 $2,736.00 10 $34,474 $27,5791 6721 Net Rate Net Charge Net Rate Ave Miles $per Mile Projected Transports Mileage Projected Mileage F 5.81 $36.121 $28.901 6721 $140,781.311 $112,625.05 Payor Total $1,431,740 $1,145,392 NRPT $2,131 $1 Y7041 Bill Patient %of Collection Net Rate Net Rate Cust Rate Rate Projected Transports Net Charge Projected Totals 1.7% 5.0% BLS $1)477.00 $73.85 19 $28,686 $1,434 ALS-1 $2,329.00 $116.45 19 $44,235 $2,212 1 ALS-21 $3,420.001 $171.00 1 $2,0011 $100 1 391 Net Rate Net Charge Net Rate Ave Miles $per Mile Projected Transports Mileage Projected Mileage F 5.81 $36.121 $1.811 391 $8,170.341 $408.52 Payor Total $83,092 $4,155 NRPT $2,131 $1071 System Totals Total Total Total Net Rate Transports Net Charge Promected Totals Total EMS System Projected Revenue 2)269 $2,396,964 $1,969,929 Net Revenue Per Transport $1,056 $868 Net-Net 82.2% z-0 Lu CU C 9- V) L co U w .E C=�C, rl- 0 0 C=� D� C� C� C= Ln 0 C=kr) kC) r-j 0 m rn x LLI lf� lf� C) C= C:) 0 C� C� C� V) V) rl. 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V)- O 00 kr� 06 N N kn O O� N � I-f) V-) OO N O r--+ r--+ M � N � N N O 00 M � Is-0 kn O O O O U N O M5 � r O � O 4�o '-' 06 O O 00 O � 00 O O 00 "MI O O O O O O N 4� O 0 0 0 0 0 0 0 0 0 0 0 0 0 p p 0 0 knkr� 6 6 6 6tl� kl� 6 =� 6 = 0 �--, N l� kn (n O N N l-- kn O O O OO M --+ N N N N N M N N � N nj AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Select Board Committee Appointments PRESENTER:TER• ITEM S NUMBER: Jill Hai, S elect Board Chair C.1 SUMMARY: Category:Decision-Making Appointments: Ad Hoc Transportation Committee The Select Board is being asked to appoint the fo llo wing seven members to the Ad Hoc Trans p o rtatio n Committee for a one-year term(with the intention of disbanding sooner in December 2023)per the charge: 1. Sally Castleman- Member of Transportation Advisory Committee 2. Howard Cloth- Member of Senior Community 3. Sharon Gunda- Human Services Designee 4. Varda Haimo - Business Representative 5. Carolyn Ko s no ff-Assistant Town Manager for F inanc e 6. Bridger McGaw- Member of Economic Development Advisory Committee 7. Deepika S awhney- Member of School Committee The Select Board is also being asked to designate the members of the Ad Hoc Transportation Committee as Special Municipal Employees. SUGGESTED MOTION: To appoint S ally Castleman as the member of the Transportation Advisory Committee, H o ward Cloth as the member of the Senior Community, Sharon Gunda as the Human Services designee, Varda Haimo as the business representative, Carolyn Ko s no ff as the Assistant Town Manager for Finance, B rid ger Mc G aw as the member of the Economic Development Advisory Committee and D e ep ika S awhney as the member of the School Committee to the Ad Hoc Transportation Committee for a one-year term set to expire on February 13, 2024 or sooner once disbanded, and to further designate all seven members of the Ad Hoc Transportation Committee as Special Municipal Employees. Move to approve the consent. FOLLOW-UP: Select Board Office DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 ATTACHMENTS: Description Type F) 2023 Ad I 10c'17ransportation.Cbm-nittee Aj,-)pficatlion. I L(Io th. I 3(ackul,')Vlaterial F) 2023 Ad 110c,'Franspoi.tation.Cbryirnittee Application V I lairrio Rackup IVIlaterial F) A.d Floc Tr,,,,iinsportafion.Cor.m.nittee Clarge F3cackui,,)m1laterial HOWARD B . CLOTH December 29, 2022 Lexington Town Office Building c/o Select Board Office 1625 Massachusetts Avenue Lexington, MA 92420 Re: Application for committee Appointment: TRANSPORTATION COMMITTEE (AD HOC) I have enclosed the following in connection with my application for appointment to the Town's TRANSPORTATION COMMITTEE (AD HOC): • Application for Appointment • .Statement of Interest • Resume Please let me know if you require anything further. Very truly y r,,, F Ho d oth 19 S.HERMAN S`T'.TNIT1 LE INGTON, M.A. 02420 PRONE: • eMA.IL: APPLICATION FOR BOARD OR COMMITTEE MEMBERSHIP Applicants are encouraged to also include a letter of interest or current resume along with their submission of this application. Transportation Committee(Ad Hoc) Board/Committee Name(one application per Committee): Would you like your application kept on file for up to one year? Yes: X No: Full Name: Howard Cloth Nickname: Howard Preferred Title: Mr. Home Address: 19 Sherman St.#1 City: Lexington, MA Zip: 02420 Length of Residence in Lexington(note:ZBA requirement is a minimum of years): 18 years Occupation: Retired;Tourism Advisor, Lexington Visitors Center(P/T)2020-present;See resume for other post-rel Work Address: n/a City: Z ip: Phone: Home: Cell: Email: Primary. Secondary; Special Training and/or Qualifications: See accompanying separate page for Statement of Interest. mi- What is your interest in this Committee? The Select Board's 'charge' establishing the Ad Hoc Committee specifies that one of the smambCIM ha :a mamhtQr of tha sanocir Q) 'ty rr. Wgci " ... ..r ' ' •• whathar thara :am 1tr2nr-,nad:at0n1 needs that are not being met..."for particular segments of the Town's population in this case, t 1.98 aGGOr"pinnymn f^r CZ of jT tf 11 Intin, IONOF 1%.F 11 1 9 1,a 11,46,4OW a NW How did you hear about the Committee? Select Board Meeting 12/19/22 n/a; in for"j CV0— Have you recently attended any meetings of the Committee? Yes: No: Have you confirmed your availability to attend the Committee's meetings? Yes: n/a; in fat 0-.�(CPO-lot (For questions regarding the meeting schedule,please contact the Board Committee via the Town website) Do you currently serve on another Board/Committee? Yes: No: X Email:se1ectb%,4�1e mm-aqov air maE@ggr@Le � rya. If Yes, please list Bo /Committee Name(s): Previously, Residential Exemption Policy Study Committee,A( If Yes, please list d e of most re nt Conflict of Interest Law Training*- 21912021, Signature: Date: �` ' -z' *If currently sg4ng on another Board/Committee,please attach a copy of your State Conflict of Interest Law Online Training Certificate, which can be obtained from the Town Clerk's Office. Email:selectboar'sitmexinod o HOARD B . CLOT H TOWN OF LEXINGTON APPLICATION FOR BOARD OR COMMITTEE MEMBERSHIP TRANSPORTATION COMMITTEE (AD HOC) Statement of Interest I am a Board member and Chapter Chair of Lexin ton at Home. As you may know Lexington at Home {LAH)) is an all-volunteer network of senior residents of Lexington, with no paid staff, that has grown to about 150 members. We plan social activities to create a feeling of community and avoid isolation, provide resource information and help-in-a-pinch to help one another continue to live independently in our fair Town. https://Iexington-at-home.com/ I am particularly interested in transportation-solutions for the Town's senior age demographic. These fall into two categories: solutions for seniors who drive and those for seniors who are no longer able or willing to drive, The 1st is a senior parking plan which., due, in part, to LAH advocacy, the Town recently addressed; • The 2nd is for seniors who have had to give up driving either by choice or involuntarily. They are especially affected by the so-called "1st mile/last mile" issue. For Lexington seniors who no longer drive, getting to and from a T stop or a LexExpress route is problematic., especially in inclement weather and/or if carrying packages. The availability of a complimentary or low cost on-demand ride would provide a valuable and appealing service for the Town"s senior residents. o One such option could involve a program similar to one recently piloted by the MBTA for its RIDE customers. Discounted rides can be booked with Uber and Lyft from a smartphone, instantly. o Another option could mirror the service established a few years ago by the City of Newton: ■ Named *"NewMo",, it is an on-demand transportation service, providing affordable rides for Newton residents with a special program for seniors, subsidized by the City of Newton. It is similar to other ride-hailing apps like Uber and Lyft. ■ The fare is $2 per ride with a subsidy for those who use special services such as Mass Health and Supplemental Nutrition Assistance Program. The biggest difference experienced is the freedom seniors have: in addition to traveling to appointments or running errands, they can go out for lunch or just hang out,, spontaneously. ■ For additional information, see this link from the Boston Globe: Newton seniora_g1yg_jnqmnpbas, to r'de-share service - 19 SHERMAN ST.UNIT1 * LEXINGTON,, MA * 02420 PHONE: eMAIL: event2 5&fbcrid IwAR csOE12 nla2l9PfzThvohV8k]aYb-yQ.N.!AZf!!ayj.5.:������ And this link from the City of Newton: NewVlo 19 SHERMAN ST.UNIT1 • LEXINGTO►N, MA • 02420 PHONE: cMAIL: HOWARD B. CLOTH Summary • Expertise in the effective delivery of primary health care from a patient's perspective, especially: • lifestyle modifications to decrease patients' risk factors; • presenting as `standardized patient' with risk factors during visits with medical students in a clinical setting; • wellness training, utilizing a group learning and accountability model • implementation of patient-centered medical home concepts by primary care practice. • Leadership position at the Board and chapter level of an all-volunteer social network of Lexington MA senior residents providing social, emotional, and practical support from member to member to our target population - the "well aged". • Accomplished home cook who has successfully transformed his behavior around food toward a healthier lifestyle, a more nutritious diet and a significant loss in weight and leveraged these accomplishments into a series of instructional videos. PRE-RETIREMENT • Provider of results-oriented and pre-emptive compliance solutions for non-profits, the businesses that service them and their charitable solicitation activities. • Resourceful, dynamic legal advocate and advisor with more than 25 years of experience resolving diverse client problems. • Motivational leader with 15 years project management experience in non-profit, corporate and government sectors. • Expertise in mentoring, training, public speaking, persuasion and fundraising. Post-Retirement Experience Patient Advisory. Member, Primary care Practice Quality Improvement Team Family Practice GrouplThe Sagov Center for Family Medicine April 2013 -- December 2017 (Arlington,, MA) is part of one of the fastest-growing innovations in medical care called the "patient - centered medical home". A vital component involves incorporating patients as "partners" in the transformation process. • Recipient: Patient Partner Award, Harvard Medical School Center for Primary Care 51h Anniversary celebration, October 2016 • Presenter: Presentation, Harvard Medical School Academic Innovations Collaborative CARTS Learning Session #6, June 2016 • Presenter: Address to Massachusetts Dietetic Association Conference, April 2016 • Patient Article: Featured on Harvard Medical School Center for Primary Care Prime Time Blog Tea i Participant: October 2015 ` ` ` at Harvard Medical School Center for Primary Care's "Innovations conference" at which innovative ideas were pitched to patients by five teams coming out of the InciteHealth program, an accelerator program focused on transforming primary care through new ventures • Participant: Weekly/monthly FPG Quality Improvement Team Meetings 11 P f 1 g 19 SFIE'RMAN ST #1. • LEXINCr,rON, MA • 02420 11110Ni-;: eMAII_,: HOWARD B. CLOTH Wellness Coach/Trainer Wobum Wellness Campaign September 2018 - Present (Woburn, MA) [14 weekly group sessions; one terra per academic year ('currently.tan-April)] Instructs and guides participants in a group setting (currently via ZOOM) through the process of transforming their behavior around exercise and nutrition, utilizing a group learning and accountability model for maximizing wellness and achieving weight loss and weight control. Developed by the Wellness CaTpAi, , a Massachusetts-based non-profit corporation, the comprehensive program was organized and enhanced by health professionals based on established medical research to help people make a permanent, positive change in their health via lifestyle modifications and is conducted under the guidance of the program's founders. Standardized Patient for Motivational Interviewin+g Tufts University School of Medicine, Family Medicine Clerkship September 2015 - Present (Tufts Medical School) [Eight sessions per academic year] Presents as a 'fictional' patient with the history of a present disorder, past medical history, physical exam results, body language and emotional and personality characteristics during demonstrations (both in a clinical setting and via ZOOM). Provides feedback in person after interviewing; evaluates and assesses students' skills and progress in moving Standardized Patient from the "pre-contemplative" to "contemplative" state regarding lifestyle (nutrition/exercise) modifications as a way to decrease patient's risk factors. Presenter: Annual Keynote Address on Grou Visits for Lifestyle Modification Tufts University School of Medicine,, Family Medicine Clerkship June 2015 - Present (Boston, MA) [Annually, each Spring] Shares his experience regarding the effectiveness of wellness group visits at Family Practice Group of which he's been a part sine 2010 as part of the Annual Keynote Address on Group Visits at Tufts University School of Medicine's Competency-based Apprenticeship in Primary Care (CAP) Workshop an Lifestyle Modification. Town Committee Member Residential Exemption Policy Study Committee (Ad Hoc) January 2018 2020 (Lexington, MA) The Residential Exemption is a local option authorized by M.G.L. Ch. 59, s.5C, which allows a community to shift the tax burden away from certain lower valued, residential properties to higher valued homes, most apartment buildings and to second homeowners. Appointed by the Town's Board of Selectmen, the Committee is charged with analyzing whether adopting the residential exemption - or other similar options - could help reduce the property tax burden and make it easier for residents to remain in their homes. P a gy, 19 SHERMAN ST #1. LEXINGTON, MA - 02420 P1-10NE;. eMAIL: HOWARD B. CLOTH Tourism AdvisorTown of(P/T Lexington Vislators" February 2020 - Present (Lexington, MA) Responsible for: greeting visitors; responding to inquiries; providing local directions; assisting with information about local and regional historic sites and touring options; sale of merchandize. Principal chef, Host and Producer Healthy Cooking... with Howard June 2012 -- June 2015 (Lexington,, MA) HCwH is the producer of a series of instructional videos on making the "healthy preparation of nutritious food" a more transparent, accessible, delicious, and easier alternative for the typical family in the studios of LexMedia, Lexington MA's local access cable channels. Board Member and chair, Diamond chapter; Formerly chair Publicity/Communit Awareness Committee Lexington at Home May 2015 -- Present (Lexington,, MA) Lextngjqn_.@��� is an association of Lexington senior residents who have come together for mutual support and friendship as they age and become less independent yet want to stay in their homes as long as feasible. celebrating its 15th anniversary in 2023, Lexington at Home is an all-volunteer organization that has grown to more than 160 members organized into chapters, to keep gatherings manageable and foster the development of personal relationships within the chapter. The chapters are named for colonial patriots. Pre-Retirement Experience Chief Compliance Officer Share Group, Inc. January 1999 -- May 2010 As Chief Compliance Officer for this professional fundraising firm, responsibilities included; * supervising the annual state registrations of the charitable solicitation campaigns for more than 150 non-profit/charitable organization clients, • the annual state renewals of the company's own state registration as a professional fundraiser and the registration renewal more than 300 individual fundraisers • drafting and revising all client contractual and solicitation documents, • serving as liaison with both state charitable solicitation officials and staff members of the non-profit clients on registration-related matters, • advising internal staff on registration-related matters. Education • Boston University School of Law, Boston, MA (Juris Doctor) •► University of Michigan, Ann Arbor, MI (Bachelor of Arts) g e 19 SHERMAN ST #1, LF XINGTON, MA • 02420 PHONE: cMAIL: HOWARD B. CLOTH ........................ MM Other Professional Career Accomplishments • Principal and co-founding member of law firm • Vice President, General counsel and corporate Secretary of a publicly-traded NJ--based company • Office of General counsel and Special Counsel, Federal Reserve Board, Washington, DC 19 S111.RMAN S`1' #1. * I.I;XINGTON, MA * 02420 11110NE?.: eMAII,,: APPLICATION FOR BOARD OR COMMITTEE MEMBERSHIP Applicants are encouraged to also include a letter of interest or current resume along with their submission of this application. Board/Committee Name (one application per Committee): Transportation Committee Would you like your application kept on file for up to one year? Yes: xx No: Full Name: Varda Haimo Nickname: Preferred Title: Ms 12 Jean Road Lexington 02421 Home Address: City: zip: Length of Residence in Lexington(note: ZBA requirement is a minimum of 8 years): 29 years Occupation: Business Owner 433 Marrett Road Lexington 02421 Work Address: City: zip: Phone: Home: na Cell: Email: Primary: Secondary: Special Training and/or Qualifications: I own a local business, Bread Obsession. I am familiar with evaluating the effectiveness of investments. Prior to opening my business, I was a project manager in the investment industry. I have a Ph.D. in Applied Mathematics. What is your interest in this Committee? I know how difficult it is to get around in the suburbs for people who are unable to drive, and I Mini I Id UQ tn hQln QnRl 1rQ th:at I Qymnatnn :addreSSeS thQRQ prnhlQrnR :apnrnpr2:atQW V r r r Ej How did you hear about the Committee? Common knowledge Have you recently attended any meetings of the Committee? Yes: No: xx Have you confirmed your availability to attend the Committee's meetings? Yes: xx No: (For questions regarding the meeting schedule,,please contact the Board/Committee via the Town website.) xx Do you currently serve on another Board/Committee? Yes: No: Email:soleo boar d5leArtf,tonm1n I nma. ov orManagerff lexin o,____qt_____g_ If Yes, please list Board/Committee Name(s): If Yes, please list date of most recent Conflict of Interest Law Training*: VardaHaimo Digitally signed by Varda HaimoSignature: Date:2023.01.09 10:58:24-05'00' Date: 1/9/2023 *If currently serving on another Board/Committee,please attach a copy of your State Conflict of Interest Law Online Training Certificate, which can be obtained from the Town Clerk's Office. Email:select1b t . or rna aer Ilexin tonirna. ovi i i Varda T. Haimo 12 Jean Road,Lexington,MA 02421, , Business Experience Founder/Co-Owner/Manager of Bread Obsession 2013-present •Founded and managed Bread Obsession, an Artisan Bakery in Lexington,Ma. •Did a buildout of a new expanded bakery facility in Lexington and moved from Waltham to Lexington in 2022 Putnam Investments,Boston MA Risk Management Jan 2007-Aug 2008 • Managed Risk Management Support team—group responsible for providing technical and business analysis support for Putnam's Risk Reporting system,providing daily risk reports to Investment Management, Executive Management and others. Attribution Sept 2006-Jan 2007 • Managed schedule and planning for implementation of an Equity Performance Attribution System. • Analyzed data availability and quality for corporate actions and dividends for an Equity Contribution to Return system. Troubleshot problems with data synchronization from multiple sources that produced incorrect return results. Wellington Management,Boston MA June 2005-Nov 2005 •Developed analytics reports for Futures and Swaps using data from Morgan Stanley and Bloomberg. TIAA CREF,New York NY Mar 2004-June 2005 • Developed strategy and managed integration of TIAA CREF securities data into a multi-asset Security Data Hub using the Eagle Investments SRM platform. Putnam Investments,Boston MA Oct 2000-Feb 2004 July 99-Dec 99 • Specified, managed, and tested development and integration of an automated, interactive Fixed Income Performance Attribution reporting system to be used by Putnam managers and account executives to evaluate performance of fixed income funds relative to benchmark and treasury. GTE Internetworking (tenuity) Woburn MA Feb 99-June 99 • Managed test of PC DOCS document management system to ensure fit with enterprise requirements. • Managed rollout of a web-based document management system(Intra.doc!)to 700 person distributed workgroup. Primix Solutions,Watertown MA Mar 98-Feb 99 •Managed the design phase of COMPASS; an asset tracking, analysis, and management system for a Fortune 500 oil services company Fidelity Investments,Boston MA 1996-1998 •Delivered securities trading and account access to Fidelity customers over the web. 1 BBN Corporation, Cambridge,MA 1985-1996 1995 Special Project Leader,WWW Venture • Led BBN in a j oint venture with a major marketing communications partner for an advertising- supported World Wide Web service. 1993-1995 Program Management&Business Development-Tactical Systems Developed and managed a major tactical voice-data communications program Education Harvard University: Ph.D. in Applied mathematics Harvard University: M.A.in Applied mathematics Cornell University: B.A. in Mathematics 2 AD HOC TRANSPORTATION COMMITTEE Members: 7 Members to include: (1) member of the Transportation Advisory Committee; (1) member of the Senior Community; the Assistant Town Manager for Finance (or their designee); (1) member of the Economic Development Advisory Committee; (1) business representative; (1) member of the School Committee (or their designee); and the Human Services Director (or their designee) as well as Liaisons from the Select Board, Appropriations Committee and Capital Expenditures Committee. Appointed by: Select Board Assigned Staff: Transportation Services Manager Length of Term: One Year Meeting Times: As determined by the Committee Description: The Ad Hoc Transportation Committee will evaluate the Lexpress bus service to review: • Lexpress, MBTA and other shuttle bus routes and passenger volumes • View the cost per passenger for Lexpress in relation to other local, regional and national cost per passenger standards • Review what needs are being met and whether there are needs that are not being met(businesses, students, seniors, etc.) • Review bus routes/times in which Lexpress buses are running routes with no passengers • Review fares and recommend a new fare structure • Review contracted services vs. in-house service • Provide a recommendation on whether the service should continue, if so,the structure of Lexpress,what routes should be and what rate fares should be set at in the future Mission: To provide a recommendation to the Select Board no later than December 15, 2023 on the future of the Lexpress bus service in time to be incorporated into the FY25 budget. At least two public hearings; one to obtain input and a second to obtain feedback on the recommendations. It is intended that this Ad Hoc Committee will be disbanded in December 2023. Prior to serving as a member of this Committee, appointees are required to: 1. Acknowledge receipt of the Summary of the Conflict of Interest Statute. Further, to continue to serve on the Committee the member must acknowledge annually receipt of the Summary of the Conflict of Interest Statute. Said summary will be provided by and acknowledged to the Town Clerk. 2. Provide evidence to the Town Clerk that the appointee has completed the on-line training requirement required by the Conflict of Interest statute. Further,to continue to serve on the Committee,.the member must acknowledge every two years completion of the on-line training requirement. AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Application: One-Day Liquor License - Spectacle Management, Inc., 1605 Massachusetts Avenue PRESENTER:TER• ITEM S NUMBER: Jill Hai, Select Board Chair C.2 SUMMARY: Category:Decision-Making Spectacle Management: Spectacle Management, Inc. has requested a One-Day Liquor License to serve beer and wine in the lobby of Cary Memorial Building, 1605 Massachusetts Avenue, for the purpose of the Jake S himabukuro musical p erfo rmanc e on Sunday, July 16, 2023 from 7:00p m to 11:00p m. The request has been reviewed by the Department of Public F ac hie s with no c o nc erns. SUGGESTED MOTION: To approve a One-Day Liquor License for Spectacle Management, Inc. to serve beer and wine in the lobby of Cary Memorial Building, 1605 Massachusetts Avenue, for the purpose of the Jake S himabukuro musical p erfo rmanc e on Sunday, July 16, 2023 from 7:00p m to 11:00p m. Move to approve the consent. FOLLOW-UP: Select Board O ffic e DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Town Celebrations Committee Request - Approve Sending Sponsorship Letters for 2023 Patriots' Day Parade PRESENTER:TER• ITEM S NUMBER: Jill Hai, S elect Board Chair C.3 SUMMARY: Category:Decision-Making The Town C eleb rations Committee is requesting permission to send out sponsorship letters for the Patriots' Day Parade. Attached is the proposed letter and the list of who the letter will be sent to via the United States P o stal S ervic e. SUGGESTED MOTION: To approve the request of the Town Celebrations Committee to send out Patriots' Day sponsorship letters, as proposed. Move to approve the consent FOLLOW-UP: Town Celebrations Committee DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 ATTACHMENTS: Description Type D I ist for 2(.)).,3'1"'CC rnailing fior Patriot's Day!�.�'ponsorship Rackup Material `ors MORNS o� 1775 v , AN N W Z V APRIL 19TH �FXINC) Town of Lexington Town Celebrations Committee February, 2022 Dear Lexington Business Leader, To make the 2023 Patriots' Day Parade the best it can be, we need your support to bring those wonderful bands, marching units, and floats to Lexington. Become a Parade Sponsor and show your support for your community while getting recognition for your contribution. You can choose from several levels of sponsorship. All sponsoring businesses will receive coverage in local media and on the Patriots' Day website, as well as recognition from the parade reviewing stand on Parade Day. Depending on contribution level, you can sponsor a marching unit, complete with a banner displaying your business name and logo. You could also be interviewed live before the parade by LexMedia as part of their local televised parade coverage. The assignment of parade units to sponsors relates to their contribution level, but we make every effort to satisfy the wishes of sponsors who have historically sponsored certain Parade units. See page two for sponsorship details. You can complete our sponsorship form online at www.patriotsda. .com. Questions? contact Lorain Marquis at ljmarquis 18ggmail.com. The deadline for receipt of sponsorship form and payment is Friday, March 17, 2023. Make your check payable to: Town of Lexington Patriots' Day Gift Account c/o Select Board's Office 1625 Massachusetts Avenue Lexington, MA 02420 If you are a past sponsor - thank you! Please give generously again this year. If you are a potential sponsor, please consider becoming a 2023 Parade Sponsor. Sincerely, Geetha Padaki and Glen Bassett, Co-Chairs, Town Celebrations Committee 1625 MASSACHUSETTS AVENUE•LEXINGTON,MASSACHUSETTS 02420 Telephone: (781)-698-4640—Fax: (781)-863-9468 email:celebrationscmte@lexingtonma.gov `OVS MORrn 1775 �v r a N W Z V Q � o u APRIL 19TH �FXINCUT Town of Lexington Town Celebrations Committee 2023 Patriots' Day Parade Sponsorship Levels The following list describes the rewards for each defined sponsorship level, although contributions of any amount are welcome. Friend of the Parade: Contributions of any amount up to $200 • Recognition in newspaper and Patriots' Day web site publicity Parade Sponsor: Contributions of$250 • Recognition in newspaper and Patriots' Day web site publicity • Recognition from the Parade reviewing stand on the day of the Parade Bronze Sponsor: Contributions of$500 • Recognition in newspaper and Patriots' Day web site publicity • Recognition from the Parade reviewing stand on the day of the Parade • Assignment to a Parade unit with banner showing business name only Silver Sponsor: Contributions of$1000 • Recognition as a maj or Parade contributor in newspaper and Patriots' Day web site publicity, business name and logo displayed • If desired, a picture of the sponsor handing check to Town Celebrations Committee included in publicity • Recognition from the Parade reviewing stand on the day of the Parade • Assignment to a Parade unit with banner showing business name and business logo Gold Sponsor: Contributions of$1500 or more • Recognition as a maj or contributor in newspaper and Patriots' Day web site publicity, business name and logo displayed • If desired, a picture of the sponsor handing check to Town Celebrations Committee included in publicity • Recognition from the Parade reviewing stand on the day of the Parade • Assignment to a Parade unit with banner showing business name and business logo • If desired, live interview before the Parade by LexMedia as part of the local televised Parade coverage. 1625 MASSACHUSETTS AVENUE•LEXINGTON,MASSACHUSETTS 02420 Telephone: (781)-698-4640—Fax: (781)-863-9468 email:celebrationscmte@lexingtonma.gov Mailing list for Patriots Day sponsorship letter 7Cs Leadership Workshop 34 Hardin Rd Abbott& Company LLC 1 Militia Dr, Suite 202 Abbott's Frozen Custard 1853 Massachusetts Ave Absolute Tranquility 14 Muzzey St Accelerated Fitness 153 North St Accurate Brake &Alignment 542 Massachusetts Ave Ace Hardware 327 Woburn St Acupuncture Partners 62 Massachusetts Ave Adult Day Center At Youville Place 10 Pelham Rd AE Sales Inc. 436 Marrett Rd Affiliated Chiropractic PC 1844 Massachusetts Ave B Agenus, Inc. 3 Forbes Rd Agilent Technologies, Inc. 121 Hartwell Avenue Akame Nigiri and Sake 1707 Massachusetts Ave #2 Alan Bo osian Electric Inc 640 Lowell St Alan Wrigley Atty at Law 114 Waltham St Alexander's Pizza 180 Bedford St Alexandria's Convenient Food 335 Woburn St Allan Azof's Martial Arts Academy 177 Bedford St Allegro Games 44 Somerset Rd AIIMass Flanagan Insurance 922 Waltham Street American Cleaning 1707 Massachusetts Avenue Ancient Path Acupuncture&Herbs 394 Lowell St Ste 16 Anderson, Cynthia LISW 10 Muzzey St Anisoptera Mercantile 1720 Massachusetts Ave Anton's Cleaners 384 Waltham St Anuradha's Collection 3 North St Arka Indian Cuisine 135 Massachusetts Ave Arlex Oil Corp/Arlex Energy Corporation 275 Massachusetts Ave Arlex Wealth Management 807 Massachusetts Aronex Pharmaceuticals, Inc 3 Forbes Rd Artinian Jewelry 1734 Massachusetts Ave Artis Senior Living 430 Concord Ave Asarkof Dental Associates 10 Muzzey St Aspire Medspa 201 Massachusetts Ave Avalon at Lexington Hills 1000 Main Campus Drive Avenue Barber Shop 139 Massachusetts Ave Avenue Deli 1806 Massachusetts Ave Azerrad, Jacob 19 Muzzey St AZTrendz 2 Cutler Farm Rd Baby to Boomer Therapies 5 Wyman Rd Bala's Saris 20 Fremont St Balance Natural Medicine 49 Waltham St Bangladeshi Americans of Lexington (BALex) Bank of America 1761 Massachusetts Ave Barber Shop At The Depot 15 Depot Square Barrett Sotheby's International Realty 1688 Massachusetts Ave Barry Cunha DDS & Nabil Ibrahim DDS 35 Bedford St #16 Battle Green Dry Cleaners 235 Bedford Street Battle Road Bikes 145 Massachusetts Ave Bechtel Frank Erickson, Architects 1840 Massachusetts Ave, 2nd Flr Beersheba Nail &Spa 10 Muzzey St Bella Sante Spa of Lexington 76 Bedford Street Beltone Hearing Aids 21 Worthen Rd Berkshire Hathaway Home Services Commonwealth 9 Meriam St Mailing list for Patriots Day sponsorship letter Berkshire Hathaway NE Prime Properties 40 Waltham St Betchen &Yunes 70 Westview St, Suite 220 Betcher Law 7 Hartwell Ave Beth Israel Hospital &Children's Medical Center 482 Bedford St Beth Sager Group- Keller Williams 1 Militia Drive Bickling Financial Services 35 Bedford St Ste 15 Big Picture Framing 1646 Massachusetts Ave Blinds With Vision 428 Marrett Road Blue-A Complete Hair Salon 10 Muzzey St Blue Vintage Spa 319 Marrett Road BN I Lexington 7 Lockwood Rd Bob Foss Contracting 342 Bedford St Bodywork Revolution 1719 Massachusetts Ave Bonnie Dalrymple 3 Bow St Ste 1 Boston Children's at Lexington 482 Bedford Street Boston Nails & Spa 313 Marrett Road Boston Private Bank&Trust 1666 Massachusetts Avenue Boston Properties, Inc. 800 Boylston Street Boston Sports Club 475 Bedford Street BostonHomePC 152 Bedford St Braun, Thomas G., DDS 20 Muzzey Street Brett Davis, DMD 27 Muzzey St Bright Horizons 903 Waltham St Brookes and Hill Custom Builders 5 Militia Drive Brookhaven at Lexington 1010 Waltham St Brookline Bank 1793 Massachusetts Ave Brueggers Bagel Bakery 413 Waltham St Btone fitness Lexington 1726 Massachusetts Ave Buttercup Flowers 10 Muzzey St Unit 4A C.A. Bottino Piano Recorders 62 Sherburne Rd S. C.D. Donahue General Contractors 329 Marrett Rd Cake Niche 1707 Massachusetts Ave Cake, Inc. 1628 Massachusetts Ave Cambridge Savings Bank 1781 Massachusetts Ave Cambridge Trust Company 1690 Massachusetts Ave Campus Bound 76 Bedford St Capstone Mortgage Co 1775 Massachusetts Ave CareOne at Lexington 178 Lowell St Carewell Urgent Care 58 Bedford St Cartera Commerce, Inc. 1 Cranberry Hill #203 Center For Acupuncture 394 Lowell St Ste 13 Center Goods 30 Waltham St Changhai Restaurant 321 Woburn St Charles Ronchetti Inc 344 Lowell St Chase Plumbing 13 Adams Street Children's Hospital Specialty Care Center 482 Bedford St Chyten Educational Services 1723 Massachusetts Ave Citizens Bank 1776 Massachusetts Ave Citizens Bank 36 Bedford St Clarke St. Family Dental 16 Clarke St Clifford R. Larson Insurance Agency 109 Massachusetts Avenue Coco Fresh Tea and Juice 1764 Massachusetts Ave Coldwell Banker Realty 1775 Massachusetts Ave Cole Home Improvement 45 Balfour St Colin Smith Architecture, Inc. 1666 Massachusetts Ave, Suite 4 Mailing list for Patriots Day sponsorship letter Colle e Nannies &Sitters BOSTON 1762 Massachusetts Ave Ste 201 Colonial Hardwood Flooring 573 Lowell St Colonial Tailoring 10 Muzzey St Colonial Times PO Box 473 Colorworks 424 Marrett Rd Complex IT 9 Meriam St Computer Upgrades 405 Waltham St Ste 405 Concierge For All Seasons 19 Wachusett Dr Concord & Lexington Oral Surgery Assoc 35 Bedford St Ste 18B Conner Architecture 1656 Massachusetts Ave Conroy&Associates 114 Waltham St Ste 25 Conroy&Associates 114 Waltham St Ste 25 Constant Law Group 1666 Massachusetts Ave F2 Conte's Bike Shop 1684 Massachuetts Ave Copoli Salon 11 Waltham St Coppe& Sears Pediatric Dentistry and Orthodontics 19 Muzzey St Coromandel Wealth Management 15 Muzzey St Corporate Limousine Services, Inc. PO Box 478 Cotting School 453 Concord Ave Counseling Collaborative 57 Bedford St Ste 125 Countryside Barber Styling 323 Woburn St Countryside News 12 Valley Rd Craft Cleaners 1707 Massachusetts Ave, Suite 6 Crafty Yankee 1838 Massachusetts Ave Creative Expressions 231 Bedford St Crickett's Flowers and Gifts 184 Bedford St Cross Point Acupuncture 79 Laconia St CVS/Consumer Value Store 1735 Massachusetts Ave Cycle Loft 675 Lowell St Ste 170 Daniels Chiropractic Office 33 Bedford St Ste 10 DB Studios 442 Marrett Rd DC Samuel Salon 1707 Massachusetts Ave Dellaria Salons 5 Meriam St Denise Moore, Atty at Law 114 Waltham St Dental 28 Lexington 1725 Massachusetts Ave Desi Fashions 40 Grapevine Ave Desiderata B&B 189 Wood St Digital Federal Credit Union 1751 Massachusetts Ave WE Associates LTD 149 E Emerson Rd DMSanto General Contractors 6 Utica St Domino's Pizza 137 Massachusetts Ave Dorina Nails 1844 Massachusetts Ave Douglass Funeral Home 51 Worthen Rd Dr Yuci Ma, Specialist in Orthodontics 57 Bedford St Ste 120 Dr. Damian Meola &Associates 76 Bedford St. #9 Dreamline Modular Homes 403 Waltham St#2 Dunkin Donuts 141 Massachusetts Ave Dunkin Donuts 373 Waltham St Dunkin Donuts/Baskin Robbins 10 Woburn St EA Education Consulting & Services 430 Marrett Rd Ste 2 Eagle Bank 1768 Massachusetts Ave Eagle Endodontics 19 Muzzey St Ste 210 Eastern Bank 1833 Massachusetts Ave Eastern Brothers Landscaping, Inc. 4 Wright St. Edward Jones Investments 442 Marrett Rd Ste#2 Mailing list for Patriots Day sponsorship letter Eleanor J. Ferri Electrolysis, Inc. 789 Massachusetts Ave Elite Freestyle Karate 21 Muzzey St embodyFitness 18 Adams St. Emilia Creations 1632 Massachusetts Ave Empow Studios 1776 Massachusetts Ave Encharter Insurance 1666 Massachusetts Ave, Suite 6 Enginuity Search, Inc. 76 Bedford St, Suite 30 Englander Chiropractic Center 244 Bedford St Enterprise Bank 1666 Massachusetts Ave Enterprise Rent-A-Car 301 Massachusetts Ave Eppinger Fitness 319 Marrett Rd Equinox Group 70 Westview St Evans Griffiths & Hart, Inc 55 Waltham St Evergreen Cleaners 185 Bedford St Eversource 1 NSTAR Way Excelled Care 16 Clarke St Ste B5R E eLook 1760 Massachusetts Ave Fancy Flea Antiques, Inc. 1841 Massachusetts Ave Fashion Flair Beauty Salon 176 Bedford St Feinmann Inc. - Designersl Builders 27 Muzzey St Fessenden & Sykes Insurance 74 Bedford St Unit 2 FinHive PO Box 303 Finnegan Development 33 Bedford St Ste 7 Fiorellas Trattoria 25 Waltham St Firefly Moon 1764 Massachusetts Ave Fireside Bed & Breakfast of Lexington 24 Eldred St First Circle Learning Center 80 Maple St Fitness Together 433 Marrett Rd Fitter Female 172 Bedford St Five Forks Sunoco/Dunkins 286 Lincoln St Flash Photo 333 Woburn St Flowers at the Depot 10 Muzzey St Francesca Anderson Fine Art/Portraits North 56 Adams St Frank B Yunes, Attorney 244 Bedford St Fruitee Yogurt 1707 Massachusetts Ave Gallery Twist 1963 Massachusetts Ave GateHouse Media 150 Baker Avenue, Suite#201 Genesis HR Solutions 30 Corporate Dr. Suite 100 Genworth Long Term Care 74 Fifer Lane Get In Shape for Women 442 Marrett Rd Gino of Italy 403 Waltham St Global Innovation Labs 430 Marrett Rd Going Native Garden 143 Concord Ave Golden Paws Pet Grooming 395 Lowell St Gordon Eye Associates 47 Waltham St- rear Grant Cole Realtors 52 Waltham St Great Harvest Bread Company 233 Massachusetts Ave Greater Boston Running Company 1728 Massachusetts Ave Green Tea Day Spa 846 Massachusetts Ave Gulf 39 Bedford St Hader Dental 3 Bow St Hair Scene, Inc. 48 Massachusetts Ave Hammond Residential Real Estate 1775 Massachusetts Ave Health Stop 35 Bedford St Hearts and Minds 19 Cedar St Mailing list for Patriots Day sponsorship letter MH�elpround Town PO Box 546 Heritage Hall 177 Bedford St Heritage Mobil 277 Bedford St Hitrons 1666 Massachusetts Ave Home Instead Senior Care 5 Militia Drive Homes Development Corporation 23 Adams Street#A Homespun 739 Masachusetts Ave Hong Don , DMD 14 Muzzey St HoustonHo le, LLP 1666 Massachusetts Ave Suite 12 Howell & Minchello LLP, CPA's 175 Bedfrd Street, Suite#5 Hub International 442 Marrett Rd Ste 1 I.M. Wireless 1792 Massachusetts Ave Imprivata, Inc. 10 Maguire Rd #125 Incite Architecture 1620 Massachusetts Ave Indulgence Day Spa 189 Bedford St Inspire Bowl n'Tea 1686 Massachusetts Ave Institute for Learning and Development 4 Militia Dr, Suite 20 International Consort. For Exec. Devlpmnt Researh 1666 Massachusetts Ave Iowa Studios 50 Percy Rd J. Hilburn 16 Ingleside Rd J. P. Carroll Inc. 31 Allen St J. Vincent Salon 675 Lowell St JackRabbit 1728 Massachusetts Ave Jackson's Kitchen 50 Massachusetts Ave Jacobo Chamberlain Law 4 Militia Dr Jacqueline's Bridal 76 Bedford St Unit 1 James M. McLaughlin, Inc. 973 Concord Turnpike Jewels From The Crown 14 Waltham St Joseph's Tailor Shop 331 Marrett Rd Joshua Tree Interactive 5 Hollow Lane Joy Li Jewelry 26 Sylvia St Julianne Donato, MBA, PC 1666 Massachusetts Ave Ste 5 Kaden and Kai 10 Richmond Circle Kajko, Weisman & Colasanti LLP 430 Bedford St#190 Kane Investments, Inc. 1646 Massachusetts Avenue Katandin Woods of Lexington 1 Katandin Drive Katlin Travel Group 1840 Massachusetts Ave, 2nd Flr Keith Asarkof DMD &Associates 10 Muzzey St Kennedy& Kennedy CPA 114 Waltham St Keys For Kids Music School 411 Waltham St Kid In Vogue 846 Massachusetts Ave Kiku Beads of Lexington 210 Lowell St Kiley Travel Service 33 Bedford St Kinara 325 Lincoln St Kinesiology Connection 594 Marrett Rd Ste 20 Kirk's Custom Cuts Mobile Barbershop 176 Bedford St Kirkland & Shaw Plumbing & Heating 5 Adams St Kitchens by Lom bco 311 Marrett Rd Kumon Math and Reading Center 240 Bedford St#9 LaRamme Barber Shop 1796 Massachusetts Ave Lahey Clinic 41 Mall Road Lahey Medical Center Lexington 16 Hayden Avenue Larchmont Irrigation 11 Larchmont Lane Larson Insurance 109 Massachusetts Ave Law Office of George Foote 5 Militia Drive Mailing list for Patriots Day sponsorship letter ML�awfice of Thomas O. Fenn 9 Meriam Street, Suite#23 Lawrence V. Sweet Plumbing & Heating Corp PO Box 185 Leading Edge Real Estate 1756 Massachusetts Ave LeDerm Laser& Medical Aesthetics 428 Marrett Rd Lester E. Savage, Real Estate 9 Meriam St Levine Orthodontics 18 Muzzey St Lex Communicate 19 Muzzey St Ste 202 Lexington Ace Hardware 327 Woburn Street Lexington Arts & Crafts Society, Inc. 130 Waltham Street Lexington Bee Company 205 Follen Rd Lexington Chamber of Commerce 1620 Massachusetts Ave Lexington Christian Academy 48 Bartlett Ave Lexington Cleaners 153 North St Lexington Clinical Associates 76 Bedford St, Suite 21 Lexington Coin 6 North Hancock St Lexington Dental Associates, P.C. 271 Lincoln St Ste 2 Lexington Dental Care 922 Waltham Street Lexington Electrology Associates 20 Muzzey St Ste#2 Lexington Eye Associates, Inc. 21 Worthen Rd Lexington Family Chiropractic 16 Clarke St Lexington Family Dental 57 Bedford St Ste 205 Lexington Fitness Club 177 Bedford St Lexington Graphics 76 Bedford St Lexington Gulf Svc Center 324 Marrett Rd Lexington Health Care Center 178 Lowell St Lexington Historical Society 13 Depot Square Lexington House of Pizza 399 Lowell St Lexington Kumon Math&Reading Center 5 Tidd Circle Lexington Leadership Academy 190 Grant St Lexington Lock Service 240 Bedford St Lexington MA Federal Credit Union 3 Fletcher Ave Lexington Medical Associates 16 Hayden Ave Lexington Minuteman 9 Meriam St Lexington Mobil Mart 396 Waltham St Lexington Music School 1403 Massachusetts Ave Lexington Nails &Spa 19 Depot Square Lexington Optical Associates 114 Waltham St Lexington Orthodontics 24 Muzzey St Lexington Patch.com 23 Riverdale St Lexington Pediatric Dental 3 Bow Street, Suite#2 Lexington Pediatrics, P.C. 57 Bedford St Lexington Periodontics & Implantology 33 Bedford St, Suite#15 Lexington Photo Scanning 46 Burlington St Lexington Power Yoga 1762 Massachusetts Ave Lexington Press Inc., The 15 Meriam St. PO Box 51 Lexington Prosthodontics 803 Massachusetts Ave Lexington Psychological & Educational Res. 76 Bedford St, Suite 26 Lexington Singapore School 807 Massachusetts Ave Lexington Smile Studio 922 Waltham St Ste 202 Lexington Soaps 34 James St Lexington Symphony PO Box 194 Lexington Therapeutic Massage 9 Meriam St Ste 16 Lexington Toyota, Inc. 409 Massachusetts Ave Lexington Venue 1794 Massachusetts Ave Lexington Violin School & Lexington Strings 175 Grove St Mailing list for Patriots Day sponsorship letter Lexin ton Wealth Management 12 Waltham St Lexington-Bedford Veterinary Hospital 476 Bedford St LexMedia 1001 Main Campus Drive Lexwin Realty 1666 Massachusetts Ave Ste F2 Liatris Hair Design 6 Muzzey St Liberty Mutual Insurance Co 173 Bedford St LifeFirst Financial 6 Wallis Ct Limited To Endodontics, Inc. 1666 Massachusetts Ave, Suite 9 Little India Express 321 Woburn St Livius Prep 442 Marrett Rd Ste5 Livius Tutoring 1723 Massachusetts Ave Lumos Debate Camp/Ivy Math Tutoring 59 Worthen Rd Lurie Family Center for Autism 1 Maguire Rd MA France 46 Massachusetts Ave MA Properties Online 16 Meriam St Made With Love Laads 6 Wellington Ln Ave Majestic Cruises &Tours 805 Massachusetts Ave Mal's Auto Body 7 Massachusetts Ave Manickas Family Dentistry 803 Massachusetts Ave Maria C. Evangelisti, DMD, PC 1 Wallis Ct Ste 1 Martinizing Cleaners 185 Bedford St Ma -Van's This Old House B&B 12 Plainfield St Mass Ave Car Wash Corp. 31 Massachusetts Ave Mass Convenience 93 Massachusetts Ave Mass Nails and Spa 1707 Massachusetts Ave Mathnasium 10 Muzzey St Matthew R Foti Landscaping 30 Fairbanks Road Maxima Book Center 1717 Massachusetts Ave McDonough &Wang Group Leading Edge Real Estate 1756 Massachusetts Ave McSweeney Painting 435 Lincoln St Meadow Mist Farm 142 Marrett Road Mei Mei of Lexington 240 Woburn St Michelson's Shoes 1780 Massachusetts Ave Midge Franz 238 Bedford St Ste 5 Mike Leary Contracting 251 Worthen Road East MiniLuxe 1718 Massachusetts Ave Minute Woman, Inc. 238 Bedford St Ste 7 Minuteman High School 758 Marrett Road Mitra's Art Studio 10 Patriots Dr Monument Mortgage, Inc 91 Hartwell Avenue Morehouse MacDonald &Associates 3 Bow St Mount Auburn Healthcare Lexington 57 Bedford St Mount Auburn Hospital 330 Mount Auburn Street Multi-Pure Water Filters 118 Reed St Munroe Center for the Arts 1403 Massachusetts Avenue Music Emporium, Inc., The 165 Massachusetts Ave MVS Publishing 35 Bedford St Ste 4 My Cleaners 166 Bedford St My Cleaners 400 Lowell St Nails by Noel 8 Muzzey St Namaste Massage Therapy 238 Bedford St Ste 5 Nature's Way Cleaners 409 Waltham St Naz Kupelian Salon 311 Woburn St Nefertiti Salon 55 Waltham St Neillios Gourmet Kitchen 53 Bedford St Mailing list for Patriots Day sponsorship letter MN�eweneration Martial Arts, Inc. 240 Bedford St New Star Realty 40 Waltham St New Way Cleaners 189 Massachusetts Ave Nicholson Sreter&Gilgun 33 Bedford St, Suite#4 Nick's Place 197 Massachusetts Ave NNE Marketing 1666 Massachusetts Ave Northeast Energy Efficiency Partnerships 91 Hartwell Ave Nourishing Solutions PO Box 365 Nstar Electric & Gas Corporation 1 NSTAR Way O'Brien Cavanagh Ivanova LLP 405 Waltham St Ste 226 Oasis Senior Advisors NW Boston 94 Spring St Oasis Systems 24 Hartwell Ave Odessa: Instant Shoe Repair 16 Waltham St Office of Edmund C. Grant, Esq. 33 Bedford Street, Suite#3 Oldenburg Architechture 1666 Massachusetts Ave, Suite 11 OM Cookies 59 Outlook Drive Omar's World of Comics 20 Waltham St One 2 One Bodyscapes Personal Training 1762 Massachusetts Ave Organic Nail and Spa 1707 Massachusetts Ave Orr Homes, LLC 35 Bedford Street, Suite#4 Orthodontic Associates of Lexington 57 Bedford St Otis Brown Insurance Agency 1 Militia Dr, Suite 1 Our Pleasure 2 Help 2 Springdale Rd Pallotta, John DMD 19 Muzzey St Pampered Pets 293 Marrett Rd Parfait 8 Anthony Rd Partners for Life Dog Training 8 B Camellia Place Partners In Healing 1762 Massachusetts Ave 2nd Floor Patriot Pediatrics 74 Loomis Street Paul DiMattia DDS 76 Bedford St, Suite 8 Paul Mammola Salon 1787 Massachusetts Ave Pede o Bikes 8 Camilia PI Peet's Coffee &Tea 1749 Massachusetts Ave Penguin Coding School 5 Militia Dr Peoples United Bank 46 Bedford Street Pepperlane 5 Augustus Rd Personal Cleaners and Tailors Inc. 856 Massachusetts Ave Pet Source 433 Marrett Rd Petrucell , Norris & Minsch PC 1666 Massachusetts Ave Ste 1 Philip Ciampa Salon/Prt, Ltd. 189 Bedford St Phoenix Sunrooms 405 Waltham St#334 Pilgrim Nursery School 55 Coolidge Avenue Pine Knoll Nursing Center 30 Watertown St Pinot's Palette Lexington Center 7 Meriam St ProMedical, LLC 1 Militia Drive Qdoba Mexican Grill 46 Bedford St Quanterix 113 Hartwell Ave Rancatore's Ice Cream and Yogurt 1752 Massachusetts Ave Re/Max Landmark Real Estate 15 Depot Square Revolve 1717 Massachusetts Ave Rice Cube Thai Kitchen 397 Lowell St Robert DeRegis, DMD 183 Bedford St Robin Gannon Interiors and Home 1656 Massachusetts Ave Rodan & Fields- Emily Hickey 25 Oakland St Royal Pastry Shop 317 Marrett Rd Mailing list for Patriots Day sponsorship letter Russian School of Mathematics 24 Hartwell Ave Salem Five Insurance Services 1 Militia Dr, Suite 1 Salon Marcello 20 Massachusetts Ave Sartori Insurance Agency, Inc. 76 Bedford St, Suite 37 Scottish Rite Masonic Museum 33 Marrett Road Scotty's of Lexington 125 Massachusetts Ave Season's Four 1265 Massachusetts Ave Seri Beauty Salon 162 Bedford St Servpro of Lexington/Bedford 50 Sun St., Suite 1 Shadley Associates 1730 Massachusetts Ave Shapiro Elder Law 48 Waltham Street Shattuck Ace Hardware 327 Woburn St Shaynedoro Pet Beauty Salon 153 North St Sherwin Williams Co 10 Camelia PI Takeda Shire 300 Shire Way Sickle Brook Services 517 Massachusetts Ave Signature Stationers, Inc. 1800 Massachusetts Ave Singer, Singer& Fahey 4 Muzzey St Smile &Skin Aesthetics 76 Bedford St Ste 9 Smiles by Design 57 Bedford St Ste 110 Social Service Centers, Inc 15 Depot Sq Social Service Centers, Inc 15 Depot Sq Sonia's Dressmaking &Alteration Shop 1628 Massachusetts Ave Sovereign/Santander 1822 Massachusetts Ave Space Craft Architecture 5 Raymond St. Spaulding Management Company 490 Virginia Rd Spaulding Outpatient Center for Children 1 Maguire Rd Spectacle Management 4 Muzzey St Spectrum Music 1844 Massachusetts Ave Sport Clips Haircuts 411 Waltham St Sports and Physical Therapy Assoc 57 Bedford St Ste 202 Springboard Education 420 Bedford St Ste 210 Starbucks 60 Bedford St Stephanie Louis Salon 1740 Massachusetts Ave Stone Meadow Golf 675 Waltham St Stop & Shop Supermarket 36 Bedford St Strategic Academic Success 1844 Massachusetts Ave Ste B Stretch Med Studio 1740 Massachusetts Ave Studio 240 240 Bedford St Ste 8 Sue Bruce Photography 189 Bedford St 2nd Flr Summer's Edge Day Camp &Tennis School 342 Main St Summit Realty Partners 80 Hayden Ave Sun Dental Center 1725 Massachusetts Ave Sunny G Inc 442 Marrett Rd Ste 4 Supercuts 46 Bedford St Sweet Science 12 Bedford St Sweet Thyme Bakery 1837 Massachusetts Ave Sword & Spoon Group 52 Waltham St t21 Coffee 1970 Massachusetts Ave Tang's Natural Healing 238 Bedford St Ste 5 Tarpey Insurance Group 807 Massachusetts Ave TD Bank 1840 Massachusetts Ave TD Bank 419 Lowell St Teles Estherics Center 363 Massachusetts Ave Ste LL2 the Business Collaborative 30 Wachusetts Dr Mailing list for Patriots Day sponsorship letter The Fitter Female 174 Bedford St The Roasted Granola 11 Hancock Ave Theatre Pharmacy, Inc. 1784 Massachusetts Ave Thirty-One Gifts 435 Waltham St Thomas G. Braun, DDS 20 Muzzey St Tina's Mask Supply 29 Bernard St Tonry NW Insurance Agency 238 Bedford St Traher Design/ Nieshoff Design 15 Depot Square Travel To Europe 49 Waltham St; PO Box 439 Tri Con Barber Shop 180 Bedford St Tricon Sports Shop 415 Waltham St Trudeau & McAvoy Attys at Law 15 Muzzey St Up Up &Away Balloons 55 Waltham St UPS Store 405 Waltham St Vails Studio Hair Designing 240 Bedford St Verc Lexington Mobil 277 Bedford St. Verizon Wireless 1792 Massachusetts Ave Vibrant Health 92 Vine St Village Cobbler 16 Waltham St W. H. Lyons Realtors, Inc. 55 Waltham St W.T. Phelan & Co. Insurance Agency 74 Bedford St Ste 1A Wagon Wheel Nursery&Garden Center 927 Waltham Street Walden Framer 121 Massachusetts Ave Wales Copy Center 1810 Massachusetts Ave Wal reens 60 Bedford St Watertown Savings Bank 1075 Waltham St Webster Bank 31 Waltham St Wellspring Counseling Center 33 Bedford St, Suite 18 When Pigs Fly Bread 1756 Massachusetts Ave William Raveis Real Estate 1713 Massachusetts Ave Wilson Farms, Inc. 10 Pleasant St Wingate Financial Group Inc 450 Bedford St #3 Woodhaven Realty 424 Marrett Rd Wrigley, Alan Atty at Law 114 Waltham St Yamaha Music School 57 Bedford Street, # 105 Youville Place Assisted Living Residence 10 Pelham Road AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Application: Battle Green Permit - Lions Club of Lexington, Inc. PRESENTER:TER• ITEM S NUMBER: Jill Hai, S elect Board Chair C.4 SUMMARY: The Lions Club of Lexington, Inc. requests permission to hold the 109th Annual Patriots' Day 5-Mile Road Race on Monday,April 17, 2023 with an awards ceremony on the Battle Green at the conclusion of the Road Race from approximately 11:15am to 11:30am. They are requesting use of the Battle Green from 10:00am to 12:00p m where the Road Race will start and end. The Police Department, Department of Public Works and Fire Department have no objections to this request. SUGGESTED MOTION: To approve the request of the Lions Club of Lexington, Inc. to hold the 109th Annual Patriots' Day 5-Mile Road Race on Monday,April 17, 2023 from 10:00am to 12:00p m with an awards ceremony on the Battle Green at approximately 11:15am to 11:30am subject to working out all of the details with the Lexington Police Department, Lexington Fire Department, Department of Public Works and the Town Manager's Office. Move to approve the consent. FOLLOW-UP: Select Board Office DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 ATTACHMENTS: Description Type F) 2023 Patriots'Day F'verftfllattle(keen I Jse Request I ions Club of Bcickup Material I k.,,xingfon.,In.c. 01 XI THE LIONS L BOF LEXINGTON, IN CU C. P.O. Box 71, Lexington, Massachusetts, 02420 Birthplace of American Liberty www,/exington/ions,orq February 1, 2023 Town of Lexington Select Board 1625 Massachusetts Ave. Lexington, MA 02420 Dear Board Members; The Lexington Lions Club will be sponsoring the 10911 Annual Patriots Day 5- Mile Road Race on Monday, April 17, 2023 We are requesting the use of the Battle Green for the awards ceremony at the conclusion of the Road Race. The awards ceremony begins at approximately 11:15AM and will last approximately 15 minutes. Thanks for your consideration of this request. If you have any questions, please contact me at 17 Vine Brook Rd, Lexington, MA 02421; Cell Phone: Very truly yours, „ry lb m.. � Douglas M. Lucente Treasurer and Road Race Co-Chair See attached.- Road Race Route & Details cc: Town Manager Lexington Lions Club— 109th Annual Patriots Day 5-Mile Road Race Battlegreen FINISH , q 70 Mile 4NI Natkmal Heritage Gas N °C)[cl des NI MNI Road Race Details: Date, Time& Location: • Monday,April 17,2023 • Race Starts at 10:00am(By Lexington Minutemen firing muskets) • Adjacent to the Battlegreen,Lexington,MA • (1900 Mass Ave,Lexington,MA—for mapping purposes) Registration: Please Visit the"HOW TO ENTER"Registration Page at www.lexingtonlions.org Race Packets: Runners who have pre-registered may pick-up their race packets on race day at registration beginning at 8:00am Team Registration: Teams must have a minimum of 4 Runners. Timing Chip: Your timing chip is included in your race packet and must be placed on the top of your shoe and securely weaved/tied through your shoelaces.In order to receive an official time for the race you must be wearing the chip as you cross both the Start and Finish lines. Age Group Awards &Other Trophies: • Currier Cup*- 1 st Place Overall Finisher • Team Competition- 1 st Place Team • Sgt Norman Carlson Award- 1 st Lexingtonian • Age 12&Under- 1 st&2nd Place Male, 1 st&2nd Place Female • Age 13—19- 1 st&2nd Place Male, 1 st&2nd Place Female • Age 20—29- 1 st&2nd Place Male, 1 st&2nd Place Female • Age 3 0—3 9- 1 st&2nd Place Male, 1 st&2nd Place Female • Age 40—49- 1 st&2nd Place Male, 1 st&2nd Place Female • Age 50—59- 1 st&2nd Place Male, 1 st&2nd Place Female • Age 60&Up- 1 st&2nd Place Male, 1 st&2nd Place Female *Currier Cup Trophy.- The Currier Cup is a Special Silver Cup that is presented to the first place finisher of the race by the family of the first Place finisher of the First Patriots Day Road Race in 1914 Ralph"Curlie"Currier. Fees: Mail-in and On-Line Pre-registration is$25. Day of Race registration is$28. Water Stops: There are 4 water stops along the race route.Close to each mile marker. Refreshments: Refreshments and fruit are served at the end of the race. AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Review and Approve Police Station Solar Project Design PRESENTER: ITEM Mike Cronin Director of Public NUMBER: Facilities; Jeff McElravy,AIA, Tecton I.1 Architects, Inc. SUMMARY: Category:Decision-Making Attached please find the final solar presentation and plan for the Police Station. This proposal has been approved by the Historic Districts Commission and is on the Annual Town Meeting warrant for funding. A specific motion approving this plan will also need to be voted when the Select Board votes of Article 16(i) but it would be helpful to have this item approved before the Select Board considers the Articles. SUGGESTED MOTION: Move to approve the solar project for the Police Station as presented and included in Article 16(i) of the Annual Town Meeting. FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 6:40pm ATTACHMENTS: Description Type lik, ........... 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DLLro, 14 CL r rd I 0 I ��i iG 1 r o ' f'p�pIIIIII tlticc w r LIL r € W ° 1 u y 11I{ 1 r LL J 66 "s x c� °-' 4—' 0 h � V)(� ® (IJ 00 r``` / r rrumn//oi�'9///rrrriiiiiio„ii i it tf r (f i 4 � f 1 j r l r i l /// ✓al"y f a tw °. ., h^ ' cl p N®yi w -Q� f��� ''""�� rrrr E XX ,Ip f'E X� "Ww' " d ij, p D74 f .. yq���,� �vN F' 'IRS^sf flyN S�rr% . ��ryry I tlI 10 ; LO LU &d `YEN 4�rN y, r�� `ter � N �7� N N/ II _ W � I n 7 �I M� ✓I, i 0 MTV 7jw r d s "'�. � � ' + t ,may ��Y� c" En � a_ � �� .ilk _ q�y uA J�. N 1 MMaMMMi N ' A 13 f I R 11 .�M w.7. N ir Lu t Lj r N� AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: 2023 Fee Schedule for Recreation &Community Programs PRESENTER: Melissa Battite, Dir. of Recreation & C P, Christine Dean, Comm. C tr. Dir., Peter Coleman, Asst. Dir. SUMMARY: Category: Decision -Making ITEM NUMBER: I.2 Attached please find the annual fee schedule proposal from the Recreation Department for 2023. Melissa Battite, Director of Recreation and Community Pro grams ; Christine Dean, Community Center Director and Peter Coleman, Assistant Director of Recreation will be presenting at the Select Board meeting. SUGGESTED MOTION: Move to approve the 2023 Recreation Fee Schedule as presented as per the attached. FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 7:10pm ATTACHMENTS: Description E) 2023 Propose F'ee Sidledule Request & vlerno Type r Lexington RECREATION &COMMUNITY PROGRAM S MEMORANDUM TO: James Malloy, Town Manager FROM: Melissa Battite, Director of Recreation & Community Progra DATE: February 3, 2023Th SUBJECT: 2023 Fee Schedule The. Recreation Committee voted (5-1) during their January 26,.2023 meeting to approve the enclosed 2023 Fee Schedule and recommend it be presented to and voted on by the Select Board during its February 13, 2023 meeting. Here are the key points: • This is 'an annual request that comes before the Select Board each January or February. • The proposed fee schedule.will be implemented during the FY2024 Budget year and applied as seasonal registrations open during the 2023 Calendar Year, as early as February 2023 The Fee Schedule reflects requests for fee adjustments for several Activity Types within different Cost Centers and Core Program Areas as highlighted in. the attached schedule. • The fee adjustments take into consideration market price, cost of living increases and ..other expenses associated with delivering the particular service. The projected new revenue from the proposed fees attached will minimize overall. impact caused by the. projected increased expenses. • A review of similar communities with like services was conducted., however, no other community offers the exact same. level of programming, services and or funding model as Lexington. • The Department and Recreation Committee are committed to and prioritizes accessible and affordable. programs and services for community members of all ages and abilities, including financial support. During FY 2022 $16,408.15 was provided in scholarships and or reduced fees with $6,346 in support from the Fund for Lexington, $10,062.15 support from the Recreation Enterprise Fund. This provided over 53 families and a total of 206 individual participants of all ages and abilities to engage in swimming, camps, clinics, out of school time programming and adult/senior fitness .classes. • Additionally, it is anticipated that a loss of revenue is to be expected from closures of outdoor recreation facilities due to ongoing capital infrastructure projects.. • Any proposed fees that are not approved will directly reduce the revenue for the Enterprise Fund, in turn reducing the department's ability to respond to the community needs. The overall revenue projections associated with the adjustments is $140,137 in the following Cost Centers: Aquatics $ 61880 Tennis & Pickleball $ 31600 Golf $661302 Camps &Clinics $24,645 Adult Leagues $ 3,200 Youth Leagues $11,510 Outdoor Recreation Facilities $24.,000 Total $140,137 Attachments: Recommended 2023 Fee Schedule Recommended Community Center Rental Schedule Recommended Outdoor Recreation Facilities Should you have any questions, please do not hesitate to contact me. Cc: Recreation Committee NJ Cost Center Activity Type Core Program Area 2019 2020* 2021 2022 2023 Aquatics Family Pass - Non -Resident Memberships $395.00 $395.00 $395.00 $415.00 $415.00 Aquatics Individual Pass - Non- Resident Memberships $160.00 $160.00 $160.00 $175.00 $175.00 Aquatics Family Pass - Resident Memberships $240.00 $240.00 $240.00 $255.00 $255.00 Aquatics Individual Pass - Resident.. Memberships $80.00 $80.00 $80.00 _$90.00 $90.00 Aquatics Senior Pass - Resident . Memberships $50.00 $60.00 $60.00 $65.00 $65.00 Aquatics Senior Pass - Non -Resident Memberships T3.E` O, Aquatics Replacement Card Memberships. $5.00 $5.00 $5.00 $5.00 $5.00 Aquatics Daily Pass - Resident Memberships. $5.00 $5.00 $5.00 $7.00 $7.00 Aquatics Daily Pass - Non -Resident Memberships $6.00 $6.00 $6.00 $10.00 $10.00 Aquatics Lessons - all ages & abilities Intro Skill Based $S0.00 $60.00 $70.00 $80.00 t Aquatics Fitness Classes Intro Skill Based $6.00 $7.00 $ . 7.00 Aquatics Punch Card Memberships $50.00 $50.00 ,tp Tennis / Pickleball Lessons - all ages & abilities Intro Skill Based $35 - $80 $100.00 $125.00 $125.00 a € ,31 Tennis / Pickleball Semi -Private Lessons Advanced Skill Based $320.00 $320.00 $ 320.00 Tennis / Pickleball ID Cards - Individual -Resident Memberships $70.00 $80.00 $100.00 $115.00 ~� Tennis/ Pickleball ID Cards - Senior - Resident Memberships $50.00 $60.00 $70.00 $75.00 fD � Tennis / Pickleball ID Cards - Individual Non Resident Memberships $100.00 $100.00 $125.00 $150.00 g.[ Tennis / Pickleball Reservations-hr/w/ID Memberships free free free free free Tennis / Pickleball Reservations-hr/w/ID-lights Memberships $10.00 $10.00 $20.00 $20.00 $20.00 Tennis / Pickleball. Reservations-hr/no ID Memberships $10.00 $10.00 $15.00 $15.00 $15.00 Tennis / Pickleball Reservations-hr/no ID -lights Memberships $20.00 $20.00 $30.00 $30.00 .. $30.00 Summer Camps Day Camp Camps & Clinics $215 - $240 $265.00 $275.00 $300.00 Summer Camps Minuteman Sports Clinics Camps & Clinics $110 - $170 $180.00 $190.00 $225.00 Adult Programs & Leagues Field House Morning Pass - Resident Memberships . $105.00 $105.00 $115.00 $115.00 Adult Programs & Leagues Field House Morning Pass - Non -Resident Memberships $125.00 $125.00 $140.00 $140.00. Ors Adult Programs & Leagues Field House Evening Pass - Resident Memberships $65.00. $65.00 .$75.00 $75.00 $ 75.00 Adult Programs & Leagues Field House Evening Pass - Non -Resident Memberships $90.00 $90.00 $100.00 $100.00 $ 100.00 Adult Programs & Leagues Daily Pass - Resident Memberships $5.00 $5.00 $5.00 $5.00 { # Adult Programs &:Leagues Daily Pass - Non -Resident Memberships $6.00 $6.00 $6.00 $6.00 Adult Programs & Leagues Co -Ed Softball Advanced Skill Based $500.00 $500.00 $500.00 $500.00 $ 500.00 Adult Programs & Leagues Fitness Classes -Senior Resident Intro Skill Based $60.00 $72.00 $84.00 $ 84.00 Adult Programs & Leagues Fitness Classes -Senior Non -Resident Intro Skill Based $70.00 $82.00 $94.00 9 Adult Programs & Leagues Fitness Classes - all ages Intro Skill Based $120.00 $120:00 $120.00 $ 120.00 Adult Programs & Leagues Fitness Classes - non resident Intro Skill Based $130.00 $130.00 $130.00 `a Youth leagues Flag Football Intro Skill Based $90-$1001 $90.00 $100.00 $110.00 d`t Youth Leagues Winter Youth Basketball Clinic Advanced Skill Based $100 - $110 $100.00 $110.00 $120.00 g Youth Leagues Winter In -Town Basketball League Advanced Skill Based $160 - $170 $165.00 $165.00 $175.00 Youth Leagues Winter High School Basketball League Advanced Skill Based $135 - $145 $140.00 $140.00 $155.00 Youth Leagues Summer Youth Basketball League Advanced Skill Based $65.00 $65.00 $70.00 $75.00 Pine Meadows ID Cards - Resident - 2 week advance tee time Memberships $10.00 $10.00 $40.00 $40.00 $ 40.00 Pine Meadows Mon - Fri Resident (9) Memberships $20.00 $21.00 $21.00 $21.00 Pine Meadows Mon - Fri Non -Resident (9) Memberships $22.00 $23.00 $23.00 $23.00 0, Pine Meadows Mon- Thurs Resident (9) Senior/Junior - before Memberships $17.00 $18.00 $19.00 $19.00 Pine Meadows Mon- Thurs Non -Resident (9) Senior/Junior -bei Memberships $18.00 $19.00 $20.00 $20.00 Pine Meadows Weekend - Resident (9) Memberships $22.00 $23.00 $23.00 $23.00 # Pine Meadows Pine Meadows Weekend - Non -Resident 9 Golf Cart Rental 9 holes Memberships Memberships $24.00 $20.00 $25.00 $22.00 $25.00 $22.00 $25.00 Pine Meadows Golf Cart Rental 9 holes Memberships $11.00 $11.00 $14.00 `10'U Community Center Individual Pass - Resident Memberships Free Free Free Free Free Community Center Individual Non -Resident Senior (60+) Memberships $12.00 $15.00 $15.00 $15.00 $ 15.00 Community Center Individual Non -Resident Youth (under 18) Memberships $25.00 $30.00 $30.00 $30.00 $ 30.00 Community Center Individual Non -Resident Adult (18-59) Memberships $50.00 $60.00 $60.00 $60.00 $ 60.00 Community Center Family Pass - Non -Resident Memberships $125.00 $150.00 $150.00 $150.00 $ 150.00 Community Center Individual Non -Resident (18 +) work in Lex Memberships $25.00 $30.00 $30.00 $30.00 $ 30.00 Community Center Daily Guest Pass - Non -Resident Memberships $5.00 $6.00 $6.00 $6.00 $ 6.00 Community Center Replacement Card Memberships $5.00 $5.00 $5.00 $5.00 $ 5.00 Community Center Rentals Memberships - based on $0-$100 $0-$100 $0.$100 $0-$110 $0-$110 Athletic Fields and Courts Rentals Permits -based on tiers T1, pp $15 T1, pp $15 Tier 1, per player $17 Athletic Fields and Courts Rentals - Special Event (Birthday, picnics, etc.) Permits At the discretion of the Director of Recreation and Community Programs, periodic registrations and seasonal specials such as incentive fees for early bird, late fee and special fees may apply with certain program areas and cost centers, such as but not limited to Golf, Summer camps, clinics and lessons. Last approved by the Select Board 1/10/2022 Last approved by Recreation Committee on 1/26/2023 O o L _o � Q- !A tfj O o o 0 00 0 0 0 o v o 0 0 0 0 L 0 0 0 0 0= o o Ln �n Ln �n �n Ln. to o o Lri L.ri Sri L n = Ln. M m rra Ln U) LO Ln 'U-) M CO N N N N N N CL L o N +- L O O � v m o N . C V_ cu C qJ p O Q � +j 4-1 4-' O O:. •V tio .0 4-' O _ � 4- O O d• Q (v a) ro C N 3 c o o o 0 o o o o 0 0 ... •cu o o 0 o 0 0 0 o 0 o 0 0 0 Ln Ln o o. o 0 0 0 . o� &- 3 }' v Ln Ln M m M M: :. M•. f� f� N O V) O `i- mo a� °� I� t!} 1- •V?- m to m 110- m IA- M. V-J- `M; AA- N •C/} N t!i- N •i/)- N V)- N -cn- N ch N V)- N •V CL - cu 0 E -a ro �i coo CL z o U) � ° a Q L M o •2 c O tw CLo o Fes•- L° C" `� iiw C •L Q� L C •x cu ^� �_ aj LL . 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O ? ~ u 0 Ln m ~ m � I cz .L a * 44- Vl- o v v bD vi vi �t x o Lz o W v % Ln nn L o Z3. o L o = o L U') 40- qj)- v a) v in OC v vi oC M o v � °C o v � c C L z L W � 'X d' . d oo Lr) m th =3 O o O Z) oO J L 7 a Ln m Ln m Ln © to v 0 -� Ln Qi O L L L N v Q ai . 0- (D ❑. c!} Q}. tl1 .. v : N o oG0 0m LLJ ) I- � .� � .� .�' �} � = Z = Z W 0 .0 � L L L m o _ o _ m bO V, o v v CL v v C v c� v Q- a),n v C- m, ,� .� m Z _� Q X v' u- LL `� � Ln � d, Z Q a)= O o o -cn- qj)- � z z z O . o c o 0 z 0 z v' `n 0 � 0 p S p rl a v LL v LL v L LL Ln j d' It W co 4; 2 �- tao � z z z Z +Wc� co v co L :3 O ch 0 E E 0 0 v J � d v 4-h U - T 4-0 o s C (A4-1 LU 4-0 a � Ora '� - E ., V ❑ - i 4-0 Q Q. z .O L can L O qJ v C O ate-► .� a E O E m � V N m N _ .O ai L � aj Ln °� AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: 2023 Annual Town Meeting PRESENTER: ITEM Deborah Brown Town Moderator; NUMBER: Matt Daggett, Citizen Petitioner; Board Discussion I.3 SUMMARY: Category: Informing The Select Board called for an in -person Annual Town Meeting to begin on Monday, March 20, 2023. Tonight, the Select Board will discuss the use of technology and procedures for an in -person Town Meeting. Deborah Brown, Town Moderator, Mary de Alderete, Town Clerk and Tim Goncalves, Director of Innovation & Technology will be present for the discussion. Attached are the results of a survey sent to Town Meeting Members regarding access to mobile devices. The survey went out on January 26, 2023 and was due back by February 4, 2023. Matt Daggett will present his citizen petition for Annual Town Meeting 2023 Article 40 : Amend Section 135 - 4.4 of the Zoning Bylaw -Reduce Residential Gross Floor. The Select Board will assign its members as article p re s enters for Annual Town Meeting, discuss articles and start to take positions. SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 7:25pm ATTACHMENTS: Description Type F) TMNIIA. '--)'urvey Res-ults on. VII.obile Device Access Backup Material F) Moderator Request 2023 AI W11 Ikichf-) Material F) Art 40 GTA. redUce dnaft rnotion. Fkackup Material F) Art 40 prelsenlation. Presenfation. F) A rt 2 mo t io n. 2.9.23 Ibckup Material F) 2023 XI WI Sele(..,,t f.,k)ard Postitions W(,.)rIJng 1.)ocum(M.A. f,,ku..,,kup Material F) Proposed]. 'opics/Scfibes fbr Select. fk)ard Reporl''to 2023 A"I'M Fkwkup Material F) Art 1. 0 CPC n-u-tion. Bdackup Matenal TMMA Survey Results on Mobile Device Access There are 99 responses (52% response rate, 189 TMMs): Q: Do you have your own device to bring to Battin Hall? Yes 91 92 No 4 4% 1 have the technology but would not go to in person town mtg. 1 1% Have devices but prefer not to carry them 1 1% No response 2 2% Total 99 100% Comments Summary: Mainly, people want to make sure they have a way to plug in their device and possibly have a table/other comfortable way to use a computer. Additional Comments: • Why can't we use the old voting devices? • If I'm to be voting from my phone or laptop, I'd prefer to sit in front of my computer at home. • We should not need our computers to do our business during town meeting. • 1 would want to have a seat and a table in order to use my laptop during an in -person meeting. • 1 would need to have a way to plug in my laptop if possible. Battery doesn't always stay charged for as many hours as we debate. OVS MORN/ 775 c� a x QNW Z�_y i APRIL 19TM � FX I N 6-1 February 9, 2023 Dear Select Board Members, Town of Lexington MODERATOR DEBORAH BROWN DELIVERED BY EMAIL Since the state legislature has not yet acted on our home rule legislation that would allow us to hold a hybrid town meeting, and since the temporary state statute allowing remote meetings will expire in the middle of our upcoming Annual Town Meeting (ATM), we are planning for an in - person ATM in Battin Hall. In order to (1) accommodate the varied health needs/preferences of our members, (2) allow us to be nimble should health or public safety circumstances suddenly change, and (3) preserve our collective familiarity with the online system so we can easily adapt if/when the legislature allows us to conduct hybrid town meetings, I am recommending the following: Dispense with seating by precinct and instead make the entire floor area and 2/3 of the balcony areas available for member seating so they can spread out as much as they need/want. • Utilize the web portal for queuing to eliminate the need to have multiple members standing in line close together at microphones. Members will enter the online queue and then move to a microphone when I call on them. We will need to deploy extra mics. • Utilize the web portal for voting rather than reverting to an older technology. Implementing these recommendations will require additional logistical arrangements such as providing tablet computing devices for those members who don't have a suitable smartphone, tablet, or laptop device to bring with them to meetings; providing ample charging stations; and perhaps providing tables for those who prefer not to balance a device on their laps. We will also need to satisfy ourselves that we can identify/confirm that only votes submitted from within Battin Hall will be counted. I look forward to discussing these recommendations and issues Monday evening with the Board and staff. Sincerely, Deborah Brown Town Moderator 1625 MASSACHUSETTS AVENUE • LEXINGTON, MASSACHUSETTS 02420 Town of Lexington Motion 2023 Annual Town Meeting ARTICLE 40 AMEND ZONING BYLAW, GROSS FLOOR AREA (Citizen Article) MOTION: That the Zoning Bylaw, Chapter 135 of the Code of the Town of Lexington, be amended as follows, where 14HRUW4r thr0„ og text is to be removed and underlined text is to be added, except where otherwise stated below, and further that non -substantive changes to the numbering of this bylaw be permitted to comply with the numbering format of the Code of the Town of Lexington. 1. Amend: § 135-4.4 as follows: 4.4.2 Maximum Allowable Residential Gross Floor Area Tables. The total gross floor area of all buildings on a lot containing a one -family or two-family (twelling may not exceed the amount listed in �e.. t-1€16/e'ITable 4.4.2.1 based on lot area.'Notwithstanding the previous sentence, lots in which a one -family or two-family d ellin ilawfully in existence, lawfully begun, or subject to a building permit or special pgrmit issued before January 1, 2024 shall instead be limited to the total the gross floor area amount listed in Table 4.4.2.2 based on lot area. Building permits or special permits pursuant to, 135-6.9 or § 135-6.12 shall be limited to the total the 2ross floor area amount listed in Table 4.4.2.2 based on lot area. Ta',hPaa1? 1- Lot Area (in so uare feet) Maximum Gross Floor Area (in sa uare feet 0 to 5,000 0.76 * Lot Area 5,000 to 7,500 3,00 + 0.42 * (Lot Area - 5,000) 7,500 to 10,000 4,85 0 + 0.12 * (Lot Area - 7,500) 10,000 to 15,000 :150 + 0.11 * (Lot Area - 10,000) 15,000 to 30,000 5,700 + 0.1 * (Lot Area - 15,000) More than 30.000 7.200 + 0.1 * (Lot Area - 30.000) Table 4.4.2.2: Lot Area (in square feet) Maximum Gross Floor Area (in square feet) 0 to 5,000 0.8 * Lot Area 5,000 to 7,500 41000 + 0.55 * (Lot Area - 5,000) 7,500 to 10,000 59375 + 0.23 * (Lot Area - 7,500) 10,000 to 15,000 59950 + 0.2 * (Lot Area - 10,000) 15,000 to 30,000 61950 + 0.16 * (Lot Area - 15,000) More than 30,000 91350 + 0.16 * (Lot Area - 30,000) Draft Motion (01/19/2023) 1 of 2 Town of Lexington Motion 2023 Annual Town Meeting 2. That the amended Bylaws shall take effect for building permit and special permit applications submitted on or after January 1, 2024, in order to avoid making permits at risk of compliance during the legislative process, as outlined under Section 6 of Chapter 40A of the General Laws. (Date TBD) Draft Motion (01/19/2023) 2 of 2 RI Z i m li 11 El Fm IL 11 5sff� F46 Wm= Eg 1�1 1�1 El n U ( III l fl i� or -IV E E 9 i� 1-1 0 1�1 cl -------------------- - ---------- --------- 0 CN O� 0 IN 0 0 0 t-- cr Ul 0 0 CL CAI 3L (6 0 0 V 90 1. ..... w 40W .................................................................. (D 0 CD' CD CD CDI CD m 92 CO Cgi Tl co LD' LL cr 0) JD' + co CN C*4 + + fl—LO + Lo' + u, m ILL (D 10 CD CD C) C> C> C> C> L— — — 1) CD ------------- III LO( r= OR Rj mom- i.099d I # E E F� Pi 1# Ij 171 � uioliijantj�jsjuoio. met N 110 06MU802Oid, i� K�7�1 [I 11 10 cn Iowa I cn aD E 0 'Go [ I Ai 0 • I I AlMik e �e loI' 0 A11111fill 0 it A I Ill 0 7C, -ql - - ------------------------ Oil L L; IN 0 Ri 6L- 17, E E m ulma� Cl) 0 ufmd cc 70 U) 11 �d e ILA l� I iru .A Aft m Town of Lexington Motion 2023 Annual Town Meeting ARTICLE 2 ELECTION OF DEPUTY MODERATOR AND REPORTS OF TOWN BOARDS, OFFICERS AND COMMITTEES a. Deputy Moderator T MOTION: That Tom Diaz be approved as Deputy Moderator. b. Report of the Committee on Cary Lectures MOTION: That the report of the Committee on Cary Lectures be received and placed on file and the Committee discharged. c. Report of the Town Manager MOTION: That the report of the Town Manager be received and placed on file. d. Report of the Superintendent of Schools MOTION: That the report of the Superintendent of Schools be received and placed on file. e. Reports of the Appropriation Committee MOTION: That the reports of the Appropriation Committee be received and placed on file. f. Reports of the Capital Expenditures Committee MOTION: That the reports of the Capital Expenditures Committee be received and placed on file. g. Report of the Select Board MOTION: That the report of the Select Board be received and placed on file. h. Report of the Community Preservation Committee MOTION: That the report of the Community Preservation Committee be received and placed on file. i. Reports of the Superintendent of Minuteman Regional Technical High School MOTION: That the reports of the Superintendent of Schools be received and placed on file. j . Reports of the Planning Board MOTION: That the reports of the Planning Board be received and placed on file. k. Report of the Cary Library Trustees MOTION: That the report of the Cary Library Trustees be received and placed on file. (02/09/2023) L a--+ O E a- U � Q f6 w O cn U o N A � a � Z U O � O � a H M M M A U N N W � o o O �' � Q' �3 p N N v� U -4-4 N C� pbio U V1 Q b�A N U v' C3 p �' O Ct �/ N cn Q ct Zt 7t4-a O p O N U ct vi 73 d ct � 03 ctcon 4--j M ct ct bA k N M V> o0 O� O A � a O � Z U � O � a a O a H W� o [� H N A U N W a� a� o o o �ct ct ct a ctun Q 171 cn o � cn O U O O N N O cn cz 4-4 ct �- N, � COD '� O O N p N bb ct ,� M ct ,? 4-4 ct 171 a, O C3O�O,� ct oo ct A-, �' N ,� P-, Q -S4 F-+ C�3 E-+ = 0 W Q� ^ 69 .� } ,� } O Q., CA ct 'o U ''O N cz bA 171 .-� N O A � a � Z U O � O � a H � � H A a W c� ct v� U vo bA O C3 Colo CA r- a UO 4-4 03 '� j cn Oct v, rA C/1 �--i un ct ct uo Z � CIO ,—. 4-1 A � a O � Z U � O � a �-n ti ti C/1 CA H CIA N N N N � MCIA M � W N bbA ct U O 4 ct ct un N bb a N ct un >ct O 03 ct Con � ~ N O Con N c cn ct o � W bbN O •� cr ct W CA O $--ct 4-'4-4 _� _ct v' ct p3ct rd ct -� 73 ct 03 � ct � ° � �--> tt4-1 '� N C3 �. ; o 03 d � � W v� � � � W � � � v1 � � � N � U � �•, Q � Q :tt .-� N N N N N N INC N l� N 00 N a� N O M M N M M M A � a � Z U O � H [� N N N N N N N AH U N N N N N W 4-4 O' w ctct rC N U CH 4-4 U O • ,� O ct ct ct t by ct bb by bb b0 O ct PROPOSED 2023 ATM SELECT BOARD REPORT SECTIONS SCRIBE Message from the Select Board Jill Select Board Goals *(New topic:Overview and progress/projects) Suzie American Rescue Plan Act (ARPA) Doug Budget Challenges FY24 and beyond Doug Social Racial Equity Initiatives Mark Update on Municipal and School Building Projects, including recently completed projects. Mark Update on Recent Home Rule Petitions Joe 2025: The 250th Anniversary of the Battle of Lexington Suzie Town of Lexington Motion 2023 Annual Town Meeting ARTICLE 10 APPROPRIATE THE FY2024 COMMUNITY PRESERVATION COMMITTEE OPERATING BUDGET AND CPA PROJECTS MOTION: That the Town hear and act on the report of the Community Preservation Committee on the FY2024 Community Preservation budget and, pursuant to the recommendations of the Community Preservation Committee, take the following actions: That the Town reserve for appropriation the following amounts from estimated FY2024 receipts as recommended by the Community Preservation Committee: 1. $807,500 for the acquisition, creation and preservation of open space, and the rehabilitation and restoration of open space acquired or created with CPA funds; 2. $807,500 for the acquisition, preservation, rehabilitation and restoration of historic resources; 3. $807,500 for the acquisition, creation, preservation and support of community housing, and the rehabilitation and restoration of community housing acquired or created with CPA funds; and 4. $5,652,500 to the Unbudgeted Reserve. And further, that the Town make appropriations from the Community Preservation Fund and other sources as follows: a) That $400,000 be appropriated for the Stone Building Design and Unexpected Repairs, and to meet this appropriation $400,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund; b) That $6,635,191 be appropriated for Munroe Center for the Arts, and to meet this appropriation $1,000,000 be appropriated from the Unbudgeted Reserve and $3,635,191 be appropriated from the Undesignated Fund Balance of the Community Preservation Fund, and that the Treasurer, with the approval of the Select Board, is authorized to borrow $2,000,000 under M.G.L. Chapter 44, Section 7, as amended or under M.G.L. Chapter 44B, as amended, or any other enabling authority; c) That $118,419 be appropriated for Hancock -Clark Barn Restoration, and to meet this appropriation $118,419 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund; Town of Lexington Motion 2023 Annual Town Meeting d) That $35,000 be appropriated for Archives and Records Management, and to meet this appropriation $35,000 be appropriated from the Historic Resources Reserve of the Community Preservation Fund; e) That $12,000 be appropriated for the First Parish Church Clock Restoration; and to meet this appropriation $12,000 be appropriated from the Historic Resources Reserve of the Community Preservation Fund; f) That $9,600 be appropriated for the East Village Clock at Follen Church Restoration, and to meet this appropriation $9,600 be appropriated from the Historic Resources Reserve of the Community Preservation Fund; g) That $1,211,675 be appropriated for Willard's Woods Site Improvements, and to meet this appropriation $1,211,675 be appropriated from the Open Space Reserve of the Community Preservation Fund; h) That $300,000 be appropriated for Whipple Hill Trail Repair, Fire Access, and to meet this appropriation $250,000 be appropriated from the Open Space Reserve and $50,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund; i) That $3,391,500 be appropriated for Lincoln Park Field Improvements including Lighting, and to meet this appropriation $2,475,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund and $916,500 be appropriated from the General Fund unreserved fund balance; j) That $285,000 be appropriated for Park and Playground Improvements -Bridge School, and to meet this appropriation $285,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund; k) That $155,000 be appropriated for Park and Playground Improvements -Justin Park, and to meet this appropriation $155,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund; 1) That $200,000 be appropriated for Public Grounds Irrigation Improvements, and to meet this appropriation $80,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund and $120,000 be appropriated from the General Fund unreserved fund balance; 2 (02/10/2023) m) That $22,000 be appropriated for Transforming Trees into Art: Birds of New England, and to meet this appropriation $22,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund; n) That $1,500,000 be appropriated for Affordable Housing Trust Funding, and to meet this appropriation $1,500,000 be appropriated from the Community Housing Reserve of the Community Preservation Fund; o) That $400,000 be appropriated for LexHAB Property Acquisition Prefunding, and to meet this appropriation $400,000 be appropriated from the Community Housing Reserve of the Community Preservation Fund; p) That $345,125 be appropriated for LexHAB Rehabilitation/Preservation and Installation of Solar Panels, and to meet this appropriation $345,125 be appropriated from the Community Housing Reserve of the Community Preservation Fund; q) That $1,788,900 be appropriated for CPA Debt Service and related costs, and to meet this appropriation $309,750 be appropriated from the Open Space Reserve, $771,750 be appropriated from the Historic Resources Reserve and $707,400 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund; and r) That $150,000 be appropriated for Administrative Expenses and all other necessary and proper expenses of the Community Preservation Committee for FY2024, and to meet this appropriation $150,000 be appropriated from the Unbudgeted Reserve of the Community Preservation Fund. 3 AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Joint Meeting -Select Board &Special Permit Residential Development Zoning Bylaw Amendment Ad Hoc Committee PRESENTER: ITEM NUMBER: Wendy Manz & Charles Hornig, S P RD Members I.4 SUMMARY: Category: Informing Wendy Manz and Charles Hornig, SPRD Members, will be presenting the 2023 Annual Town Meeting Article 3 3 : Amend Zoning Bylaw - Special Permit Residential D eve to p ment. This is an up d ate to the Select Board with a motion as drafted for Town Meeting. This was last presented to the Board in November 2022. SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 7:55pm ATTACHMENTS: Description Type Town of Lexington Motion 2023 Annual Town Meeting ARTICLE 33 AMEND ZONING BYLAW SPECIAL PERMIT RESIDENTIAL DEVELOPMENTS MOTION: That the Zoning Bylaw, Chapter 135 of the Code of the Town of Lexington, be amended as follows, and further that non -substantive changes to the numbering of this bylaw be permitted to comply with the numbering format of the Code of the Town of Lexington: 1. Amend § 135-3.4, Table 1, Permitted Uses & Development Standards, by replacing row A.1.05 with the following: GC RO RS RT CN CRS CS CB CLO CRO CM CSX Special Residential A.1.05 Development R R R R N N N N N N N N (SRD) 2. Replace § 135-6.9 with the following: 6.9. SPECIAL RESIDENTIAL DEVELOPMENTS. 6.9.1 Purposes. This section is intended to: l . Encourage greater diversity of housing opportunities to meet the needs of a diverse population with respect to income, ability, accessibility needs, number of persons in a household and stage of life; 2. Encourage the development of inclusionary housing; 3. Promote development proposals designed with sensitivity to the characteristics of the site; 4. Permit different types of structures and residential uses to be combined in a planned interrelationship that promotes an improved design relationship between buildings; 5. Preserve historically or architecturally significant buildings or places; 6. Encourage the preservation and minimum disruption of outstanding natural features of open land and minimize impacts on environmentally sensitive areas; 7. Encourage sustainable development through the use of green building practices and low -impact development techniques; and 8. Promote the efficient and economical provision of public facilities such as utilities and streets and Town of Lexington Motion 2023 Annual Town Meeting facilitate a detailed assessment, by Town officials and the public, of the adequacy of such facilities and services for the proposed level of development. 6.9.2 Applicability. A Special Residential Development ('(-SRD") is a project in which one or more lots, tracts, or parcels of land are to be improved for use as a coordinated site for housing and for which deviations from the dimensional standards that apply to conventional developments are allowed in order to achieve a diversity of household types, sizes and affordability. Instead of determining density by dwelling type, minimum lot area, and frontage requirements, the total Gross Floor Area (GFA) of market -rate residential development for the tract as a whole is limited. No Special Residential Development shall be initiated without site plan review by the Planning Board in accordance with the provisions of this section and § 9.5 of this Bylaw. 6.9.3 Types of Special Residential Development. 1. Site Sensitive Development (SSD): A Special Residential Development in which the number of dwellings is limited as set forth below so that existing site features such as natural grades, mature trees, stone walls, and historic structures may be retained. 2. Compact Neighborhood Development (CND): A Special Residential Development in which the size of the dwelling units is limited as set forth below. 6.9.4 Scale of Development. The amount of development permitted in a Special Residential Development shall be based on a proof plan showing at least two lots fully complying with the provisions of this bylaw (other than this § 6.9 and § 6.12), the Planning Board's Subdivision Regulations, and the criteria set forth below. 6.9.5 Threshold Criteria for Site Sensitive Development. An SSD must be designed to preserve natural features, mature native trees, habitat areas, sloped areas, historically or architecturally significant buildings or places. Where possible, an SSD should be sited to preserve mature native trees and the critical root zone. 6.9.6 Dimensional Standards. The requirements of § 4.0 are modified as follows within a Special Residential Development: 1. Lot area. There is no minimum lot area required; provided, however, that the lot area for each lot shall be sufficient to safely meet the off-street parking requirements of this bylaw and the installation of any on -site water supply and sewage disposal facilities. 2 Town of Lexington Motion 2023 Annual Town Meeting 2. Frontage. There is no minimum frontage required; provided, however, that frontage for each lot shall be sufficient to provide for adequate access to the building site in the judgment of the Fire Department. Adequate access may be demonstrated by use of shared driveways, parking lots or other means. 3. Yard Requirements. The Minimum Yards required by § 4.0 shall apply only to the perimeter of the site but are not required elsewhere within the site. 4. Height Requirements. The height limits in Table 2 shall apply, except that the height limit, as measured by stories, shall be three stories in all districts. 5. Gross Floor Area. The total GFA of all dwelling units other than inclusionary dwelling units shall not exceed 115% of the total GFA that would be permitted under the proof plan in accordance with § 6.9.4 and § 4.4. Section 4.4 does not otherwise apply. 6.9.7 Dwelling Unit Count and Size. 1. Number of Dwellings. In a Site Sensitive Development, the number of dwellings shall not exceed the number of dwellings shown on the proof plan in accordance with § 6.9.4. There is no limit on the number of dwellings in a Compact Neighborhood Development. 2. Number of Dwelling Units. There is no upper limit on the number of dwelling units in a dwelling. The number of dwelling units shall not be less than the number of lots shown on the proof plan in accordance with § 6.9.4 3. Dwelling Unit Size. The average GFA for all dwelling units in a Compact Neighborhood Development may not exceed 2,250 square feet. The GFA for any single dwelling unit in a Compact Neighborhood Development may not exceed 2,800 square feet. There is no limit on the GFA of a dwelling unit in a Site Sensitive Development. 4. Building Size. The maximum GFA for any building in a Compact Neighborhood Development shall not exceed 9,350 square feet. The GFA for any building in a Site Sensitive Development shall not exceed 12,000 square feet. 6.9.8 Inclusionary Housing 1. Inclusionary Dwelling Units. a. At least 15% of the GFA permitted under the proof plan submitted pursuant to § 6.9.4 and § 4.4 shall be incorporated into inclusionary dwelling units, as defined by regulations promulgated by the Planning Board pursuant to § 6.9.8.5 (the "Inclusionary GFA"). b. At least two-thirds of the Inclusionary GFA shall be incorporated into dwelling units eligible for inclusion on the Town's Subsidized Housing Inventory as determined by the Massachusetts Department of Housing and Community Development and shall remain affordable in perpetuity. Town of Lexington Motion 2023 Annual Town Meeting 2. Inclusionary dwelling units shall be substantially similar in size, layout, construction materials, fixtures, amenities, and interior and exterior finishes to comparable dwelling units in the same dwelling. 3. A Special Residential Development with more than one inclusionary dwelling unit shall proportionally disperse those units throughout the development rather than concentrate them within particular sections of a dwelling or within particular dwellings. 4. Occupants of inclusionary dwelling units shall have the same access to common areas, facilities, and services as enjoyed by other occupants of the development including but not limited to outdoor spaces, amenity spaces, storage, parking, bicycle parking facilities, and resident services. 5. The Planning Board, in consultation with the Select Board, the Housing Partnership Board, and the Commission on Disability, shall adopt regulations concerning physical characteristics, location, and access to services of inclusionary dwelling units; defining limits on the household income of occupants, sale price, and rent of inclusionary dwelling units; and the form of required legal restrictions for such units. 6. A Special Residential Development with six or fewer market -rate dwelling units shall be permitted to meet the requirements of this section by making a payment to the Town's Affordable Housing Trust in an amount equal to the estimated construction cost of 15% of the GFA permitted under the proof plan submitted pursuant to § 6.9.4, as determined in accordance with regulations to be promulgated by the Planning Board. 7. No certificate of occupancy shall be issued for multi -family housing until an affordable housing restriction for any inclusionary dwelling units is executed, submitted to the Town, and, to the extent required, recorded. 6.9.9 Regulations The Planning Board shall adopt Site Plan Review regulations and standards, consistent with this Section, regarding Special Residential Developments, including with respect to pedestrian and vehicular access to, and egress from, the site, landscaping, screening, and buffers, lighting, stormwater management, architectural style and scale, water and wastewater systems, and refuse disposal. The Planning Board shall also adopt Site Plan Review regulations and standards for Site Sensitive Developments, to protect natural features of the site such as natural grades and slopes, views, mature trees, stonewalls, natural resources such as agricultural soil, and common open space. 3. Amend § 135-10, Definitions as follows: 1. Delete the definitions of "BALANCED HOUSING DEVELOPMENT" and "PUBLIC BENEFIT DEVELOPMENT". Town of Lexington Motion 2023 Annual Town Meeting 2. Amend definitions as follows: SITE SENSITIVE DEVELOPMENT (SSD) A type of special residential development as defined in § 6.9. SPECIAL RESIDENTIAL DEVELOPMENT (SRD) A residential development regulated by § 6.9, in which a tract of land is divided into one or more lots for constructing dwellings allowing deviation from the dimensional standards that apply to conventional developments. 3. Add the following definitions: COMPACT NEIGHBORHOOD DEVELOPMENT (CND) A type of special residential development as defined in § 6.9. 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' V j V E 0 w E Ln .—ru Q Q O O c6 V AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Presentation - Town Meeting Member Association (TMMA) Recommendations for Town Meeting Information Improvement PRESENTER: I rr]U A4 Bridger McGaw, Precinct 6 Town NUMBER: Meeting Member & Lexington 1.5 TMMA Executive Board SUMMARY: Category: Informing Bridger McGaw, Precinct 6 Town Meeting Member, will be presenting recommendations from the Lexington TMMA Executive Board for improving transparency and timeliness of information sharing with Town Meeting Members in advance of Town Meeting through Town web site content management. SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 8:10pm ATTACHMENTS: Description Type Presenlatlon (.7c)nsii.clerations fior Incre,asiing Transparency l3y Pawiding F) I �',ssenfial h1fon-nation to J'own Meeting Member in Advance of Town Presentation F) 023.( 1- 12 'I'M VIA I hl-i.ancerrient Mlerno Wac-111) Material r M N O N M um L CN C7011 G), '0—% TU G31 1 "I �mm0' q;'t 'NwwMR0 Q (1 0 0 0 1ixr (N N IN 2 2 P A-111, 2 0 ICD 0 10nrw Cq C-) (IN 0 00 (N (N 0 C (Ni C) cl CN III (D UNr r) Ln M M" 0 m L m du E E EW0l1i6 1 E -r0(Lu 0dRvd Onlz wm w w EI Cl m M I>UW L0 �' "n" 'a GL ad 7 E I— 1,1 0 (1) C 'mil IZ J%e cq (N rq) CN C14 IN So (Ul Q., Hwy 10 0 211 4.J (D U� CIL ,j �n cu M Ul c-3 . C" C CO oz;'II CU W U. . . ... '0 a CL -j rrrmrer 21 2. M (ru L (V I C2 CL V111", ZZ ii, ra q 0 - 0 0 LIJ ul (r) LL M Q IV. T.- I OWN" IV EZwow YJ Cu LAI.. c �E �E 0 jo 00 4� j2 CT 40 (11Q jrrj M 01) CIL - E C� ra. 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AD a JI)i 0 0 I f 5 Ica JIM I ICL ti, JD �j Q V V1 CO 'C- 0 L 172 01 10 JI gAp dlIm c vii IV O I("All M 11-� VA 0 0), < TO: Jill Hai, Chair, Select Board CC: Joe Pato, Select Board Member Suzie Barry, Select Board Member Mark Sandeen, Select Board Member Doug Lucente, Select Board Member FROM: Town Meeting Members Association (TMMA) Executive Board DATE: January 12, 2023 SUBJECT: Improving Government Transparency and Information Sharing efficiency of Policy issues before Town Meeting through Town Website Content management Opportunity The Executive Board of the TMMA acknowledges the great steps made by the Town of Lexington, Town Staff and Boards and Committees to advance the use of technology to improve public dialogue, citizen engagement, and transparency of information available to the voters and Town Meeting Members in advance of Town Meetings. Following the last years of virtual Town Meetings, the TMMA would like to engage in an active discussion with you to build on the website and public policy communications work to date while also addressing a number of challenges we have identified in how available information on Articles before Town Meeting are shared. Background The onset of the COVID-19 Pandemic in spring of 2020 forced our elected Select Board, Town staff, elected Town Meeting Members (TMMs), and appointed Boards and Commissions to pivot to virtual activities, presentations, dialogue, discussion, debate, and eventually policy decisions. During that time, the Town Meeting Members Association (TMMA) partnered with the Town staff and Select Board to leverage the Town Website as the primary platform for hosting video briefings, documents, background information, Warrant Article presentations, and associated proposed amendments. This new approach still relied on the production of traditional written reports from the Capital Expenditures Committee, Appropriations Committee, and Community Preservation Committee. During the Special Town Meeting (STM)-2022, Town Staff informed the TMMA that they would not be able to support an information session on the matters the Town Meeting was being asked to deliberate and vote. It was noted that background information, video briefings, and other relevant materials would be shared on the town website, and yet, that did not fully occur. In its entirety, this virtual approach has had mixed results in producing timely information that should be publicly available, that was already shared with the Select Board or other committees, and yet, in many instances, still did not get posted to the Town Meeting webpage on the Town website .L ii... n t nm . One identified benefit of the newly relaunched Town website is its ability to collect questions from the public and TMMs in advance. This allows Town Staff or Select Board to provide answers to members and community members prior to the actual meeting. And while the website has this functionality, response times to questions as well as importance of publishing the answers for everyone to see could 1 be improved substantially. We also noted that questions remain about the right approach to using the Town website to answer questions or provide insight on citizens articles. Proposal for Consideration A sub -group of TMMA Executive Board members was tasked with identifying options to educating and informing TMMs in advance of and during future Annual Town Meetings and any Special Town Meetings. As recently as 2019, the TMMA would produce a written report to inform members. The written TMMA report required a lot of duplicative work and partnership with town staff and we think there may be more efficient options. We identified the following 5 Areas of improvement for consideration: 1. Continue and Expand Use of Town Meeting Webpage for Educating TMMs 2. Begin Tagging Supporting Source Material provided to Boards/Committees for ATM Webpage 3. Revise Internal Town Processes to Ensure Transparent Posting to ATM Landing Page 4. Create formal Policy Guidance for posting Citizen's Article information on ATM Webpage 5. Add Web functionality to allow for Printing of Supporting materials by Article 1. Continue and Expand Use of Town Website Town Meeting Webpage to Educate TMMs: The majority of information that comes before Town Meeting is derived from information developed by Town Staff as part of public meeting processes in town. Town Staff authored Select Board briefings, Committee or Board presentations, documents prepared by contractors at direction of Town Staff for various programs, projects, or town priorities funded by Town Meeting are all developed and hosted somewhere within the Town Web environment or electronic data repository. With this large volume of existing documentation already discoverable to the Webmaster and Town Staff, it makes sense to organize links to it on the Town Meeting webpage for educating TMMs and leverage the `submit a question' functionally more fully in advance of Town Meetings. Expanding access to information would answer questions about articles, history of policies, funding details, and more. A better effort to display links helps educate the public and TMMs by making relevant information rapidly discoverable without creating new materials. 2. Tag Supporting Source Material provided for development of Annual Reports from Capital, Appropriations, Community Preservation Committees, Planning Board and post to Town Website: If a project is recommended for funding or addition to the capital plan, or formally part of the Capital Expenditures report, the source material for their analysis should be easily knowable. For instance, project submissions, memoranda, and supporting material provided to one of these committees could easily be posted to answer the inevitable, "where did this request come from and why was it not on our 5-year plan?" This would not only make the Capital Committee's work easier over the year, but also allow TMMs to rapidly review associated documents that form the basis of any of these Committee's work. Enhancing access to source information would remove duplicative staff work on projects that are usually detailed in the report. Questions around the status of various projects from prior years (underway or completed) could also easily be documented or tagged here serving everyone's interest in both promoting the projects to Town Residents and ensuring transparency in where funding went. o Example STM-2022: The request for $700K for additional Center sidewalks did not include any background material, no cost estimates, no video presentation, no actual map denoting the work area; no explanation for why this was excluded from the original scope; and no explanation for why existing sidewalk maintenance or project funds were not available for it. None of these questions could be answered during the actual STM session by Town Staff. This was disconcerting. o Example ATM-2023: The requests for capital funding this year will be larger than the funding available to cover the projects. There are some items that are new to the 5- year plan (high school; water tower) and others that may be quite new issues (Stone Building, Cary Library Renovation). CPC requests for a new education center with an unfunded long-term plan is concerning. Taking on more CPC debt raises questions about planning adequately or use of this fund source. Questions about how various debt funded projects will impact our overall tax increases per household are going to be frequent questions going forward. Posting the volume of supporting material to the site may head of numerous questions and concerns around these projects. o Example CPA Articles ATM-2022: The presentation of over $5.7M in requested funding involved single slides with pictures, no cost benefit analysis, and limited information about the rationale for these projects and if any of them were tied to longer term capital or operational planning efforts. For instance, the Wright Farm Barn Stabilization effort is still expected to cost $1.3M on the capital plan with two future "TBDs" noted. Information provided to the Select Board about the viability or benefits/costs of these projects could easily be shared with TMMs via the website. The CPC Report itself appears too late in the process. Having a total picture prior to projects approval should be essential to TMM understanding the longer -term benefit/cost to the Town. 3. Revise Internal Town Processes to Increase Transparency and Reduce Redundant Staff Work To reduce staff work in preparation for Town Meetings and information sessions, a new internal coordination process should be implemented to ensure that any relevant documentation and presentations that involve articles and issues that annually come before Town Meeting should be tagged and hyperlinked on the Town Meeting webpage of the Town Website and a recorded video briefing and written presentation completed. This would include items covering budget development, Zoom recordings of budget summits and associated documents, and links to LexMedia recordings. Additionally, adding to the staff process the requirement to surface and publish links to folders where historical documentation may be found on a project or topic that spans many years should also be included. o Example: Preparation for Annual Town Meeting (ATM)-2022: There is 10+ years of history and design specifics related to the Police Station project. But there was no specific place to host the millions of dollars of design documents, floor plans, requirements, or operational insights that were frequently asked about during information sessions or Town Meetings. Permanent Building Committee minutes, materials, and presentations were no where on the site. Had associated materials been posted for more than a month on the Town website, perhaps project delays could have been overcome through education of the project- s size, design, and financial impact, and voter participation in the Debt Exclusion higher. 3 o Example: Support to Information Sessions: Whether an information session for TMMs is held or not, if all the materials are already on the website, an information session becomes a value add for late breaking developments, not general education. The TMMA recognizes that not all policy materials are ready before ATM/STM begins, but by organizing the information that is known in advance, most background concerns can be addressed. The ease of taping a video and posting or dropping a few slides onto the website is more timely, accurate, and easily amendable if new information is developed. We recognize the Town Meeting Information Report, provided for years in hard copy, is out of date the minute it is printed, but that does not mean Information Sessions themselves should not continue to be considered valuable policy awareness tool. 4. Create Formal Guidance for sharing Citizen's Article Information in advance of Town Meeting on the Town Meeting webpage: The TMMA recognizes that Citizens Articles are often harder challenges as they could cover any topic and may require more staff engagement and involve numerous Boards or Committees having a formal position on the Article. The Town Website can assist in transparently posting and disseminating information to residents and TMMs, and Town staff will likely have to support posting and facilitating questions on the Articles with the Sponsors. We would be eager to think through how this could be approached. 5. Add Capability to ensure Easy Access for Printing: The TMMA has heard that some members continue to want written printed copies of documents. Hyperlinks to PDFs are easy to access, print, and distribute. There should be a simple way to ensure that those needing printed materials can access a version of the information in a format that can be printed. Finally, the TMMA Executive Board is thrilled that the Town's investment in a more modern website and community interface is now live. The TMMA Executive Board recommends that the Select Board review these 5 areas for improvement and consider the benefits of rapid action in advance of 2023 ATM. These options will provide the residents and taxpayers of Lexington more transparency into their government, easy access to source material informing budgets and policies across Town departments and programs, while in the long-term reducing duplicative work of Town staff preparing briefings, FAQs, and special informational presentations for small groups. The TMMA recommends the Select Board adopt these recommendations and direct the Town Manager to develop a plan for implementation to the extent possible for ATM 2023. The TMMA Board stands ready to support you and efforts to continue to build on past successes. 4 AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Award Sale of Bonds and Notes PRESENTER: C aro lyn Ko sno ff, As sistant Town Manager for Finance SUMMARY: Category: Decision -Making ITEM NUMBER: I.6 On Wednesday, February 8, 2023, the Town sold $37,165,000 of general obligation bonds. Moody's conducted a review of the sale and rated the Bonds Aaa which is the highest ratings that can be obtained by a municipality. A copy of the press release and credit report are attached. The bond issue was for a variety of municipal purposes, including $31 million to finance the design and construction of the new Lexington Police Station. The Town received 14 competitive bids. The bids, based on a calculation of the true interest cost (TIC), which takes into consideration the amount of the issue, coupon rate, underwriting discount and offering premium, ranged from a high of 3.21 % to a low of 3.03%. The low bidder was Mesirow Financial, Inc., whose TIC of 3.03% included a premium of $3,554,982. This premium was applied to reduce the par value of the issuance on the day of the sale, which resulted in a net res ized issuance of $33,940,000 and net proceeds to the Town of $37,316,796.85. Town also renewed $ 5 00, 000 of Bond Anticipation Notes for the Hastings Elementary School which were issued in September 2022. This roll-over note approximates the remaining amount of reimbursement that is expected from the Massachusetts School Building Authority when the project close-out is completed. This is a one-year note due in February 2024. Bids are ranked on a calculation of net interest cost (NIC), which takes into consideration the amount of the issue, coupon rate and offering premium. Two bids were submitted for the notes and the low bid will be awarded to Piper Sandler & Co., whose NIC of 3.65% included a premium of $9,200. SUGGESTED MOTION: I Move that: We hereby determine, in accordance with G.L. c.70B, that the cost of the Hastings School construction project authorized by a vote of the Town passed on October 16, 2017 (Article 2) being financed with proceeds of a portion of the Bonds, together with all other bonds and notes of the Town previously issued to pay costs of this project, does not exceed the portion of the total cost of the project that is not being paid by the school facilities grant and we hereby approve the issuance of notes and bonds to finance this project under G.L. c . 70B . And further: that the sale of the $ 3 3, 940, 000 General Obligation Municipal Purpose Loan of 2023 Bonds of the Town dated February 23, 2023 (the "Bonds"), to Mesirow Financial, Inc. at the price of $ 3 7, 316, 7 9 6.8 5 and accrued interest, if any, is hereby approved and confirmed. The Bonds shall be payable on February 1 of the years and in the principal amounts and bear interest at the respective rates, as follows: Year 2024 Interest Amount Rate Year Amount $1, 940, 000 5.00% 2034 $1, 665, 000 Interest Rate 4.00% 2025 119301000 5.00 2035 1, 6601 000 4.00 2026 1, 93 0, 000 5.00 2036 1, 6601 000 4.00 2027 119251000 5.00 2037 1, 6601 000 4.00 2028 119251000 5.00 2038 1, 6601 000 4.00 2029 118251000 5.00 2039 113751000 4.00 2030 118251000 5.00 2040 113751000 4.00 2031 118251000 5.00 2041 1, 3 70, 000 4.00 2032 118251000 5.00 2042 1, 3 70, 000 4.00 2033 1, 825, 000 4.00 2043 1, 3 70, 000 4.00 And further: to approve the sale of $ 5 00, 000 5.50 percent General Obligation Bond Anticipation Notes of the Town dated February 24, 2023, and payable February 23, 2024 (the "Notes"), to Piper Sandler & C o . at par and ac c rued interest, if any, plus a premium of $ 9, 200 . And further: that in connection with the marketing and sale of the Bonds, the preparation and distribution of a Notice of Sale and Preliminary Official Statement dated February 1, 2023, and a final Official Statement dated February 8, 2023 (the "Official Statement"), each in such form as may be approved by the Town Treasurer, be and hereby are ratified, confirmed, approved and adopted. 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 February 3, 2023, and a final Official Statement dated February 8, 2023, each in such form as may be approved by the Town Treasurer, be and hereby are ratified, confirmed, approved and adopted. And further: that the Bonds shall be subject to redemption, at the option of the Town, upon such terms and conditions as are set forth in the Official Statement. And further: that the Town Treasurer and the Select Board be, and hereby are, authorized to execute and deliver a Continuing and S ignific ant Events Disclosure undertakings in compliance with SEC Rule 15c2-12 in such forms as may be approved by bond counsel to the Town, which undertakings shall be incorporated by reference in the Bonds and Notes, as applicable, for the benefit of the holders of the Bonds and 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 up d ate said procedures, in order to monitor and maintain the tax-exempt status of the Bonds and Notes and to comply with relevant securities laws. And further: that any certificates or documents relating to the Bonds and 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 'n 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 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. FOLLOW-UP: Closing paperwork to be signed by Wednesday, February 15th. DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 ATTACHMENTS: 8:30pm Description Type F) Vllbody'ls� Pt'(.,;ss Release 13kickup Material E) Moody's C...redit (..)-.)inion Backup Material F) I..k.)n.d Sale Bids I3(ackuj',) Vlaterial E) Bond Sale Purposes and Results Rackup Material F) BAN Sale Bids 1.3cackup IVIlaterial F) 1-k.) n (I 1.7o rm Rackup Material E) 1.3m.n.1 Anticipation. Note 1.1ackup Vlatlerial F) Bon.d.No Lifigation. C,'erl'ificatle I)VIcI<.up Material E) No I ifigalion C�erfificate BANS Material F) Tax Ceftificate fiackup Material E) Cbnfirwing Disclosure (7cI-11ificate, I.kickup Vlater'ial E) Significant. EVents Disclosure- CA,:rfificate BackLIP material MOODYS INVESTORS SERVICE Rating Action: Moody's assigns Aaa to Lexington, MA's GO bonds; outlook stable MMINVIRM New York, February 06, 2023 -- Moody's Investors Service has assigned a Aaa rating to the Town of Lexington, Massachusetts' approximately $37.2 million General Obligation Municipal Purpose Loan of 2023 Bonds. Moody's maintains a Aaa issuer, general obligation unlimited tax (GOULT) and general obligation limited tax (GOLT) ratings for the town. Inclusion of the current issuance the town has approximately $239 million in debt outstanding. The outlook is stable. RATINGS RATIONALE The Aaa issuer rating reflects Lexington's dynamic local economy and exceptional management, which has resulted in very strong financial performance, robust reserves and liquidity and the prospect that these results will be replicated through the medium term. Additionally, Lexington benefits from a very affluent tax base and proximity to Boston, including area universities which have contributed to the town's biotech industry. Long term liabilities are currently moderate and will increase in the medium term inclusive of some significant capital projects. Fixed costs are low and will likely increase although future debt service will be partially offset by projected revenue growth. The Aaa GOULT and GOLT ratings are the same as the issuer rating because of the town's full faith and credit pledge and the town's ability to override the tax levy limits of Proposition 2 1 /2. RATING OUTLOOK The stable outlook reflects Lexington's local economy characterized in its strong economic growth as part of the Boston metro area, biotech industry presence and very high resident incomes and property wealth. The stable outlook also incorporates the town's high reserves which have been maintained over several years while continuing to fund pension and OPEB liabilities. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING - Not applicable FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING - Significant deterioration in reserves and liquidity - Increase in long-term liabilities exceeding current capital plans - Contraction of local economy LEGAL SECURITY The bonds are backed by the town's full faith and credit general obligation limited tax pledge. Moody's considers the pledge as limited tax because not all of the debt service has been voted by the town as excluded from the tax levy limit of Proposition 2 1/2. USE OF PROCEEDS The bonds will permanently finance $2.4 million in outstanding notes and provide new funding for a variety of projects, the largest of which includes police station construction, cemetery building construction and streetscape improvements. PROFILE Located in Middlesex County, the Town of Lexington is a wealthy suburb 11 miles northwest of the City of Boston (Aaa stable). The town has a population of 34,235, as of the 2021 American Community Survey. METHODOLOGY The principal methodology used in this rating was U8Cities and Counties Methodology published in November 2022and available athttps-//ratings.moodys. ments/386953.Altemative|y.please see the Rating Methodologies page onhttps-//ratings.moodys.comfor acopy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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CREDIT OPINION Town of Lexington, MA 6 February 2023 New Issue W11,11ii � ������������ ����I���������I���III�� I��IIIIII�I����� I���N�����1110iiF Suinimairy The ::::I::: r_n _fr. ll::::.exiiir�_MD Massachusetts (Aaa stable) continues to benefit from a growing local economy, high demand for development and its proximity to Boston. Projections for sustained revenue growth support management's aggressive funding of reserves and Contacts capital planning. Large capital projects in the medium term will increase the town's already IlK'tlill I oiii����'i siii��,,i (°III 1 2'""IIII 2 , 5 5 3 � 3 76 I moderate leverage, which will be partially offset by property tax growth and build up of capital reserves. kabe tDiu„iseind (9 Gred-111"t stireiingi iii Illh aiiir lllI m781.6721 1 P....Senior Analyst » Dynamic local economy and high resident incomes Ample reserves and liquidity 11,,.II IF IN IF SERVICES IIII fill'c1haLLeinges Asia IIII�ladIII��fiI"c8 1"! 3077 » Large capital projects anticipated over the long-term 8 Revenue constraints under the Proposition Z 112 tax levy limit III1IIIIII1 IIII�1111 III1IIIIII11 A 4 5,111,, 4,, IIII Illi The stable outlook reflects Lexington's local economy characterized in its strong economic growth as part of the Boston metro area, biotech industry presence and very high resident incomes and property wealth. The stable outlook also incorporates the town's very high reserves which have been maintained over several years while continuing to fund pension and OPEB liabilities. ,,,, " IIII % IIII upgrade Not applicable "' IIII ,dowingirade Significant deterioration in reserves and liquidity Increase in long-term liabilities exceeding current capital plans Contraction of local economy f rr` Exhibit 1 Lexington (Town of) MA 2020 2021 Aaa IMe'iins Economy Resident income ratio (%) 259.1% 268.5% 253.7% N/A 173.2% Full Value ($000) $10,863,785 $12,008,479 $12,008,479 $13,471,182 $8,668,233 Population 33,480 331340 33,304 34,235 36,139 Full value per capita ($) $3241486 $360,182 $360,572 $393,492 $225,444 Economic growth metric (%) N/A 0.7% 0.5% 0.7% -0.6% Financial Performance Revenue ($000) $270,188 $290,393 $304,853 $314,265 $101,271 Available fund balance ($000) $116364 $109,936 $116,230 $115,572 $60,284 Net unrestricted cash ($000) $1741041 $1851652 $1711268 $1661069 $85,080 Available fund balance ratio (%) 43.1% 37.9% 38.1% 36.8% 62.5% Liquidity ratio (%) 64.4% 63.9% 56.2% 52.8% 89.9% Leverage Debt ($000) $193,251 $219,206 $238,964 $217,687 $71,359 Adjusted net pension liabilities ($000) $95,021 $1241707 $155,597 $207,877 $120,889 Adjusted net OPEB liabilities ($000) $2111241 $213,653 $266,565 $293,285 $14,025 Other long-term liabilities ($000) $1,552 $11730 $21272 $2,341 $3,650 Long-term liabilities ratio (%) 185.5% 192.6% 217.6% 229.5% 257.7% Fixed costs Implied debt service ($000) $0 $14,239 $15,982 $17,113 $4,843 Pension tread water contribution ($000) $1,431 $1,516 N/A N/A $3,247 OPEB contributions ($000) $9,372 $81103 $81427 $81884 $517 Implied cost of other long-term liabilities ($000) $0 $114 $126 $163 $244 Fixed -costs ratio N 4.0% 8.3% 8.5% 10.4% 11.3% For definitions of the metrics in the table above please refer to the �.0 �_id s_ _nd Counties Medha�dolc� or see the Glossary in the Appendix below. Metrics represented as N/A indicate the data were not available at the time of publication. The medians come from our most recently published �.US Ciitii s nd C u�u_irn ii s Median R . The Economic Growth metric cited above compares the five-year CAGR of real GDP for Boston -Cambridge -Newton, MA -NH Metropolitan Statistical Area to the five-year CAGR of real GDP for the US. Sources: US Census Bureau, Lexington (Town of) MA's financial statements and Moody's Investors Service, US Bureau of Economic Analysis IP Ilr "IIII te Located in Middlesex County, the Town of Lexington is a wealthy suburb 11 miles northwest of the . _i.ty of If3ostoin (Aaa stable). The town has a population of 34,235, as of the 2021 American Community Survey. ,,, t fill Ilr IIII t III IIII it " IIII III IIIII'IIIIIII', c l Irn : G, IIII�° 11l IIIl *Ii IIIItl III In d l ocal,, ec III II�rny &n6II III ° IIby weattIlyI o it . IIIIr °t hill fsec°t III Lexington's local economy is expected to continue growing given its strong residential market and ongoing demand for commercial and industrial space, primarily related to life science and biotech industries. The town additionally benefits from its proximity to Boston. The local economy is part of the strong greater Boston MSA with a 0.7% growth rate (Boston MSA five-year CAGR of real GDP compared to the US GDP growth rate). The town's economic development plans remain strong and focused on rezoning initiatives for higher density areas and to continue to focus on providing laboratory and manufacturing space to support life science, biotech and pharmaceutical industries. Management reports very limited vacancy in commercial properties with newer buildings being fully leased before completion, reflecting very high demand. The town's top ten largest taxpayers collectively equal 8.75% of 2023's full value; the largest taxpayer, :::Iak a I harmaceu tica[ . _ iM..pany IL....�iilrniited (Baal positive), represents only 2.2%. Takeda is also a top employer and is currently expanding its footprint in town. I his Ipullshcatioin does not airminouinco a cirediL iratiiing acboiin. Il ii1 mill ciire6t iiratiiings referenced iiiis Chiis Ipulbhcab in, piease sec dhe iissu ec /deal page oiin IIIittp : /ii~ bill gs.oi oo so ii for dh rsuost qpdated cire6t ii~abrig acboiru iiir4oirrna6oiin &nd irabrig Ihistory. E IIII"" a li ��������iiu ur S ��11s°1u ulr1 �o ° Illl..,��ii:n�d iiiiw �.� t uu°i I Ii :III ,I ew IIII ������� ^�u��� a �u����� Resident income and property wealth are very strong. Resident income, calculated as median household income adjusted for the regional price parity of the Boston metro area, is 253.7% of the US resident income. Additionally, full value per capita has been increasing, reflecting tax base valuation growth against a fairly stable population. Full value per capita, calculated with 2023 full value and 2021 population (most recent year data is available) is $459,915. Exhibit 2 Resident Income Median household income ($) 1 . . ......................... . . Resident income ratio (%) � Aaa median resident income ratio (0/ol 200, 000 150,000 1001000 501000 0 Source: Moody's Investors Service 2014 2015 2016 2017 2018 2019 2020 260 240 220 200 180 iiiiiwc hill a f o Ilp e ra t iiiii ii�- - IIIE iii iii r iiiii it CIII iiIiii iiiii iiii,ig iii-ese�rves sbill at , w Lexington's financial position is expected to remain exceptionally strong given preliminary estimates for fiscal 2022 and revenue growth projections through 2024. At the close of fiscal 2021 the town held $115.6 million in available fund balance across all funds, equal to a strong 36.8% of total revenues (see exhibit). The town's governmental funds account for 72% of total revenues; the town's business type activities (which includes water, sewer and housing) comprises 28%. The town's governmental funds derived 73.7% of revenues from property taxes with 17.8% and 4.3% from intergovernmental revenues (primarily funding education) and charges for services respectively. Management is committed to increasing the tax levy to the 2.5% cap annually which, in conjunction with new development, will sustain revenue growth over the medium term. Unaudited results for fiscal 2022 estimate an $11.6 million surplus in the general fund. Management estimates that general fund revenues will increase by 3.9% and 3.4% in fiscal years 2023 and 2024, per the town's 2024 recommended budget. As revenues have increased, management has opted to maintain current levels of service while utilizing dedicated tax levies to increase the capital stabilization and retirement funds. Additionally, operating turnbacks from departments are put towards capital projects instead of operating expense. Management's efforts towards harnessing growth to aggressively fund reserves and capital needs allows for a significant contingency should market conditions change and/or revenues fall short of projections. In both the water and sewer funds, management is moving towards cash financing of capital improvements to save on interest costs in the long term. Management is also considering creating a stormwater fund to cover capital expenses (typically about $2.5 million annually) to improve and maintain proper drainage; the fund would be financed by the additional fee on utilities. Estimated average bill would be $89 annually for residents. �i °oirt of �ii!niii��iuii„m��ouu°i . I���ils��suwS iuu. Exhibit 3 Fund Balance General fund Other governmental funds 0 Internal service funds IIIIIIIII Business -type activities Available fund balance ratio (%) � Aaa median available fund balance ratio (%) •l 50 40 8 2019 2020 2021 Liquidity Lexington's net unrestricted cash totaled $166.1 million at the close of fiscal 2021, equal to 52.8% of total revenues IIIII ii : Illll' � iiira t i iiiii iiii cltm*iiii f, iLo�iig toiiiiniir n IIII l iiiir Lexington's leverage will increase over the medium term given current plans which includes the construction of a new high school. The town's current leverage, calculated as Moody's adjusted unfunded pension and OPEB liabilities and outstanding debt, equals 229.5% of revenues. The high school project, which is nearing design phase, is preliminarily estimated to cost around $350 million to $500 million, with the Massachusetts School Building Authority covering about 25% of total costs. Of the remaining cost, management expects continued commercial growth to cover about 50% of the anticipated $15 to $20 million annual debt service for the project. Exhibit 4 Lexington's leverage is average and is expected to be driven by the debt burden and OPEB liability over the long-term Governmental Debt Business -Type Activity Debt 0 Adjusted net pension liabilities Adjusted net other post -employment liabilities Other long-term liabilities . Long-term liabilities ratio (%) — Aaa median long-term liabilities ratio (%) Source: Moody's Investors Service Legal security The bonds are backed by the town's full faith and credit general obligation limited tax pledge as not all debt service has been voted by the town as excluded from the tax levy limit of Proposition 2 112. Debt structure The town's entire debt portfolio is fixed rate with a final maturity of 2049. Debt -related derivatives Lexington has no debt -related derivatives. 4,, 6Ilr"'' Ib iiii u e airy 2023 ����� r������i °w in of �ie!niii�� ii uii„'mgtuui IN1 A: IIIN�iil e w s !�s a e Pensions and OPEB Lexington's pension and OPEB liabilities on a reported basis are smaller than the debt burden and, though manageable at this time, represent a potential future credit challenge. The town participates in the Lexington Retirement System, a single -employer defined benefit plan, and makes annual required contributions based on at least its proportional share. The town is still on track to fully fund its pension obligations by 2030 after which the town will more aggressively fund its OPEB obligations. Currently OPEB is funded at about $1.9 million annually with an increase of $50,000 each year. The town's teachers participate in the Massachusetts Teachers Retirement System in which the town receives on -behalf payments toward that liability that is covered by the Commonwealth. 1 a IIIII eAlHng t iiiii Illll utw iii f IIIIIMN mm IIIII°SG C ii hill t IIIII iiiii-n Ipt Scoiiire IN le ti tira III ow C III Exhibit 5 ESG Credit Impact Score C S 2 Neutral -to -Low ii 11 RAc r ii 'A PAc r For an issuer scored CIS-2 (Neutral -to -Low), its ESG attributes are overall considered as having a neutral -to -low impact on the current rating; i.e., the overall influence of these attributes on the rating is non -material. Source: Moody's Investors Service The City of Lexington's ESG credit impact score is neutral -to -low (CIS-2), reflecting neutral to low environmental exposure, neutral to low social risk and a strong governance profile that supports the city's credit rating, resilience and capacity to respond to shocks. Exhibit 6 ESG Issuer Profile Scores ENVIRONMENTAL Neutral -to -Low JJy��J��������J��� Illllllllllllllllllllll��ii���IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Source: Moody's Investors Service SOCIAL S 2 Neutral -to -Low iUyyy��������������t Illlllllllllllllllllllll�ii����IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII GOVERNANCE G����l Positive iUyyy��������������t IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Illlllllllllllll�ii��llllllllll Lexington's E environmental issuer profile score is neutral to low (E-2). The city's carbon transition, natural capital, and water and pollution risks are modest. Given Lexington's geographical location, physical climate risk is also neutral to low with no material exposure to sea level rise and moderate exposure to shocks from extreme weather events such as hurricanes and nor-easters. *il Lexington's S social issuer profile score is neutral -to -low (S-2). Lexington benefits from favorable educational attainment and health and safety. City residents have access to basic services and risks associated with demographics, labor and income and housing are limited. Lexington's G governance issuer profile score is positive (G-1). The city has a favorable institutional structure, transparency and disclosure. The city also consistently approves and releases its budgets and audited financial statements in a timely manner. Lexington's 5 6 b uit,j a uir 2 (�)2 3 ����� f������i w uirm e if �ie!niii�� ii uii„'mgtuuillM A: IIINllii es !�s a le budget management and policy credibility and effectiveness are considered strong as evident by its healthy financial position and trend of balanced operations. ESG Issuer Profile Scores and Credit Impact Scores for the rated entity/transaction are available on Moodys.com. In order to view the latest scores, please click .Ih r to go to the landing page for the entity/transaction on MDC and view the ESG Scores section. The US Cities and Counties Rating Methodology includes a scorecard, which summarizes the rating factors generally most important to city and county credit profiles. Because the scorecard is a summary, and may not include every consideration in the credit analysis for a specific issuer, a scorecard -indicated outcome may or may not map closely to the actual rating assigned. Exhibit 7 Lexington (Town of) MA Il e s uire Weigilit Score Economy Resident income ratio 253.7% 10.0% Aaa Full value per capita $459,915 10.0% Aaa Economic growth metric 0.7% 10.0% Aaa Financial Performance Available fund balance ratio 36.8% 20.0% Aaa Liquidity ratio 52.8% 10.0% Aaa Institutional Framework Institutional Framework Aa 10.0% Aa Leverage Long-term liabilities ratio 229.5% 20.0% A Fixed -costs ratio 9.5% 10.0% Aaa Notching factors Additional Strength in Local Resources 1.5 Scorecard -Indicated Outcome Aaa Assigned Rating Aaa Sources: US Census Bureau, Lexington (Town of) MA's financial statements and Moody's Investors Service 6 Ilf"'' b ui ° u a uir 2 (�) 2 3 f°"�Ii °wo uirm o �f �ie!niii�� ii uii„'m gto uui IN1 A: IIIN�iii os !�s a e Appendix Exhibit 8 Key Indicators Glossary Il efiiiiniitiion "'117 piiic Source* Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for MHI: US Census Bureau Regional Price Parity (RPP), as a % of the US MHI RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or Real GDP: US Bureau of Economic Analysis county minus the five-year CAGR of real GDP for the US Financial performance Revenue Sum of revenue from total governmental funds, operating and non- Audited financial statements operating revenue from total business -type activities, and non - operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds or capital contributions Available fund balance Sum of all fund balances that are classified as unassigned, assigned orAudited financial statements committed in the total governmental funds, plus unrestricted current assets minus current liabilities from the city's or county's business - type activities and internal services funds Net unrestricted cash Sum of unrestricted cash in governmental activities, business type Audited financial statements activities and internal services fund, net of short-term debt Available fund balance ratio Available fund balance (including net current assets from business - type activities and internal services funds) / Revenue Liquidity ratio Net unrestricted cash / Revenue Leverage Debt Outstanding long-term bonds and all other forms of long-term debt Audited financial statements; official across the governmental and business -type activities, including debt statements of another entity for which it has provided a guarantee disclosed in its financial statements Adjusted net pension liabilities (ANPL) Total primary government's pension liabilities adjusted by Moody's to Audited financial statements; Moody's standardize the discount rate used to compute the present value of Investors Service accrued benefits Adjusted net OPEB liabilities (ANOL) Total primary government's net other post -employment benefit Audited financial statements; Moody's (OPEB) liabilities adjusted by Moody's to standardize the discount Investors Service rate used to compute the present value of accrued benefits Other long-term liabilities (OLTL) Miscellaneous long-term liabilities reported under the governmental Audited financial statements and business -type activities entries Long-term liabilities ratio Debt + ANPL + ANOL + OLTL / Revenue Fixed costs Implied debt service Annual cost to amortize city or county's long-term debt over 20 Audited financial statements; official years with level payments statements; Moody's Investors Service Pension tread water contribution Pension contribution necessary to prevent reported unfunded Audited financial statements; Moody's pension liabilities from growing, year over year, in nominal dollars, if Investors Service all actuarial assumptions are met OPEB contribution City or county's actual contribution in a given period Audited financial statements Implied cost of OLTL Annual cost to amortize city or county's other long-term liabilities Audited financial statements; Moody's over 20 years with level payments Investors Service Fixed -costs ratio Implied debt service + Pension tread water + OPEB contributions + Implied cost of OLTL / Revenue *Note: If typical data source is not available then alternative sources or proxy data may be considered. 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Ill)xeceUse of the Ilmessiil[ ufu�iy of Ilmuullnnellrh or Irnecfinenllcef eu~nrelr es wek as eLr factors, however, eff hiforrinadorn ini.eir�i d Fi i Im lre ided S IS IIeuU rrInfi/ rn IkIind. CLS sdelh..�)� enecessII-nessn es se that tihe irif rrnadri b: uses Illlln as&gnl i,d e oredlli.. Irating Its of scufhclellrit yuucflli.y and funs( s uulllces II IDY S ceunsAells to be Ilefllelh.nfe Irnc.fuudllling, wheln elSldllleldll Mete" uuidellnenndenni tlihilld 1party sources. Ilieeveeelr, MOODY'S Ills noi: ar-i au61or and celliun t it n every IrisLaI nce IIIndelfiellndellnL y nuerufy or validate uunfeu Ilinetllelln IlecOved In the credit Irradlln ISlllccess or In IprelfSelllITing its Ilh uulbbc boons. to drllme exUeunt Ifsell Ilr nl tted Ihsy lean" III . III.. C S &nd Illts dull ecd.usu s" efflc& s" ellnrnlyfcuyees" agents, III eyll eselritadves" hc&nsell s sulllnd suuySflll rs discfellllrnn fuefmuhty to & ny person call ellibty fell II ny hridilrecU s ecW consequential, or li ncidellrntef tosses or d rna es sm+llnetseev&r Ilrliisiln . fn�ellrn olr li n cord lnecbonn ssiiU.11m the innfusrmatiori celllntainned Ihmelrein or the use ofor lillmefsiht to use III°n " Ills � S " d y y suucllln infellrrnetllelln" even lif III CS IL S or &Iy of its durec�tors"officers, err nyfusyees" edellrn�ts"reyllreselritadlees" hc& nsellls ell suuySke s Its advised I n advance of tllne ycnsslllbllflllty ofsuch losses or dellrnmege.sy lillncfuudiling but not Ufurnmited to- (e) &ny lass of plresellrn�t or ylresdec�dve dllrc�fi s or (S) army fens or dernage elJsil n inrllhelre tllne relevant filllrnelrncW it ns�bruurnelrit is II~mot the subject of e y IrdcuuUelr ore6t rabng asslgllmed by II iCSCtIIDYS. Io LIlme extellnt pelf Irnm ted bf sm, \100IDYS &A Ibs dulrectusus" effllc&s" elrnnSf yees" edelrit " Ilrell,ulleselritadves" hcelrnsells and suplphers dllscfellllr n fIII IImIhty fell &ny dullect ell cclrnmp&nsatellry losses or darnages caused to ar,ny persor,i or ellm�ft " Il IIcf�uudlllrnd Ilsuut IIInoL f.11llrnnlited to by slimy Ilneg[igell nce (but cxcfuudlllrnd fraud, INf.muf Ilrnllscellrn�duuc�t or ellny odher type of UII bihi 'y �tll~net" for trine avoidance of deuulkut" by lave celrhlnot be excluded) on tlihe Ifselrt of, or any ceu°ni::uundeuncy veil tl[ii rh or beyond Urihe cellrntlro[ of, IIMO DY'S or any of ��ts dills~cc�tour , officers, ellrnpfeyees" agerits, rgpreseuntabves Hcelrisors or suu.. mfielrs, alns�i ri . �flrornm our illln cchlrhllr���iec�tlielln Ilth �tll-�ie irnforrsnsn�tlilorh cellrn�telillned Ih�neure�iilrn or dlihe use of or lilrmeditt �te use ellr���n suucllh��i it n�felrlrnne�tioeri Ifm � ISII a S� .y y I\10 WARIR,Niu iC'" IIII I)IIICIIiSS UUC IIIII IIPIL..IIHii]L.)" 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IIIMCO and Il reedy" lllneestcnlrs Serve ce also Ilrnelhn�tairi cnhclie�s aril rcncednures �to address �tllhne li nde elndellmce of IIIMood "s Illllnee�s�tolrs Selrvu ce credit ratings ellmd credit ure�tfum processes, Iirifelrllmablcsln Illre ��&rdlhn d S d y S d fs d d celrtaium effif.iletlilclrns tllhnct (le y exist Ilset eelln Erectors of II\ICO and IIrated elrntibes" and between elln�tlil�tlies who hold oredi�t Ilre�drigs frcnum�n R eedy"s investors Selrelice" (Ulric. and Ihneee also Sflilcfy Ireported to tlllne SIIiC. ellm ewllmellrsllmillm iIIImUellresuM Illlln MCO of Ilmncnre dMll-nsllrn . /" Its posted &mnuallyatwwwmoodyscom under dMllhnc Ilhneedilllmd IllllmuresUrcllr IRcfetliellrns ....... Corporate Cuseerllrnsnllmce Cllhnertelr IDocuullnnielnts I itllrectosl aII-id Sllnsllrelln [dell ffilf atiellm If)efficy." ddlru.II nat tell urns for Austraha orAy- Any II puulbhcetllelln I rite AusbraUa of tlllnlls docusllrrnelr)t Its pursuant to tlllne Ausi.,llr flare Iiiiuriaricu f Selrellces Iil cerise of I O OD S sffiha e, IIMoody s irwestors Sellrvice FIty Ill...l rrnited NIN Si 003 SSS 657,kiiiSIi 336969 ullid/ells Moody s lmefyi: cs AusUraha FIty Il.td CllfitllN dS 105 136 dSS kiii&i... 383569 (as eII)llshcable). i his decuslrnneund., Its IlHntellided to be Iisrovllded eurnfy to vellhoc esAe ctiellnts nnrll - lull ul:llme urnesuning of sccbocri 761G of Ulna C urllporstu funs Act SSS II. Illy c ribnsuung to access tihl s d csurnerit fa u n Irdllnri Csus�trsha, you relyll esellnt to II DY S d:lllnet you are, or cure ecces liilrnd the decuulllm&nt as e relpreseunU U.urre of, sslhh fesefe chelnnd:: and i:lllnet uidtfher emu Inor trine ellnbiy yunuu IIreISIrITes&nt will dllllrect[y or II IIidi ectfy 6ssellmnllllrnete d..11nllls dmncwu i'nelliU. or Ilts contents d:e Ietelllf cb&nts ninn&lmllllrn tlllne Ilnne llnil ng of sectiori SiG of the Celrlpoe dole is Act SSSfm II"S CSIIi WS celledlllt radrig Its ellm ellhslllnm of In as to tlllne creditworthiness of a delhnt Ibligatiori of the issuser, Iriet oIri dine eymullty secu.ulribes of the issuer or ellny felrunn of secuulrl�ty tli iaL lies avai4lhnfe to Ilre�tA it nee �tolrs. ddlitlioriaU telnins feller Japan only: (("lawny"s Jap&ln II<.IIIC. (""IM lll<II<") is e Wlneffy owned credit rating agency suubs04iy of Il cucudy"s CI -OUP jelSellln .K." vellhicfn lies Wholly owned by andy"s Overseas Il lol&lings Illnnc." c v holly owried suuSsfdfery of II CCS. R eedy".s SIIii .�elfselr�.n II<.II<. (II SII: I) is e potty vnllrned oredi�t re�dlrid c ellmcy suuSsfdfelry of IIIJIICIIIC. II &iiij is not e III"Se�tilelrncffy :� w m m :� ...m ° .,, ...m as "" ., . ., Recedllnlized SteuJ��llsbcef Illy tlrig Ordeununetueun (IISVII SIIC ). i llneuef ire" ore6t Illrctlhigs sssllgned Illy IIIISII��iiij elre II�Vell�h��������ll"Si�CSRO Clredilt 1Ratings. Illcn V6RO ClrediL (Ratings are essild,;llned Illy elln eIritity OIneU. Ills not e NR&RO sand" coriseyuuellntfy" LIlne rated cubtid tllon will, Ilhe�t quahfy for cellr airs types of treatrneriL uurnder U.S. laws. II jIIi(K ellnd IIIISIIIiiij are credit Illre�tlillnd edellncies uredf telred ui tIm tlhe .clserm lmcU Servlce e�icy and tlnei� �edlsd�ete�n �uu�nde�s are :Sl Cermanissiellne~(Ilretnds ISe. S and S respectively. y. IIII<II< or t II . (es IIsphc b[e) hereby 6scf.mse tln t most issuellrs of debt secribes (hnc[u&ng cs~IImcrate &nd mnsnc uf ferndss debenntures" notes acid cornl-sercial IIsa er) aril isreferred stecll4c Irated by II JIKK or II SIIiiij (es aI:)I:Acabte) Ilneee, Il�-)�J sir to assignrnelnt of ellny ore&t re�drhd, agreed to Ilne.y to II"CflCi( or II &iiiij (es IInllnfic ISfe) for ore&t ure�tlillrh s ellCliilrmliellns ellnd services ureundelred by it fees u~enn i rnd fll'UTI jIf:�Y100,000 i:e alum)lhmullromrrnetef.y J[PY5 0,00S" dd,. fflCi( ellrnd II\I&iiij also Ilrneliilnrdrai n Ifneflildes arid Ilhnrocedu.ulres to address jepelriese uµeduufsiU:usu-y Ilrequulrrelr nelrits. IRlEipoiiz"'r I U I I IF IR 1355919 IIII' e If uu ur ���u�u��lul m y �s°wx ulrn of Illl...��ii! n�ii�� i uu°�n fwf�°t uu°�n Ind . III����� es �!s uu w������� 11 I 21I 2 �3 16 5 3 A,sIIIa II')abIfic 85Z3,551��3077 jaIII.x,uulll 8 3 54 08 A 0 A 44 � / i „ d �Illllfl�� 6 b t,j a airy 2 0 2,3 II D Iu uin Of NIA: III lli i IIIIssue Upcoming Calendar Overview Compare [Summary Bid Results Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds The following bids were submitted using PARIT)p and displayed ranked by lowest TIC. Click on the name of each bidder to see the respective bids. Bid Award" Bidder Name TIC Q Mesirow Financial, Inc. 3.034428 n Fifth Third Securities, Inc. 3.035394 Q Janney Montgomery Scott LLC 3.040281 Q Raymond James &Associates,,. Inc. 3.042232 0— J.P. Morgan Securities LLC 3.046656 Q Piper Sandler & Co 3.048644 Q BofA Securities 3.068690 KeyBanc Capital Markets 3.075447 __[Q 0 UBS Financial Services Inc. 3.087911 L Q Wells Fargo Bank, National Association A 3.092999 Q::::I.- Robert W. Baird & Co., Inc. 3.093139 III � TD Securities 3.149945 Q Jefferies LLC 3.199360 Q RBC Capital Markets 3.205785 *Awarding the Bonds to a specific bidder will provide you with the Reoffering Prices and Yields. Mesirow Financial, Inc. - Chicago , IL's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $40,869,878.50, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5800 102.228 02/01 /2025 2,115M 5.0000 2.3400 105.012 02/01 /2026 21115M 5.0000 2.1700 108.013 02/01 /2027 21115M 5.0000 2.0800 110.986 02/01 /2028 27115M 5.0000 2.0400 113.838 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.1100 121.021 02/01 /2032 2,010M 5.0000 2.1400 123.155 02/01 /2033 2,010M 4.0000 2.2100 114.446 02/01 /2034 11815M 4.0000 2.4000 112.802 02/01 /2035 1,810M 4.0000 2.5500 111.523 02/01 /2036 1,805M 4.0000 2.8500 109.016 02/01 /2037 1,805M 4.0000 3.0500 107.382 02/01 /2038 11805M 4.0000 3.2000 106.174 02/01 /2039 1,500M 4.0000 3.3000 105.378 02/01 /2040 1,500M 4.0000 3.4000 104.589 02/01 /2041 1,500M 4.0000 3.4500 104.197 02/01 /2042 1,500M 4.0000 3.5000 103.807 02/01 /2043 11500M 4.0000 3.5500 103.419 Total Interest Cost: $1554025826.39 Premium: $37041878.50 Net Interest Cost: $115697, 947.89 TIC: 3.034428 Time Last Bid Received On:02/08/2023 10:59:20 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Mesirow Financial, Inc., Chicago, IL Contact: Stephen Murphy Title: Telephone: 212-530-7661 Fax: Fifth Third Securities, Inc. -Cincinnati , OH's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $40,866,803.54, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5800 102.228 02/01 /2025 2,115M 5.0000 2.3000 105.089 02/01 /2026 21115M 5.0000 2.1800 107.984 02/01 /2027 21115M 5.0000 2.0700 111.026 02/01 /2028 27115M 5.0000 2.0500 113.788 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.0900 121.184 02/01 /2032 2,010M 5.0000 2.1200 123.338 02/01 /2033 2,010M 4.0000 2.2000 114.533 02/01 /2034 11815M 4.0000 2.3500 113.232 02/01 /2035 1,810M 4.0000 2.5300 111.693 02/01 /2036 1,805M 4.0000 2.9000 108.605 02/01 /2037 1,805M 4.0000 3.1400 106.655 02/01 /2038 11805M 4.0000 3.2900 105.458 02/01 /2039 1,500M 4.0000 3.3800 104.747 02/01 /2040 1,500M 4.0000 3.4700 104.041 02/01 /2041 1,500M 4.0000 3.5500 103.419 02/01 /2042 1,500M 4.0000 3.6300 102.801 02/01 /2043 11500M 4.0000 3.7100 102.187 Total Interest Cost: $1554025826.39 Premium: $37011803.54 Net Interest Cost: $115701, 022.85 TIC: 3.035394 Time Last Bid Received On:02/08/2023 10:56:36 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Fifth Third Securities, Inc., Cincinnati , OH Contact: Geoff Kobayashi Title: Telephone: 513-534-5535 Fax: Janney Montgomery Scott LLC - Philadelphia , PA's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,562,393.26, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5300 102.275 02/01 /2025 2,115M 5.0000 2.3000 105.089 02/01 /2026 21115M 5.0000 2.1800 107.984 02/01 /2027 21115M 5.0000 2.1100 110.866 02/01 /2028 27115M 5.0000 2.0900 113.586 02/01 /2029 21010M 5.0000 2.1200 115.990 02/01 /2030 2,010M 5.0000 2.1600 118.208 02/01 /2031 2,010M 5.0000 2.1800 120.454 02/01 /2032 2,010M 5.0000 2.2200 122.425 02/01 /2033 2,010M 5.0000 2.2200 122.425 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 4.0000 3.0000 107.788 02/01 /2038 11805M 4.0000 3.1500 106.575 02/01 /2039 1,500M 4.0000 3.3000 105.378 02/01 /2040 1,500M 4.0000 3.4000 104.589 02/01 /2041 1,500M 4.0000 3.5000 103.807 02/01 /2042 1,500M 4.0000 3.6000 103.032 02/01 /2043 11500M 4.0000 3.6500L_102.647 Total Interest Cost: $1652505779.72 Premium: $4,3971393.27 Net Interest Cost: $115853, 386.45 TIC: 3.040281 Time Last Bid Received On:02/08/2023 10:59:50 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Janney Montgomery Scott LLC, Philadelphia , PA Contact: Matthew Davis Title: Telephone: 215-665-6521 Fax: 215-557-8648 Raymond James &Associates, Inc. - St. Petersburg , FL's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,005,807.90, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5000 102.304 02/01 /2025 2,115M 5.0000 2.2700 105.148 02/01 /2026 21115M 5.0000 2.1500 108.073 02/01 /2027 21115M 5.0000 2.0600 111.066 02/01 /2028 27115M 5.0000 2.0400 113.838 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.1000 121.102 02/01 /2032 2,010M 5.0000 2.1400 123.155 02/01 /2033 2,010M 5.0000 2.2000 122.607 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 4.0000 2.5800 111.269 02/01 /2036 1,805M 4.0000 2.8500 109.016 02/01 /2037 1,805M 3.1250 3.3000 98.055 02/01 /2038 11805M 4.0000 3.2400 105.855 02/01 /2039 1,500M 4.0000 3.3500 104.983 02/01 /2040 1,500M 4.0000 3.4500 104.197 02/01 /2041 1,500M 4.0000 3.5000 103.807 02/01 /2042 1,500M 4.0000 3.5500 103.419 02/01 /2043 1,500M 4.0000 3.6000 103.032 Total Interest Cost: $155580, 991.56 Premium: $3,8401807.90 Net Interest Cost: $115740,183.66 TIC: 3.042232 Time Last Bid Received On:02/08/2023 10:59:44 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Raymond James & Associates, Inc., St. Petersburg , FL Contact: Robbie Specter Title: Managing Director Telephone: 727-567-1293 Fax: J.P. Morgan Securities LLC -New York, NY's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,541,863.55, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.6000 102.210 02/01 /2025 2,115M 5.0000 2.3500 104.992 02/01 /2026 21115M 5.0000 2.2000 107.924 02/01 /2027 21115M 5.0000 2.0800 110.986 02/01 /2028 27115M 5.0000 2.0400 113.838 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.0900 121.184 02/01 /2032 2,010M 5.0000 2.1400 123.155 02/01 /2033 2,010M 5.0000 2.2200 122.425 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 4.0000 3.1800 106.335 02/01 /2038 11805M 4.0000 3.3200 105.220 02/01 /2039 1,500M 4.0000 3.4100 104.511 02/01 /2040 1,500M 4.0000 3.5000 103.807 02/01 /2041 1,500M 4.0000 3.5800 103.186 02/01 /2042 1,500M 4.0000 3.6100 102.955 02/01 /2043 11500M 4.0000 3.6400L_102.724 Total Interest Cost: $1652505779.72 Premium: $4,3761863.55 Net Interest Cost: $115873, 916.17 TIC: 3.046656 Time Last Bid Received On:02/08/2023 10:59:38 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: J.P. Morgan Securities LLC, New York , NY Contact: Jaclyn Mischler Title: Executive Director Telephone: 212-834-7155 Fax: 917-464-9300 Piper Sandler & Co - Minneapolis , MN's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,954,507.66, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.6500 102.163 02/01 /2025 2,115M 5.0000 2.4000 104.895 02/01 /2026 21115M 5.0000 2.2000 107.924 02/01 /2027 21115M 5.0000 2.1000 110.906 02/01 /2028 27115M 5.0000 2.0600 113.737 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.1100 121.021 02/01 /2032 2,010M 5.0000 2.1400 123.155 02/01 /2033 2,010M 5.0000 2.2000 122.607 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 5.0000 2.8000 117.289 02/01 /2038 11805M 5.0000 2.9100 116.344 02/01 /2039 1,500M 4.0000 3.4000 104.589 02/01 /2040 1,500M 4.0000 3.4600 104.119 02/01 /2041 1,500M 4.0000 3.5100 103.729 02/01 /2042 1,500M 4.0000 3.5600 103.341 02/01 /2043 11500M 4.0000 3.6200L_102.878 Total Interest Cost: $1657725023.61 Premium: $47891507.66 Net Interest Cost: $115982, 515.95 TIC: 3.048644 Time Last Bid Received On:02/08/2023 10:59:48 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Piper Sandler & Co, Minneapolis, MN Contact: Mike Frederickson Title: Managing Director Telephone: 612-303-6666 Fax: BofA Securities -New York, NY's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,574,037.40, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.6000 102.210 02/01 /2025 2,115M 5.0000 2.3700 104.953 02/01 /2026 21115M 5.0000 2.2500 107.776 02/01 /2027 21115M 5.0000 2.1500 110.707 02/01 /2028 27115M 5.0000 2.0800 113.636 02/01 /2029 21010M 5.0000 2.0800 116.232 02/01 /2030 2,010M 5.0000 2.1000 118.633 02/01 /2031 2,010M 5.0000 2.1100 121.021 02/01 /2032 2,010M 5.0000 2.1400 123.155 02/01 /2033 2,010M 5.0000 2.1900 122.698 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 4.0000 3.2500 105.776 02/01 /2038 11805M 4.0000 3.3700 104.825 02/01 /2039 1,500M 3.5000 3.6670 98.000 02/01 /2040 1,500M 5.0000 3.0500 115.154 02/01 /2041 1,500M 4.0000 3.5000 103.807 02/01 /2042 1,500M 4.0000 3.5300 103.574 02/01 /2043 11500M 4.0000 3.5700L_103.264 Total Interest Cost: $165385, 321.39 Premium: $4,4091037.40 Net Interest Cost: $115976,283.99 TIC: 3.068690 Time Last Bid Received On:02/08/2023 10:57:07 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: BofA Securities, New York, NY Contact: Brendan Troy Title: Managing Director Telephone: 212-449-5081 Fax: 212-553-2042 KeyBanc Capital Markets - Cleveland , OH's Bid :��!IRE��'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,867,615.51, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5300 102.275 02/01 /2025 2,115M 5.0000 2.3000 105.089 02/01 /2026 21115M 5.0000 2.1800 107.984 02/01 /2027 21115M 5.0000 2.1100 110.866 02/01 /2028 27115M 5.0000 2.1000 113.536 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.1700 120.534 02/01 /2032 2,010M 5.0000 2.1800 122.789 02/01 /2033 2,010M 5.0000 2.2200 122.425 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 5.0000 2.8500 116.858 02/01 /2038 11805M 5.0000 3.0000 115.577 02/01 /2039 1,500M 4.0000 3.5000 103.807 02/01 /2040 1,500M 4.0000 3.5500 103.419 02/01 /2041 1,500M 4.0000 3.6000 103.032 02/01 /2042 1,500M 4.0000 3.6500 102.647 02/01 /2043 11500M 4.0000 3.7000L_102.263 Total Interest Cost: $1657725023.61 Premium: $47021615.51 Net Interest Cost: $1250695408.10 TIC: 3.075447 Time Last Bid Received On:02/08/2023 10:54:18 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: KeyBanc Capital Markets, Cleveland , OH Contact: Robert Bond Title: Managing Director Telephone: 720-904-4571 Fax: UBS Financial Services Inc. -New York , NY's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,256,980.79, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5800 102.228 02/01 /2025 2,115M 5.0000 2.3500 104.992 02/01 /2026 21115M 5.0000 2.2300 107.836 02/01 /2027 21115M 5.0000 2.1100 110.866 02/01 /2028 27115M 5.0000 2.0400 113.838 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.1700 120.534 02/01 /2032 2,010M 5.0000 2.1800 122.789 02/01 /2033 2,010M 5.0000 2.2200 122.425 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 3.2500 3.5000 97.259 02/01 /2038 11805M 4.0000 3.4200 104.432 02/01 /2039 1,500M 4.0000 3.5100 103.729 02/01 /2040 1,500M 4.0000 3.6000 103.032 02/01 /2041 1,500M 4.0000 3.6800 102.416 02/01 /2042 1,500M 4.0000 3.7100 102.187 02/01 /2043 J 1,500M 4.0000 3.7500 101.881 Total Interest Cost: $165062, 082.01 Premium: $4,0911980.79 Net Interest Cost: $115970,101.22 TIC: 3.087911 Time Last Bid Received On:02/08/2023 10:57:59 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: UBS Financial Services Inc., New York , NY Contact: Anthony Mancini Title: Telephone: 212-713-2590 Fax: Wells Fargo Bank, National Association - Charlotte , NC's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $42,400,464.04, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5300 102.275 02/01 /2025 2,115M 5.0000 2.2800 105.128 02/01 /2026 21115M 5.0000 2.1400 108.103 02/01 /2027 21115M 5.0000 2.0600 111.066 02/01 /2028 27115M 5.0000 2.0400 113.838 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.0900 121.184 02/01 /2032 2,010M 5.0000 2.1200 123.338 02/01 /2033 2,010M 5.0000 2.1900 122.698 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 5.0000 2.8200 117.116 02/01 /2038 11805M 5.0000 2.9300 116.173 02/01 /2039 1,500M 5.0000 3.0000 115.577 02/01 /2040 1,500M 5.0000 3.0600 115.069 02/01 /2041 1,500M 5.0000 3.1100 114.648 02/01 /2042 1,500M 4.0000 3.7500 101.881 02/01 /2043 1,500M 4.0000 3.8000 101.501 Total Interest Cost: $1755345273.61 Premium: $5,2351464.04 Net Interest Cost: $1252985809.57 TIC: 3.092999 Time Last Bid Received On:02/08/2023 10:59:31 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Wells Fargo Bank, National Association, Charlotte , NC Contact: Parks Lineberger Title: Vice President Telephone: 704-410-3441 Fax: 704-383-0065 Robert W. Baird & Co., Inc. - Milwaukee , WI's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,158,364.99, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.6000 102.210 02/01 /2025 2,115M 5.0000 2.3700 104.953 02/01 /2026 21115M 5.0000 2.2500 107.776 02/01 /2027 21115M 5.0000 2.1300 110.786 02/01 /2028 27115M 5.0000 2.0400 113.838 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.1700 120.534 02/01 /2032 2,010M 5.0000 2.1700 122.881 02/01 /2033 2,010M 5.0000 2.2200 122.425 02/01 /2034 11815M 5.0000 2.3000 121.701 02/01 /2035 1,810M 5.0000 2.4300 120.536 02/01 /2036 1,805M 5.0000 2.6300 118.768 02/01 /2037 1,805M 3.3750 3.4000 99.722 02/01 /2038 11805M 3.5000 3.5000 100.000 02/01 /2039 1,500M 4.0000 3.4500 104.197 02/01 /2040 1,500M 4.0000 3.4900 103.885 02/01 /2041 1,500M 4.0000 3.5300 103.574 02/01 /2042 1,500M 4.0000 3.5700 103.264 02/01 /2043 J 1,500M 4.0000 3.6000 103.032 Total Interest Cost: $155958, 708.16 Premium: $3,9931364.99 Net Interest Cost: $115965, 343.17 TIC: 3.093139 Time Last Bid Received On:02/08/2023 10:56:08 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Robert W. Baird & Co., Inc., Milwaukee, WI Contact: Peter Anderson Title: Telephone:414-765-7331 Fax: TD Securities -New York , NY's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,211,391.95, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.7000 102.116 02/01 /2025 2,115M 5.0000 2.4200 104.856 02/01 /2026 21115M 5.0000 2.2500 107.776 02/01 /2027 21115M 5.0000 2.1500 110.707 02/01 /2028 27115M 5.0000 2.1500 113.285 02/01 /2029 21010M 5.0000 2.1500 115.808 02/01 /2030 2,010M 5.0000 2.1500 118.279 02/01 /2031 2,010M 5.0000 2.1500 120.696 02/01 /2032 2,010M 5.0000 2.1700 122.881 02/01 /2033 2,010M 5.0000 2.2300 122.335 02/01 /2034 11815M 5.0000 2.2300 122.335 02/01 /2035 1,810M 5.0000 2.4500 120.357 02/01 /2036 1,805M 5.0000 2.6500 118.593 02/01 /2037 1,805M 4.0000 3.2800 105.537 02/01 /2038 11805M 4.0000 3.4200 104.432 02/01 /2039 1,500M 4.0000 3.5100 103.729 02/01 /2040 1,500M 4.0000 3.6000 103.032 02/01 /2041 1,500M 4.0000 3.6800 102.416 02/01 /2042 1,500M 4.0000 3.7300 102.034 02/01 /2043 1,500M 4.0000 3.7900 101.577 Total Interest Cost: $1652505779.72 Premium: $4,0461391.95 Net Interest Cost: $1252045387.77 TIC: 3.149945 Time Last Bid Received On:02/08/2023 10:58:28 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: TD Securities, New York, NY Contact: Jake Frackowiak Title: Telephone: 212-827-7171 Fax: :� Jefferies LLC -New York , NY's Bid ������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,054,712.96, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.7300 102.088 02/01 /2025 2,115M 5.0000 2.4200 104.856 02/01 /2026 21115M 5.0000 2.3000 107.628 02/01 /2027 21115M 5.0000 2.2000 110.507 02/01 /2028 27115M 5.0000 2.1700 113.185 02/01 /2029 21010M 5.0000 2.1700 115.688 02/01 /2030 2,010M 5.0000 2.1600 118.208 02/01 /2031 2,010M 5.0000 2.1600 120.615 02/01 /2032 2,010M 5.0000 2.1800 122.789 02/01 /2033 2,010M 5.0000 2.2300 122.335 02/01 /2034 11815M 5.0000 2.3600 121.162 02/01 /2035 1,810M 5.0000 2.5000 [_119�.913 02/01 /2036 1,805M 5.0000 12.7200 117.982 02/01 /2037 1,805M 4.0000 3.2000 106.174 02/01 /2038 11805M 4.0000 3.4000 104.589 02/01 /2039 02/01 /2040 02/01 /2041 02/01 /2042 02/01 /2043 7,500M 4.0000 4.0000 100.000 Total Interest Cost: $1652505779.72 Premium: $3,8891712.96 Net Interest Cost: $125361, 066.76 TIC: 3.199360 Time Last Bid Received On:02/08/2023 10:59:31 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Jefferies LLC, New York, NY Contact: Nate Baldasare Title: Telephone: 212-284-4656 Fax: RBC Capital Markets -New York, NY's Bid :�������'•' Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $40,666,073.25, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate s : [Maturity Date Amount $Coupon %Yield %Dollar Price 02/01 /2024 2,115M 5.0000 2.5300 102.275 02/01 /2025 2,115M 5.0000 2.3000 105.089 02/01 /2026 21115M 5.0000 2.1800 107.984 02/01 /2027 21115M 5.0000 2.1100 110.866 02/01 /2028 27115M 5.0000 2.0400 113.838 02/01 /2029 21010M 5.0000 2.0700 116.293 02/01 /2030 2,010M 5.0000 2.0800 118.775 02/01 /2031 2,010M 5.0000 2.1400 120.778 02/01 /2032 2,010M 5.0000 2.1700 122.881 02/01 /2033 2,010M 5.0000 2.2000 122.607 02/01 /2034 11815M 5.0000 2.5000 119.913 02/01 /2035 1,810M 4.0000 2.7000 110.262 02/01 /2036 1,805M 4.0000 2.9500 108.196 02/01 /2037 1,805M 4.0000 3.0000 107.788 02/01 /2038 11805M 4.0000 3.2000 106.174 02/01 /2039 1,500M 4.0000 3.5000 103.807 02/01 /2040 1,500M 4.0000 3.5500 103.419 02/01 /2041 1,500M 4.0000 3.6000 103.032 02/01 /2042 1,500M 4.0000 3.6500 102.647 02/01 /2043 1,500M 4.0000 3.7000 102.263 Total Interest Cost: $1558015138.89 Premium: $3,5011073.25 Net Interest Cost: $125300, 065.64 TIC: 3.205785 Time Last Bid Received On:02/08/2023 10:59:53 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: RBC Capital Markets, New York, NY Contact: Glenn McGowan Title: Director Telephone: 212-519-8415 Fax: 212-618-2570 TABLE OF CONTENTS Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Report Page General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Bond Maturity Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Proof of Arbitrage Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Center Streetscape Improvements (I) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Sidewalk Improvements (I) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Lincoln Street Sidewalks (I) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Westview Cemetery Building (I) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Clarke & Diamond Middle Schools (IE) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Police Station Reconstruction (IE) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Police Station (IE) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Sewer Mains (I) Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) SOURCES AND USES OF FUNDS Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Dated Date 02/23/2023 Delivery Date 02/23/2023 Sources: Bond Proceeds: Par Amount 3319409000.00 Net Premium 3,554,981.85 37,494,981.85 Uses: Project Fund Deposits: New Money 34,765,000.00 Retire Maturing BANs 2,400,000.00 379165,000.00 Delivery Date Expenses: Cost of Issuance 149,522.50 Underwriter's Discount 1789185.00 327,707.50 Other Uses of Funds: Rounding Amount 29274.35 379494,981.85 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 1 BOND SUMMARY STATISTICS Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Dated Date 02/23/2023 Delivery Date 02/23/2023 Last Maturity 02/01 /2043 Arbitrage Yield 2.668030% True Interest Cost (TIC) 3.036388% Net Interest Cost (NIC) 3.230061% All -In TIC 3.087932% Average Coupon 4.24943 8% Average Life (years) 9.760 Weighted Average Maturity (years) 9.673 Duration of Issue (years) 7.916 Par Amount 33,940,000.00 Bond Proceeds 37,494,981.85 Total Interest 14,076,727.22 Net Interest 10,699,930.37 Total Debt Service 48,016,727.22 Maximum Annual Debt Service 3,373,777.22 Average Annual Debt Service 2,408,194.73 Underwriter's Fees (per $1000) Average Takedown - Other Fee 5.250000 Total Underwriter's Discount 5.250000 Bid Price 109.949313 Bond Component Par Average Average Value Price Coupon Life Bond Component 33,940,000.00 110.474 4.24943834% 9.760 33,940,000.00 9.760 TIC Par Value 33,940,000.00 + Accrued Interest - + Premium (Discount) 3,554,981.85 - Underwriter's Discount (178,185.00) - Cost of Issuance Expense - Other Amounts - Target Value 371)316,796.85 Target Date 02/23/2023 Yield 3.036388% All -In Arbitrage TIC Yield 33,940,000.00 33,940,000.00 3,554,981.85 3,5549981.85 (178,185.00) (149,522.50) 379167,274.35 3794949981.85 02/23/2023 02/23/2023 3.087932% 2.668030% Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 2 BOND PRICING Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Maturity Call Call Premium Bond Component Date Amount Rate Yield Price Date Price (-Discount) Bond Component: 02/01/2024 119401000 5.000% 2.580% 102.228 - - 43,223.20 02/01/2025 119301000 5.000% 2.340% 105.012 - - 961731.60 02/01/2026 119301000 5.000% 2.170% 108.013 - - 154,650.90 02/01/2027 119251000 5.000% 2.080% 110.986 - - 211,480.50 02/01 /2028 1,92500 5.000% 2.040% 113.838 - - 266,3 81.50 02/01/2029 1,825,000 5.000% 2.070% 116.293 - - 297,347.25 02/01/2030 1,825,000 5.000% 2.080% 118.775 - - 342,643.75 02/01/2031 1182500 5.000% 2.110% 121.021 - - 3831633.25 02/01/2032 1182500 5.000% 2.140% 123.155 - - 422,578.75 02/01/2033 118251000 4.000% 2.210% 114.446 C 02/01/2032 100.000 263,639.50 02/01/2034 1,665,000 4.000% 2.400% 112.802 C 02/01/2032 100.000 213,153.30 02/01/2035 116601000 4.000% 2.550% 111.523 C 02/01/2032 100.000 191,281.80 02/01/2036 116601000 4.000% 2.850% 109.016 C 02/01/2032 100.000 14905.60 02/01/2037 10000 4.000% 3.050% 107.382 C 02/01/2032 100.000 122,541.20 02/01/2038 1001000 4.000% 3.200% 106.174 C 02/01/2032 100.000 102,488.40 02/01/2039 1,375,000 4.000% 3.300% 105.378 C 02/01/2032 100.000 73,947.50 02/01/2040 113751000 4.000% 3.400% 104.589 C 02/01/2032 100.000 631098.75 02/01/2041 113709000 4.000% 3.450% 104.197 C 02/01/2032 100.000 579498.90 02/01/2042 113701000 4.000% 3.500% 103.807 C 02/01/2032 100.000 52,155.90 02/01/2043 1,370,000 4.000% 3.550% 103.419 C 02/01/2032 100.000 469840.30 33,9401000 3,5549981.85 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 33994000.00 315549981.85 371494,981.85 110.474313 % (178,185.00) (0.525000%) 3713161796.85 109.949313% 379316,796.85 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 3 BOND DEBT SERVICE Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 6709227.22 6705227.22 - 02/01/2024 119401000 5.000% 7631550.00 21703,550.00 - 06/30/2024 - - - - 3,3731777.22 08/01/2024 - - 715,050.00 715,050.00 - 02/01/2025 1,93000 5.000% 7151050.00 25645,050.00 - 06/30/2025 - - - - 3,360,100.00 08/01/2025 - - 66600.00 66600.00 - 02/01/2026 1,93000 5.000% 6661800.00 2,59600.00 - 06/30/2026 - - - - 31)2631600.00 08/01/2026 - - 618,550.00 618,550.00 - 02/01/2027 1,925,000 5.000% 6189550.00 2,543,550.00 - 06/3 0/2027 - - - - 3,162,100.00 08/01/2027 - - 5709425.00 5705425.00 - 02/01/2028 1,92500 5.000% 5701425.00 2,495,425.00 - 06/30/2028 - - - - 31)065,850.00 08/01/2028 - - 522,300.00 522,300.00 - 02/01/2029 1,82500 5.000% 5229300.00 2,347,300.00 - 06/30/2029 - - - - 2091600.00 08/01/2029 - - 476,675.00 476,675.00 - 02/01/2030 11825,000 5.000% 476,675.00 2,301,675.00 - 06/30/2030 - - - - 2,778,350.00 08/01/2030 - - 431,050.00 4311050.00 - 02/01/2031 11)8251)000 5.000% 4311050.00 2,2561)050.00 - 06/30/2031 - - - - 21)6871100.00 08/01/2031 - - 3859425.00 3851425.00 - 02/01/2032 1,82500 5.000% 3859425.00 2,210,425.00 - 06/30/2032 - - - - 2,595,850.00 08/01/2032 - - 33900.00 33900.00 - 02/01/2033 11)825,000 4.000% 33900.00 2,16400.00 - 06/30/2033 - - - - 2,5041600.00 08/01/2033 - - 3039300.00 303,300.00 - 02/01/2034 1166500 4.000% 3031300.00 1,9681300.00 - 06/30/2034 - - - - 2,2711600.00 08/01/2034 - - 2709000.00 2701000.00 - 02/01/2035 1,660,000 4.000% 2701000.00 1,930,000.00 - 06/30/2035 - - - - 2,2001000.00 08/01/2035 - - 23600.00 2361800.00 - 02/01/2036 1,660,000 4.000% 2365800.00 11)8961)800.00 - 06/30/2036 - - - - 2113300.00 08/01/2036 - - 203,600.00 20300.00 - 02/01/2037 116601000 4.000% 2031600.00 11)863,600.00 - 06/30/2037 - - - - 2,0671200.00 08/01/2037 - - 1709400.00 170,400.00 - 02/01/2038 116601000 4.000% 1701400.00 11830,400.00 - 06/3 0/203 8 - - - - 2,000, 800.00 08/01 /203 8 - - 13 71200.00 13 71200.00 - 02/01/2039 1,37500 4.000% 1371200.00 1,512,200.00 - 06/3 0/203 9 - - - - 1,649,400.00 08/01/2039 - - 10%700.00 109,700.00 - 02/01/2040 1,375,000 4.000% 10%700.00 1,484,700.00 - 06/30/2040 - - - - 1,594,400.00 08/01/2040 - - 821200.00 821200.00 - 02/01/2041 1,370,000 4.000% 821200.00 11452,200.00 - 06/30/2041 - - - - 1,534,400.00 08/01/2041 - - 5400.00 541800.00 - 02/01/2042 113701000 4.000% 541800.00 1,4241800.00 - 06/30/2042 - - - - 1,47%600.00 08/01 /2042 - - 27,400.00 271400.00 - 02/01 /2043 1,37000 4.000% 27,400.00 1,397,400.00 - 06/3 0/2043 - - - - 1,424, 800.00 33,94000 14,0761727.22 48,016,727.22 48,016,727.22 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 4 BOND MATURITY TABLE Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Center Streetscape Sidewalk Westview Clarke & Police Station Maturity Improvements Improvements Lincoln Street Cemetery Diamond Middle Reconstruction Police Station Sewer Mains Date (I) (I) Sidewalks (I) Building (I) Schools (IE) (IE) (IE) (1) Total 02/01/2024 75,000 31,000 55,000 150,800 98,000 71,000 1,378,000 81,200 1,940,000 02/01/2025 75,000 30,000 55,000 150,000 95,000 70,000 1,375,000 80,000 1,930,000 02/01/2026 75,000 30,000 55,000 150,000 95,000 70,000 1,375,000 80,000 1,930,000 02/01/2027 75,000 30,000 55,000 150,000 90,000 70,000 1,375,000 80,000 1,925,000 02/01/2028 75,000 30,000 55,000 150,000 90,000 70,000 1,375,000 80,000 1,925,000 02/01/2029 75,000 25,000 55,000 150,000 - 65,000 1,375,000 80,000 1,825,000 02/01/2030 75,000 25,000 55,000 150,000 - 65,000 1,375,000 80,000 1,825,000 02/01/2031 75,000 25,000 55,000 150,000 - 65,000 1,375,000 80,000 1,825,000 02/01/2032 75,000 25,000 55,000 150,000 - 65,000 1,375,000 80,000 1,825,000 02/01/2033 75,000 25,000 55,000 150,000 - 65,000 1,375,000 80,000 1,825,000 02/01/2034 75,000 - - 150,000 - 65,000 1,375,000 - 1,665,000 02/01/2035 70,000 - - 150,000 - 65,000 1,375,000 - 1,660,000 02/01/2036 70,000 - - 150,000 - 65,000 1,375,000 - 1,660,000 02/01/2037 70,000 - - 150,000 - 65,000 1,375,000 - 1,660,000 02/01/2038 70,000 - - 150,000 - 65,000 1,375,000 - 1,660,000 02/01/2039 - - - - - - 1,375,000 - 1,375,000 02/01/2040 - - - - - - 1,375,000 - 1,375,000 02/01/2041 - - - - - - 1,370,000 - 1,370,000 02/01/2042 - - - - - - 1,370,000 - 1,370,000 02/01/2043 - - - - - - 1,370,000 - 1,370,000 1,105,000 276,000 550,000 2,250,800 468,000 1,001,000 27,488,000 801,200 33,940,000 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 5 PROOF OF ARBITRAGE YIELD Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Present Value to 02/23/2023 Date Debt Service Total g 2.6680301018% 08/01/2023 670,227.22 670,227.22 662,476.13 02/01/2024 2,703,550.00 2,703,550.00 2,637,104.41 08/01/2024 715,050.00 715,050.00 688,294.15 02/01/2025 2,645,050.00 2,645,050.00 2,512,559.20 08/01/2025 66600.00 66600.00 625,061.51 02/01/2026 2159600.00 2,59600.00 2,402,206.95 08/01/2026 618,550.00 618,550.00 56405.79 02/01/2027 2,543,550.00 215431)550.00 2,291,404.14 08/01/2027 570,425.00 570,425.00 507,112.97 02/01/2028 2,495,425.00 2,495,425.00 2,189,250.39 08/01/2028 522,300.00 522,300.00 452,184.52 02/01/2029 2,347,300.00 2,347,300.00 205,436.94 08/01/2029 476,675.00 476,675.00 40100.31 02/01/2030 2,301,675.00 2,301,675.00 1,915,022.64 08/01/2030 431,050.00 431,050.00 353,917.72 02/01/2031 2,256,050.00 2,256,050.00 1,827,966.07 08/01/2031 385,425.00 385,425.00 3081)179.71 02/01/2032 1992001)425.00 199200,425.00 159150,248.31 44,146,327.22 44,146,327.22 37,494,981.85 Proceeds Summary Delivery date Par Value Premium (Discount) Target for yield calculation 02/23/2023 33194000.00 3,554,981.85 37,494,981.85 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 6 PROOF OF ARBITRAGE YIELD Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Assumed Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Component Date Rate Yield Date Price Call/Maturity BOND 02/01/2033 4.000% 2.210% 02/01/2032 100.000 2.2102738% BOND 02/01/2034 4.000% 2.400% 02/01/2032 100.000 2.4003110% BOND 02/01/2035 4.000% 2.550% 02/01/2032 100.000 2.5503969% BOND 02/01/2036 4.000% 2.850% 02/01/2032 100.000 2.8504819% BOND 02/01/2037 4.000% 3.050% 02/01/2032 100.000 3.0504315% BOND 02/01/2038 4.000% 3.200% 02/01/2032 100.000 3.2005479% BOND 02/01/2039 4.000% 3.300% 02/01/2032 100.000 3.3005597% BOND 02/01/2040 4.000% 3.400% 02/01/2032 100.000 3.4005667% BOND 02/01/2041 4.000% 3.450% 02/01/2032 100.000 3.4505817% BOND 02/01/2042 4.000% 3.500% 02/01/2032 100.000 3.5005603% BOND 02/01/2043 4.000% 3.550% 02/01/2032 100.000 3.5505010% Rejected Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Increase Component Date Rate Yield Date Price Call/Maturity to Yield BOND 02/01/2033 4.000% 2.210% - - 2.3609420% 0.1506682% BOND 02/01/2034 4.000% 2.400% - - 2.6447203% 0.2444093% BOND 02/01/2035 4.000% 2.550% - - 2.8544000% 0.3040031% BOND 02/01/2036 4.000% 2.850% - - 3.1465071% 0.2960252% BOND 02/01/2037 4.000% 3.050% - - 3.3336947% 0.2832632% BOND 02/01/2038 4.000% 3.200% - - 3.4671501% 0.2666022% BOND 02/01/2039 4.000% 3.300% - - 3.5552469% 0.2546873% BOND 02/01/2040 4.000% 3.400% - - 3.6349484% 0.2343817% BOND 02/01/2041 4.000% 3.450% - - 3.6784953% 0.2279137% BOND 02/01/2042 4.000% 3.500% - - 3.7183234% 0.2177631% BOND 02/01/2043 4.000% 3.550% - - 3.7550065% 0.2045055% Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 7 FORM 8038 STATISTICS Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 Dated Date 02/23/2023 Delivery Date 02/23/2023 Redemption Bond Component Date Principal Coupon Price Issue Price at Maturity Bond Component: 02/01/2024 1994000.00 5.000% 102.228 1,983,223.20 1,94000.00 02/01/2025 1993000.00 5.000% 105.012 2,026,731.60 1,93000.00 02/01/2026 1993000.00 5.000% 108.013 21084,650.90 1193000.00 02/01/2027 119251000.00 5.000% 110.986 211361)480.50 119251000.00 02/01/2028 199251000.00 5.000% 113.838 21191,381.50 119259000.00 02/01/2029 198259000.00 5.000% 116.293 211122,347.25 118259000.00 02/01/2030 1182500.00 5.000% 118.775 2,167,643.75 1,8251000.00 02/01/2031 1,82500.00 5.000% 121.021 2,208,633.25 1,8259000.00 02/01/2032 1982500.00 5.000% 123.155 2,247,578.75 1,8259000.00 02/01/2033 1982500.00 4.000% 114.446 20039.50 1,82500.00 02/01/2034 1966500.00 4.000% 112.802 1,878,153.30 1,66500.00 02/01/2035 1566000.00 4.000% 111.523 11851,281.80 1,66000.00 02/01/2036 116601000.00 4.000% 109.016 118091)665.60 116601000.00 02/01/2037 196601000.00 4.000% 107.382 11782,541.20 116609000.00 02/01/2038 196609000.00 4.000% 106.174 11)762,488.40 116609000.00 02/01/2039 1137500.00 4.000% 105.378 1,448,947.50 1137500.00 02/01/2040 1137500.00 4.000% 104.589 1,438,098.75 1,3759000.00 02/01/2041 11370,000.00 4.000% 104.197 11)427,498.90 1,3709000.00 02/01/2042 193705000.00 4.000% 103.807 1,422,155.90 1,3709000.00 02/01/2043 1937000.00 4.000% 103.419 1,416,840.30 1,3709000.00 3319401000.00 3714941)981.85 3319401)000.00 Stated Weighted Maturity Interest Issue Redemption Average Date Rate Price at Maturity Maturity Yield Final Maturity 02/01/2043 4.000% 114161840.30 113701000.00 - - Entire Issue - - 379494,981.85 33994000.00 9.6725 2.6680% Proceeds used for accrued interest Proceeds used for bond issuance costs (including underwriters' discount) Proceeds used for credit enhancement Proceeds allocated to reasonably required reserve or replacement fund 0.00 3271707.50 0.00 0.00 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 8 BOND DEBT SERVICE Town of Lexington, Massachusetts Center Streetscape Improvements (I) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 22,361.39 229361.39 - 02/01/2024 751000 5.000% 251475.00 1001475.00 - 06/30/2024 - - - - 1229836.39 08/01/2024 - - 231600.00 231600.00 - 02/01/2025 751000 5.000% 231600.00 981600.00 - 06/30/2025 - - - - 1221200.00 08/01/2025 - - 21,725.00 219725.00 - 02/01/2026 7500 5.000% 211725.00 961725.00 - 06/30/2026 - - - - 1181450.00 08/01/2026 - - 19,850.00 199850.00 - 02/01/2027 751000 5.000% 191850.00 941850.00 - 06/30/2027 - - - - 1149700.00 08/01/2027 - - 171975.00 171975.00 - 02/01/2028 751000 5.000% 171975.00 921975.00 - 06/30/2028 - - - - 1101950.00 08/01/2028 - - 161100.00 161100.00 - 02/01/2029 7500 5.000% 16,100.00 911100.00 - 06/30/2029 - - - - 1071200.00 08/01/2029 - - 141225.00 149225.00 - 02/01/2030 751000 5.000% 141225.00 891225.00 - 06/30/2030 - - - - 1039450.00 08/01/2030 - - 121350.00 121350.00 - 02/01/2031 751000 5.000% 121350.00 871350.00 - 06/30/2031 - - - - 991700.00 08/01/2031 - - 101475.00 101475.00 - 02/01/2032 7500 5.000% 101475.00 855475.00 - 06/30/2032 - - - - 951950.00 08/01/2032 - - 81600.00 89600.00 - 02/01/2033 751000 4.000% 81600.00 831600.00 - 06/30/2033 - - - - 929200.00 08/01/2033 - - 71100.00 71100.00 - 02/01/2034 751000 4.000% 71100.00 821100.00 - 06/30/2034 - - - - 891200.00 08/01/2034 - - 51600.00 51600.00 - 02/01/2035 7000 4.000% 51600.00 755600.00 - 06/30/2035 - - - - 811200.00 08/01/2035 - - 41200.00 49200.00 - 02/01/2036 701000 4.000% 41200.00 741200.00 - 06/30/2036 - - - - 789400.00 08/01/2036 - - 21800.00 21800.00 - 02/01/2037 701000 4.000% 21800.00 721800.00 - 06/30/2037 - - - - 751600.00 08/01/2037 - - 11400.00 11400.00 - 02/01 /203 8 7000 4.000% 11400.00 715400.00 - 06/30/2038 - - - - 7200.00 191051000 3791836.39 114841836.39 114841836.39 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 9 BOND PRICING Town of Lexington, Massachusetts Center Streetscape Improvements (I) Maturity Bond Component Date Amount Rate Yield Price Call Date Call Price Premium (-Discount) Bond Component: 02/01/2024 751000 5.000% 2.580% 102.228 - - 1,671.00 02/01 /2025 751000 5.000% 2.340% 105.012 - - 3,759.00 02/01 /2026 751000 5.000% 2.170% 108.013 - - 609.75 02/01/2027 751000 5.000% 2.080% 110.986 - - 8,239.50 02/01/2028 759000 5.000% 2.040% 113.838 - - 101378.50 02/01 /2029 751000 5.000% 2.070% 116.293 - - 121219.75 02/01/2030 7500 5.000% 2.080% 118.775 - - 1401.25 02/01 /2031 751000 5.000% 2.110% 121.021 - - 151765.75 02/01/2032 759000 5.000% 2.140% 123.155 - - 17,366.25 02/01/2033 751000 4.000% 2.210% 114.446 C 02/01/2032 100.000 101834.50 02/01/2034 751000 4.000% 2.400% 112.802 C 02/01/2032 100.000 901.50 02/01/2035 701000 4.000% 2.550% 111.523 C 02/01/2032 100.000 8,066.10 02/01/2036 701000 4.000% 2.850% 109.016 C 02/01/2032 100.000 6,311.20 02/01/2037 7000 4.000% 3.050% 107.382 C 02/01/2032 100.000 5,167.40 02/01/2038 701000 4.000% 3.200% 106.174 C 02/01/2032 100.000 4,321.80 111051000 1331793.25 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 1110500.00 1331793.25 1,23 8,793.25 112.107986% (5,801.25) (0.525000%) 11232,992.00 111.5 82986% 11232,992.00 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 10 BOND DEBT SERVICE Town of Lexington, Massachusetts Sidewalk Improvements (I) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01 /2023 - - 51946.94 59946.94 - 02/01/2024 311000 5.000% 61775.00 371775.00 - 06/30/2024 - - - - 439721.94 08/01/2024 - - 61000.00 61000.00 - 02/01/2025 301000 5.000% 61000.00 361000.00 - 06/30/2025 - - - - 429000.00 08/01/2025 - - 5,250.00 59250.00 - 02/01/2026 3000 5.000% 51250.00 351250.00 - 06/30/2026 - - - - 401500.00 08/01/2026 - - 41500.00 49500.00 - 02/01/2027 301000 5.000% 41500.00 341500.00 - 06/30/2027 - - - - 399000.00 08/01/2027 - - 31750.00 31750.00 - 02/01/2028 301000 5.000% 31750.00 331750.00 - 06/30/2028 - - - - 379500.00 08/01/2028 - - 300.00 31000.00 - 02/01/2029 2500 5.000% 300.00 281000.00 - 06/30/2029 - - - - 311000.00 08/01/2029 - - 21375.00 29375.00 - 02/01/2030 251000 5.000% 21375.00 271375.00 - 06/30/2030 - - - - 299750.00 08/01/2030 - - 11750.00 11750.00 - 02/01/2031 251000 5.000% 11750.00 261750.00 - 06/30/2031 - - - - 281500.00 08/01/2031 - - 11125.00 11125.00 - 02/01/2032 2500 5.000% 11125.00 265125.00 - 06/30/2032 - - - - 271250.00 08/01/2032 - - 500.00 500.00 - 02/01/2033 251000 4.000% 500.00 259500.00 - 06/30/2033 - - - - 269000.00 2761000 691221.94 3451221.94 3451221.94 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 11 BOND PRICING Town of Lexington, Massachusetts Sidewalk Improvements (I) Maturity Bond Component Date Amount Rate Yield Call Price Date Call Premium Price (-Discount) Bond Component: 02/01/2024 311000 5.000% 2.580% 102.228 - - 690.68 02/01/2025 301000 5.000% 2.340% 105.012 - - 1,503.60 02/01/2026 301000 5.000% 2.170% 108.013 - - 2,403.90 02/01/2027 3000 5.000% 2.080% 110.986 - - 3,295.80 02/01/2028 301000 5.000% 2.040% 113.838 - - 4,151.40 02/01 /2029 2500 5.000% 2.070% 116.293 - - 4,073.25 02/01/2030 2500 5.000% 2.080% 118.775 - - 4,693.75 02/01/2031 251000 5.000% 2.110% 121.021 - - 51)255.25 02/01/2032 2500 5.000% 2.140% 123.155 - - 5,788.75 02/01/2033 2500 4.000% 2.210% 114.446 C 02/01/2032 100.000 3,611.50 2761000 35,467.88 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 2769000.00 359467.88 311,467.88 112.850681% (I,449.00) (0.525000%) 310,018.88 112.325681 % 310,018.88 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 12 BOND DEBT SERVICE Town of Lexington, Massachusetts Lincoln Street Sidewalks (I) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 11,828.06 119828.06 - 02/01/2024 551000 5.000% 131475.00 681475.00 - 06/30/2024 - - - - 809303.06 08/01/2024 - - 121100.00 121100.00 - 02/01/2025 551000 5.000% 121100.00 671100.00 - 06/30/2025 - - - - 799200.00 08/01/2025 - - 10,725.00 109725.00 - 02/01/2026 5500 5.000% 101725.00 651725.00 - 06/30/2026 - - - - 761450.00 08/01/2026 - - 91350.00 99350.00 - 02/01/2027 551000 5.000% 91350.00 641350.00 - 06/30/2027 - - - - 739700.00 08/01/2027 - - 71975.00 71975.00 - 02/01/2028 551000 5.000% 71975.00 621975.00 - 06/30/2028 - - - - 709950.00 08/01/2028 - - 600.00 61600.00 - 02/01/2029 5500 5.000% 600.00 611600.00 - 06/30/2029 - - - - 681200.00 08/01/2029 - - 51225.00 59225.00 - 02/01/2030 551000 5.000% 51225.00 601225.00 - 06/30/2030 - - - - 659450.00 08/01/2030 - - 31850.00 31850.00 - 02/01/2031 551000 5.000% 31850.00 581850.00 - 06/30/2031 - - - - 621700.00 08/01/2031 - - 21475.00 21475.00 - 02/01/2032 5500 5.000% 21475.00 575475.00 - 06/30/2032 - - - - 591950.00 08/01/2032 - - 11100.00 19100.00 - 02/01/2033 551000 4.000% 11100.00 561100.00 - 06/30/2033 - - - - 579200.00 5501000 1441103.06 6941103.06 6941103.06 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 13 BOND PRICING Town of Lexington, Massachusetts Lincoln Street Sidewalks (I) Maturity Bond Component Date Amount Rate Yield Call Price Date Call Premium Price (-Discount) Bond Component: 02/01/2024 5500 5.000% 2.580% 102.228 - - 1,225.40 02/01/2025 551000 5.000% 2.340% 105.012 - - 2,756.60 02/01/2026 551000 5.000% 2.170% 108.013 - - 4,407.15 02/01/2027 5500 5.000% 2.080% 110.986 - - 6,042.30 02/01/2028 551000 5.000% 2.040% 113.838 - - 7,610.90 02/01/2029 5500 5.000% 2.070% 116.293 - - 8,961.15 02/01/2030 5500 5.000% 2.080% 118.775 - - 10,326.25 02/01/2031 551000 5.000% 2.110% 121.021 - - 111)561.55 02/01/2032 5500 5.000% 2.140% 123.155 - - 12,735.25 02/01/2033 5500 4.000% 2.210% 114.446 C 02/01/2032 100.000 7,945.30 5501000 73,571.85 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 5509000.00 739571.85 623,571.85 113.376700% (2,887.50) (0.525000%) 620,684.35 112. 851700% 620,684.35 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 14 BOND DEBT SERVICE Town of Lexington, Massachusetts Westview Cemetery Building (I) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 45,442.56 459442.56 - 02/01/2024 1501800 5.000% 511770.00 2021570.00 - 06/30/2024 - - - - 2489012.56 08/01/2024 - - 481000.00 481000.00 - 02/01/2025 1501000 5.000% 481000.00 1981000.00 - 06/30/2025 - - - - 2461000.00 08/01/2025 - - 44,250.00 449250.00 - 02/01/2026 15000 5.000% 441250.00 194,250.00 - 06/30/2026 - - - - 2381500.00 08/01/2026 - - 40,500.00 409500.00 - 02/01/2027 1501000 5.000% 401500.00 1901500.00 - 06/30/2027 - - - - 2319000.00 08/01/2027 - - 361750.00 361750.00 - 02/01/2028 1501000 5.000% 361750.00 1861750.00 - 06/30/2028 - - - - 2231500.00 08/01/2028 - - 331000.00 331000.00 - 02/01/2029 15000 5.000% 331000.00 18300.00 - 06/30/2029 - - - - 2161000.00 08/01/2029 - - 291250.00 299250.00 - 02/01/2030 1501000 5.000% 291250.00 1791250.00 - 06/30/2030 - - - - 2089500.00 08/01/2030 - - 251500.00 251500.00 - 02/01/2031 1501000 5.000% 251500.00 1751500.00 - 06/30/2031 - - - - 2011000.00 08/01/2031 - - 211750.00 211750.00 - 02/01/2032 15000 5.000% 211750.00 171,750.00 - 06/30/2032 - - - - 1931500.00 08/01/2032 - - 181000.00 189000.00 - 02/01/2033 1501000 4.000% 181000.00 1689000.00 - 06/30/2033 - - - - 1869000.00 08/01/2033 - - 151000.00 151000.00 - 02/01/2034 1501000 4.000% 151000.00 1651000.00 - 06/30/2034 - - - - 1801000.00 08/01/2034 - - 121000.00 121000.00 - 02/01/2035 15000 4.000% 121000.00 16200.00 - 06/30/2035 - - - - 1741000.00 08/01/2035 - - 91000.00 99000.00 - 02/01/2036 1501000 4.000% 91000.00 1599000.00 - 06/30/2036 - - - - 1689000.00 08/01/2036 - - 61000.00 61000.00 - 02/01/2037 1501000 4.000% 61000.00 1561000.00 - 06/30/2037 - - - - 1621000.00 08/01/2037 - - 31000.00 31000.00 - 02/01/2038 15000 4.000% 31000.00 15300.00 - 06/30/2038 - - - - 15600.00 292501800 7811212.56 310321012.56 310321012.56 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 15 BOND PRICING Town of Lexington, Massachusetts Westview Cemetery Building (I) Maturity Bond Component Date Amount Rate Yield Price Call Date Call Price Premium (-Discount) Bond Component: 02/01/2024 1501800 5.000% 2.580% 102.228 - - 31359.82 02/01 /2025 1501000 5.000% 2.340% 105.012 - - 71518.00 02/01 /2026 1501000 5.000% 2.170% 108.013 - - 12,019.50 02/01 /2027 1501000 5.000% 2.080% 110.986 - - 16,479.00 02/01/2028 1509000 5.000% 2.040% 113.838 - - 201757.00 02/01/2029 1501000 5.000% 2.070% 116.293 - - 241439.50 02/01 /2030 15000 5.000% 2.080% 118.775 - - 28,162.50 02/01 /2031 1501000 5.000% 2.110% 121.021 - - 311531.50 02/01/2032 1509000 5.000% 2.140% 123.155 - - 34,732.50 02/01/2033 1501000 4.000% 2.210% 114.446 C 02/01/2032 100.000 211669.00 02/01/2034 1501000 4.000% 2.400% 112.802 C 02/01/2032 100.000 191203.00 02/01/2035 1501000 4.000% 2.550% 111.523 C 02/01/2032 100.000 171284.50 02/01/2036 1501000 4.000% 2.850% 109.016 C 02/01/2032 100.000 13,524.00 02/01/2037 1501000 4.000% 3.050% 107.382 C 02/01/2032 100.000 111073.00 02/01/2038 1501000 4.000% 3.200% 106.174 C 02/01/2032 100.000 9,261.00 212501800 2711013.82 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 2125000.00 2711013.82 2,521,813.82 112.040778% (11,816.70) (0.525000%) 21509,997.12 111.515778% 21509,997.12 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 16 BOND DEBT SERVICE Town of Lexington, Massachusetts Clarke & Diamond Middle Schools (IE) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 10,270 101270 - 02/01/2024 9800 5.000% 11,700 109,700 - 06/30/2024 - - - - 1191970 08/01/2024 - - 9,250 91250 - 02/01/2025 9500 5.000% 99250 1041250 - 06/30/2025 - - - - 1131500 08/01/2025 - - 6,875 6,875 - 02/01/2026 951000 5.000% 61875 1011875 - 06/30/2026 - - - - 1081750 08/01/2026 - - 4,500 41500 - 02/01/2027 9000 5.000% 4,500 94,500 - 06/30/2027 - - - - 9900 08/01/2027 - - 2,250 21250 - 02/01/2028 909000 5.000% 29250 921250 - 06/30/2028 - - - - 941500 4681000 671720 5351720 5351720 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 17 BOND PRICING Town of Lexington, Massachusetts Clarke & Diamond Middle Schools (IE) Maturity Bond Component Date Amount Rate Yield Price Premium (-Discount) Bond Component: 02/01/2024 981000 5.000% 2.580% 102.228 29183.44 02/01/2025 9500 5.000% 2.340% 105.012 4,761.40 02/01/2026 9500 5.000% 2.170% 108.013 7,612.35 02/01/2027 9000 5.000% 2.080% 110.986 9,887.40 02/01/2028 901000 5.000% 2.040% 113.838 12,454.20 46800 36,898.79 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 4689000.00 36,898.79 504,898.79 107.884357% (2,457.00) (0.525000%) 502,441.79 107.3 5 93 57% 502,441.79 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 18 BOND DEBT SERVICE Town of Lexington, Massachusetts Police Station Reconstruction (IE) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 20,254.72 209254.72 - 02/01/2024 711000 5.000% 231075.00 941075.00 - 06/30/2024 - - - - 1149329.72 08/01/2024 - - 211300.00 211300.00 - 02/01/2025 701000 5.000% 211300.00 911300.00 - 06/30/2025 - - - - 1121600.00 08/01/2025 - - 19,550.00 199550.00 - 02/01/2026 7000 5.000% 191550.00 891550.00 - 06/30/2026 - - - - 1091100.00 08/01/2026 - - 1700.00 179800.00 - 02/01/2027 701000 5.000% 171800.00 871800.00 - 06/30/2027 - - - - 1059600.00 08/01/2027 - - 161050.00 161050.00 - 02/01/2028 701000 5.000% 161050.00 861050.00 - 06/30/2028 - - - - 1021100.00 08/01/2028 - - 141300.00 141300.00 - 02/01/2029 6500 5.000% 14,300.00 791300.00 - 06/30/2029 - - - - 931600.00 08/01/2029 - - 121675.00 129675.00 - 02/01/2030 651000 5.000% 121675.00 771675.00 - 06/30/2030 - - - - 909350.00 08/01/2030 - - 111050.00 111050.00 - 02/01/2031 651000 5.000% 111050.00 761050.00 - 06/30/2031 - - - - 871100.00 08/01/2031 - - 91425.00 91425.00 - 02/01/2032 6500 5.000% 91425.00 745425.00 - 06/30/2032 - - - - 831850.00 08/01/2032 - - 71800.00 79800.00 - 02/01/2033 651000 4.000% 71800.00 721800.00 - 06/30/2033 - - - - 809600.00 08/01/2033 - - 61500.00 61500.00 - 02/01/2034 651000 4.000% 61500.00 711500.00 - 06/30/2034 - - - - 781000.00 08/01/2034 - - 51200.00 51200.00 - 02/01/2035 6500 4.000% 51200.00 705200.00 - 06/30/2035 - - - - 751400.00 08/01/2035 - - 31900.00 39900.00 - 02/01/2036 651000 4.000% 31900.00 681900.00 - 06/30/2036 - - - - 729800.00 08/01/2036 - - 21600.00 21600.00 - 02/01/2037 651000 4.000% 21600.00 671600.00 - 06/30/2037 - - - - 701200.00 08/01/2037 - - 11300.00 11300.00 - 02/01/2038 6500 4.000% 11300.00 665300.00 - 06/30/2038 - - - - 6700.00 190011000 3421229.72 113431229.72 113431229.72 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 19 BOND PRICING Town of Lexington, Massachusetts Police Station Reconstruction (IE) Maturity Bond Component Date Amount Rate Yield Price Call Date Call Price Premium (-Discount) Bond Component: 02/01/2024 711000 5.000% 2.580% 102.228 - - 1,581.88 02/01/2025 701000 5.000% 2.340% 105.012 - - 3,508.40 02/01 /2026 701000 5.000% 2.170% 108.013 - - 509.10 02/01 /2027 701000 5.000% 2.080% 110.986 - - 700.20 02/01/2028 709000 5.000% 2.040% 113.838 - - 91686.60 02/01/2029 651000 5.000% 2.070% 116.293 - - 101590.45 02/01/2030 6500 5.000% 2.080% 118.775 - - 12,203.75 02/01 /2031 651000 5.000% 2.110% 121.021 - - 131663.65 02/01/2032 659000 5.000% 2.140% 123.155 - - 15,050.75 02/01/2033 651000 4.000% 2.210% 114.446 C 02/01/2032 100.000 9,389.90 02/01/2034 651000 4.000% 2.400% 112.802 C 02/01/2032 100.000 8,321.30 02/01/2035 651000 4.000% 2.550% 111.523 C 02/01/2032 100.000 7,489.95 02/01/2036 651000 4.000% 2.850% 109.016 C 02/01/2032 100.000 5,860.40 02/01/2037 6500 4.000% 3.050% 107.382 C 02/01/2032 100.000 4,798.30 02/01/2038 651000 4.000% 3.200% 106.174 C 02/01/2032 100.000 4,013.10 110011000 1191457.73 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 1100100.00 119,457.73 I ,120,45 7.73 111. 93 3 83 9% (5,255.25) (0.525000%) 11 115 ,202.48 111.408839% 11 115 ,202.48 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 20 BOND DEBT SERVICE Town of Lexington, Massachusetts Police Station (IE) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 5369892.78 5365892.78 - 02/01/2024 113781000 5.000% 6111650.00 11989,650.00 - 06/30/2024 - - - - 2,5261542.78 08/01/2024 - - 577,200.00 577,200.00 - 02/01/2025 1,37500 5.000% 5771200.00 15952,200.00 - 06/30/2025 - - - - 2,52%400.00 08/01/2025 - - 542,825.00 542,825.00 - 02/01/2026 1,37500 5.000% 5421825.00 1,917,825.00 - 06/30/2026 - - - - 21)4601650.00 08/01 /2026 - - 508,450.00 508,450.00 - 02/01/2027 1,375,000 5.000% 5089450.00 1,883,450.00 - 06/30/2027 - - - - 2,391,900.00 08/01/2027 - - 4749075.00 4745075.00 - 02/01/2028 1,37500 5.000% 4741075.00 1,84%075.00 - 06/30/2028 - - - - 21)323,150.00 08/01 /2028 - - 43 %700.00 43 %700.00 - 02/01/2029 1,37500 5.000% 4399700.00 1,814,700.00 - 06/30/2029 - - - - 2,2541400.00 08/01/2029 - - 405,325.00 405,325.00 - 02/01/2030 11375,000 5.000% 405,325.00 1,780,325.00 - 06/30/2030 - - - - 2,1851650.00 08/01/2030 - - 370,950.00 3701950.00 - 02/01/2031 11)3751)000 5.000% 3701950.00 1,7451)950.00 - 06/30/2031 - - - - 2,116,900.00 08/01/2031 - - 3369575.00 3361575.00 - 02/01/2032 1,37500 5.000% 3369575.00 117111575.00 - 06/30/2032 - - - - 2,048,150.00 08/01/2032 - - 302,200.00 302,200.00 - 02/01/2033 11)375,000 4.000% 302,200.00 1,677,200.00 - 06/30/2033 - - - - 1,979,400.00 08/01/2033 - - 2749700.00 274,700.00 - 02/01/2034 1,375,000 4.000% 2741700.00 1,6491700.00 - 06/30/2034 - - - - 1,924,400.00 08/01/2034 - - 2479200.00 2471200.00 - 02/01/2035 1,375,000 4.000% 2471200.00 1,622,200.00 - 06/30/2035 - - - - 1,8691400.00 08/01 /203 5 - - 21 %700.00 2191700.00 - 02/01/2036 1,375,000 4.000% 2195700.00 11)5941)700.00 - 06/3 0/203 6 - - - - 11)814,400.00 08/01/2036 - - 192,200.00 192,200.00 - 02/01/2037 113751000 4.000% 1921200.00 11)567,200.00 - 06/30/2037 - - - - 1,7591400.00 08/01/2037 - - 1649700.00 164,700.00 - 02/01/2038 113751000 4.000% 1641700.00 11539,700.00 - 06/30/2038 - - - - 1,704,400.00 08/01 /203 8 - - 13 71200.00 13 71200.00 - 02/01/2039 1,37500 4.000% 1371200.00 1,512,200.00 - 06/3 0/203 9 - - - - 1,649,400.00 08/01/2039 - - 10%700.00 109,700.00 - 02/01/2040 1,375,000 4.000% 10%700.00 1,484,700.00 - 06/30/2040 - - - - 1,594,400.00 08/01/2040 - - 821200.00 821200.00 - 02/01/2041 1,370,000 4.000% 821200.00 11452,200.00 - 06/30/2041 - - - - 1,534,400.00 08/01/2041 - - 5400.00 541800.00 - 02/01/2042 113701000 4.000% 541800.00 1,4241800.00 - 06/30/2042 - - - - 1,47%600.00 08/01 /2042 - - 27,400.00 271400.00 - 02/01 /2043 1,37000 4.000% 27,400.00 1,397,400.00 - 06/3 0/2043 - - - - 1,424, 800.00 27,48800 12,0821742.78 3%570,742.78 3%570,742.78 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 21 BOND PRICING Town of Lexington, Massachusetts Police Station (IE) Maturity Bond Component Date Amount Rate Yield Price Call Date Call Price Premium (-Discount) Bond Component: 02/01/2024 113781000 5.000% 2.580% 102.228 - - 30,701.84 02/01/2025 113751000 5.000% 2.340% 105.012 - - 681915.00 02/01/2026 113751000 5.000% 2.170% 108.013 - - II0,178.75 02/01/2027 113751000 5.000% 2.080% 110.986 - - 151,057.50 02/01/2028 1,37500 5.000% 2.040% 113.838 - - 190,272.50 02/01/2029 1,375,000 5.000% 2.070% 116.293 - - 224,028.75 02/01/2030 1,375,000 5.000% 2.080% 118.775 - - 258,156.25 02/01/2031 1137500 5.000% 2.110% 121.021 - - 2891038.75 02/01/2032 1137500 5.000% 2.140% 123.155 - - 318,381.25 02/01/2033 113751000 4.000% 2.210% 114.446 C 02/01/2032 100.000 198,632.50 02/01/2034 1,375,000 4.000% 2.400% 112.802 C 02/01/2032 100.000 176,027.50 02/01/2035 113751000 4.000% 2.550% 111.523 C 02/01/2032 100.000 158,441.25 02/01/2036 113751000 4.000% 2.850% 109.016 C 02/01/2032 100.000 123,970.00 02/01/2037 1,37500 4.000% 3.050% 107.382 C 02/01/2032 100.000 101,502.50 02/01/2038 1,375,000 4.000% 3.200% 106.174 C 02/01/2032 100.000 84,892.50 02/01/2039 1,375,000 4.000% 3.300% 105.378 C 02/01/2032 100.000 73,947.50 02/01/2040 113751000 4.000% 3.400% 104.589 C 02/01/2032 100.000 631098.75 02/01/2041 113709000 4.000% 3.450% 104.197 C 02/01/2032 100.000 579498.90 02/01/2042 113701000 4.000% 3.500% 103.807 C 02/01/2032 100.000 52,155.90 02/01/2043 1,370,000 4.000% 3.550% 103.419 C 02/01/2032 100.000 469840.30 27,4881000 2,7779738.19 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 27948800.00 217779738.19 301265,738.19 110.105276% (144,312.00) (0.525000%) 3011211426.19 109.580276% 309121,426.19 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 22 BOND DEBT SERVICE Town of Lexington, Massachusetts Sewer Mains (1) Period Ending Principal Coupon Interest Debt Service Annual Debt Service 08/01/2023 - - 17,230.78 179230.78 - 02/01/2024 811200 5.000% 191630.00 1001830.00 - 06/30/2024 - - - - 1189060.78 08/01/2024 - - 171600.00 171600.00 - 02/01/2025 801000 5.000% 171600.00 971600.00 - 06/30/2025 - - - - 1151200.00 08/01/2025 - - 1500.00 159600.00 - 02/01/2026 8000 5.000% 151600.00 951600.00 - 06/30/2026 - - - - 1111200.00 08/01/2026 - - 1300.00 139600.00 - 02/01/2027 801000 5.000% 131600.00 931600.00 - 06/30/2027 - - - - 1079200.00 08/01/2027 - - 111600.00 111600.00 - 02/01/2028 801000 5.000% 111600.00 911600.00 - 06/30/2028 - - - - 1031200.00 08/01/2028 - - 900.00 91600.00 - 02/01/2029 8000 5.000% 900.00 891600.00 - 06/30/2029 - - - - 991200.00 08/01/2029 - - 71600.00 79600.00 - 02/01/2030 801000 5.000% 71600.00 871600.00 - 06/30/2030 - - - - 959200.00 08/01/2030 - - 51600.00 51600.00 - 02/01/2031 801000 5.000% 51600.00 851600.00 - 06/30/2031 - - - - 911200.00 08/01/2031 - - 31600.00 31600.00 - 02/01/2032 8000 5.000% 31600.00 835600.00 - 06/30/2032 - - - - 871200.00 08/01/2032 - - 11600.00 19600.00 - 02/01/2033 801000 4.000% 11600.00 811600.00 - 06/30/2033 - - - - 839200.00 8011200 2091660.78 110101860.78 110101860.78 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 23 BOND PRICING Town of Lexington, Massachusetts Sewer Mains (I) Maturity Bond Component Date Amount Rate Yield Call Price Date Call Premium Price (-Discount) Bond Component: 02/01/2024 81,200 5.000% 2.580% 102.228 - - 109.14 02/01/2025 801000 5.000% 2.340% 105.012 - - 409.60 02/01 /2026 801000 5.000% 2.170% 108.013 - - 6,410.40 02/01/2027 8000 5.000% 2.080% 110.986 - - 8,788.80 02/01 /2028 801000 5.000% 2.040% 113.838 - - 11,070.40 02/01/2029 8000 5.000% 2.070% 116.293 - - 13,034.40 02/01/2030 8000 5.000% 2.080% 118.775 - - 15,020.00 02/01/2031 801000 5.000% 2.110% 121.021 - - 161)816.80 02/01/2032 8000 5.000% 2.140% 123.155 - - 18,524.00 02/01/2033 801000 4.000% 2.210% 114.446 C 02/01/2032 100.000 11,556.80 8011200 107,040.34 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 02/23/2023 02/23/2023 08/01/2023 8019200.00 107,040.34 908,240.34 113.360002% (4,206.30) (0.525000%) 904,034.04 112. 83 5002% 904,034.04 Feb 8, 2023 12:09 pm Prepared by Hilltop Securities - Public Finance (meh) Page 24 _ O O O O O lf) Ln ,0 vs a o c4 cq N N low O +, L a = — N 09- N 60} O O o O o O m o N N cfl O wi m co a L a bcr} 0 0 o V m o U Z U-) r-- L r A.- CO � U) L M O N N Z +r _ 06 N -r-- CM _ 69 Eg T-- A.- M O 4) lqt N N ++ = f-- N N M O N 6+4 614 Co N O O O O •� O 6g N 69 L a a� O z °a 0 o 0 0 0 co .v 4.0 a o 0 O o a '� o 0 O °= 'L 6g E9- O a G� O� � N N N N to O CS CS CS M M O O N N N N Z 00 Nt M L 'AN N N N N N N 'v+ A � � � O O � 00 O LC) 60- C: (n L N Q� J pp N o U U N c L 0s ' a� a Z � as ca as L LL .L � Md OC'J (!� H Q.) �.>o>,>,�= a az o v =LL cn0000acow Q ICI Interest R ntP 5.00% United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND PRINCIPAL AMOUNT: REGISTERED OWNER: REGISTRATION DATE: REGISTRAR AND PAYING AGENT: $119401000 Maturity Original Date CUSIP Issue Date February 1, 2024 529284 3 S 8 February 23, 2023 ONE MILLION NINE HUNDRED FORTY THOUSAND DOLLARS CEDE & CO. FEBRUARY 23, 2023 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August I of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. The bonds are general obligations of the Town and the full faith and credit of the Town is pledged for the payment of principal of and interest on the bonds as the same shall become due and payable. The bonds are being issued by means of a book entry system, with bond certificates immobilized at The Depository Trust Company, New York, New York ("DTC") evidencing ownership of the bonds in principal amounts of five thousand dollars ($5,000) or integral multiples thereof, and with transfers of beneficial ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC. Bond certificates are not available for distribution to the public. The principal or redemption price, if any, of and interest on this bond are payable by U.S. Bank Trust Company, National Association, or its successor as paying agent (the "Paying Agent") for the Town, to the Registered Owner of this bond, as nominee of DTC. Transfer of principal, redemption price, if any, and interest payments to participants of DTC is the responsibility of DTC; transfer of principal, redemption price, if any, and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town is not responsible or liable for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. In the event that (a) DTC determines not to continue to act as securities depository for the bonds or (b) the Town Treasurer determines that continuation of the book entry system of evidence and transfer of ownership would adversely affect the interests of the beneficial owners of the bonds, the Town will discontinue the book entry system with DTC. If the Town fails to identify another qualified securities depository to replace DTC, the Paying Agent will authenticate and deliver replacement bonds in the form of fully registered certificates. This bond is transferable only upon the books of the Town which shall be kept for such purpose by the Paying Agent. This bond may not be transferred or exchanged in a manner which would involve the delivery of bond certificates to the beneficial owners of bonds unless the book entry system has been discontinued by the Town in accordance with the preceding paragraph, in which case replacement bonds may be issued in accordance with law and such procedures as the Town Treasurer shall deem appropriate. The bonds of this issue (except the bonds maturing on or before February 1, 2032, which are not subject to redemption prior to maturity) are redeemable prior to maturity on or after February 1, 2032, at the option of the Town, as a whole or in part at any time, at a price equal to the principal amount to be redeemed (without premium) plus accrued interest to the redemption date. In the event any bonds are called for redemption, notice will be sent by mail, or in such other manner acceptable to DTC, not more than sixty (60) days nor less than thirty (30) days prior to the redemption date to the registered owner of such bonds, as nominee of DTC. It will be the responsibility of DTC and its participants to give notice of the redemption to beneficial owners of the bonds to be redeemed. With respect to the redemption of any such bond, failure to mail notice to the registered owner of any other bond, any defect in the notice to the registered owner of any other bond, or failure by DTC and its participants to provide notice of redemption to the beneficial owners of such bond will not affect the redemption of such bond. Notice of redemption having been duly given, the bonds to be redeemed, or the portions called for redemption, will become due and payable on the redemption date at the applicable redemption price and, moneys for the redemption having been deposited with the Paying Agent, from and after the date fixed for redemption interest on such bonds, or such portions, will no longer accrue. With respect to any bond subject to redemption, portions of the principal amount of such bond in the amount of five thousand dollars ($5,000) or any multiple thereof may be redeemed. In the event of such a partial redemption, the identity of the beneficial owners whose beneficial interests in any such bond are to be redeemed and the amount of any such redemption shall be determined by DTC and its participants by lot in such manner as DTC and its participants shall deem appropriate. If less than all of the principal amount of any bond is to be redeemed, upon surrender of such bond to the Paying Agent there will be issued to the registered owner, without charge, a new bond for the unredeemed principal sum. The Town hereby covenants that it will take all lawful action necessary to comply with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied subsequent to the issuance of the bonds in order that interest on the bonds be and continue to be excluded from gross income for federal income tax purposes and it will refrain from taking any action that would cause interest on the bonds to become included in gross income for federal income tax purposes. [Remainder of page intentionally left blank; signature page follows.] In connection with the offering of the bonds the Town has executed a Continuing Disclosure Certificate (as it may be amended from time to time, the "Certificate"). The Town hereby covenants to comply with the provisions of the Certificate, and reference is made to the Certificate for a description of the nature and extent of the obligations of the Town and the rights of the owners of the bonds under the Certificate. The Certificate is described in the Official Statement relating to the bonds. A copy of the Certificate is available from the Town upon request. TOWN OF LEXINGTON, MASSACHUSETTS ME Treasurer Countersigned: Select Board (Town Seal) LEGAL OPINION The following opinion is based on facts and the law existing on the date of original delivery of the bonds described therein. LOCKE LORD LLP I I I Huntington Avenue Boston, Massachusetts Arnold F. Lovering, Treasurer Town of Lexington Lexington, Massachusetts $33,9401000 Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 We have acted as bond counsel to the Town of Lexington, Massachusetts (the "Town") in connection with the issuance by the Town of the above -referenced bonds (the "Bonds"). In such capacity, we have examined the law and such certified proceedings and other papers as we have deemed necessary to render this opinion. As to questions of fact material to our opinion we have relied upon representations and covenants of the Town contained in the certified proceedings and other certifications of public officials furnished to us, without undertaking to verify the same by independent investigation. Based on our examination, we are of the opinion, under existing law, as follows: 1. The Bonds are valid and binding general obligations of the Town and, except to the extent they are paid from other sources, the principal of and interest on the Bonds are payable from taxes which may be levied upon all taxable property in the Town, without limitation as to rate or amount, except as provided under Chapter 44, Section 20 of the General Laws, with respect to that portion of the principal and interest payments that the Town has voted to exempt from the limit imposed by Chapter 59, Section 21C of the General Laws, and subject to the limit imposed by Chapter 59, Section 21 C of the General Laws with respect to that portion of the principal and interest payments that the Town has not voted to exempt from that limit. 2. Interest on the Bonds is excluded from the gross income of the owners of the Bonds for federal income tax purposes. In addition, interest on the Bonds is not a specific preference item for purposes of the federal individual alternative minimum tax. For tax years beginning after December 31, 2022, however, interest on the Bonds will be included in the "adjusted financial statement income" of certain corporations that are subject to the alternative minimum tax under Section 55 of the Internal Revenue Code of 1986 (the "Code"). In rendering the opinions set forth in this paragraph, we have assumed compliance by the Town with all requirements of the Code that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be, and continue to be, excluded from gross income for federal income tax purposes. The Town has covenanted to comply with all such requirements. Failure by the Town to comply with certain of such requirements may cause interest on the Bonds to become included in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. We express no opinion regarding any other federal tax consequences arising with respect to the Bonds. 3. Interest on the Bonds is exempt from Massachusetts personal income taxes and the Bonds are exempt from Massachusetts personal property taxes. We express no opinion regarding any other Massachusetts tax consequences arising with respect to the Bonds or any tax consequences arising with respect to the Bonds under the laws of any state other than Massachusetts. This opinion is expressed as of the date hereof, and we neither assume nor undertake any obligation to update, revise, supplement or restate this opinion to reflect any action taken or omitted, or any facts or circumstances or changes in law or in the interpretation thereof, that may hereafter arise or occur, or for any other reason. The rights of the holders of the Bonds and the enforceability of the Bonds may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent constitutionally applicable, and their enforcement may also be subject to the exercise of judicial discretion in appropriate cases. /s/ LOCKE LORD LLP 131679573v.1 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest R ntP 5.00% PRINCIPAL AMOUNT: REGISTERED OWNER: REGISTRATION DATE: REGISTRAR AND PAYING AGENT: $119301000 Maturity Original Date CUSIP Issue Date February 1, 2025 529284 3T6 February 23, 2023 ONE MILLION NINE HUNDRED THIRTY THOUSAND DOLLARS CEDE & CO. FEBRUARY 23, 2023 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August I of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-3 Interest R ntP 5.00% United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND PRINCIPAL AMOUNT: REGISTERED OWNER: REGISTRATION DATE: REGISTRAR AND PAYING AGENT: $119301000 Maturity Original Date CUSIP Issue Date February 1, 2026 529284 3U3 February 23, 2023 ONE MILLION NINE HUNDRED THIRTY THOUSAND DOLLARS CEDE & CO. FEBRUARY 23, 2023 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August I of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. MN United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $119251000 5.00% February 1, 2027 529284 3V1 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION NINE HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-5 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $119251000 5.00% February 1, 2028 529284 3W9 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION NINE HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. $118251000 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP 5.00% February 1, 2029 529284 3X7 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION EIGHT HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-7 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $118251000 5.00% February 1, 2030 529284 3Y5 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION EIGHT HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. $118251000 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP 5.00% February 1, 2031 529284 3Z2 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION EIGHT HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. $118251000 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP 5.00% February 1, 2032 529284 4A6 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION EIGHT HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-10 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $118251000 4.00% February 1, 2033 529284 4B4 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION EIGHT HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. V10fl Interest R ntP 4.00% United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND PRINCIPAL AMOUNT: REGISTERED OWNER: REGISTRATION DATE: REGISTRAR AND PAYING AGENT: $116651000 Maturity Original Date CUSIP Issue Date February 1, 2034 529284 4C2 February 23, 2023 ONE MILLION SIX HUNDRED SIXTY-FIVE THOUSAND DOLLARS CEDE & CO. FEBRUARY 23, 2023 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August I of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. Vikelm United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $116601000 4.00% February 1, 2035 529284 4D0 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION SIX HUNDRED SIXTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-13 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $116601000 4.00% February 1, 2036 529284 4E8 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION SIX HUNDRED SIXTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. VIZ[I United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $116601000 4.00% February 1, 2037 529284 4F5 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION SIX HUNDRED SIXTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-15 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $116601000 4.00% February 1, 2038 529284 4G3 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION SIX HUNDRED SIXTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-16 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $113751000 4.00% February 1, 2039 529284 4H1 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION THREE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-17 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest Maturity Original R ntP T)at0 CT NTP Tcc»P nntP $113751000 4.00% February 1, 2040 529284 4J7 February 23, 2023 PRINCIPAL AMOUNT: ONE MILLION THREE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: FEBRUARY 23, 2023 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August 1 of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND Interest R ntP 4.00% PRINCIPAL AMOUNT: REGISTERED OWNER: REGISTRATION DATE: REGISTRAR AND PAYING AGENT: $113701000 Maturity Original Date CUSIP Issue Date February 1, 2041 529284 4K4 February 23, 2023 ONE MILLION THREE HUNDRED SEVENTY THOUSAND DOLLARS CEDE & CO. FEBRUARY 23, 2023 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August I of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-19 Interest R ntP 4.00% United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND PRINCIPAL AMOUNT: REGISTERED OWNER: REGISTRATION DATE: REGISTRAR AND PAYING AGENT: $113701000 Maturity Original Date CUSIP Issue Date February 1, 2042 529284 4L2 February 23, 2023 ONE MILLION THREE HUNDRED SEVENTY THOUSAND DOLLARS CEDE & CO. FEBRUARY 23, 2023 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August I of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. R-20 Interest R ntP 4.00% United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2023 BOND PRINCIPAL AMOUNT: REGISTERED OWNER: REGISTRATION DATE: REGISTRAR AND PAYING AGENT: $113701000 Maturity Original Date CUSIP Issue Date February 1, 2043 529284 4M0 February 23, 2023 ONE MILLION THREE HUNDRED SEVENTY THOUSAND DOLLARS CEDE & CO. FEBRUARY 23, 2023 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town"), for value received, promises to pay to the Registered Owner of this bond or registered assigns the Principal Amount specified above, in lawful money of the United States of America, on the Maturity Date unless this bond is called for earlier redemption, upon presentation and surrender hereof, with interest (calculated on the basis of a 360-day year of twelve 30-day months) at the Interest Rate per annum, payable on August 1, 2023 and semiannually thereafter on February I and August I of each year (each, an "Interest Payment Date") until the Principal Amount is paid or has been duly provided for. This bond will bear interest from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the Original Issue Date. The record date for the payment of interest on this Bond (the "Record Date") shall be the fifteenth day of the month preceding an interest payment date. If such date is not a business day, the Record Date shall be the next succeeding business day. This bond is one of an issue of $33,940,000 aggregate principal amount issued by the Town pursuant to Chapter 44 of the General Laws as amended for school, police, streetscape improvement, building construction, sidewalk, and sewer purposes. The bonds are issuable only in fully registered form in the denomination of five thousand dollars ($5,000) or any integral multiple thereof. Registered Registered Number 1 $5001000 United States of America The Commonwealth of Massachusetts TOWN OF LEXINGTON GENERAL OBLIGATION BOND ANTICIPATION NOTE (School Project Loan, Chapter 70B) Interest Maturity Registration and Rate Date Original Issue Date CUSIP .e 5.50% February 23, 2024 February 24, 2023 529284 4N8 PRINCIPAL AMOUNT: FIVE HUNDRED THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Lexington, Massachusetts (the "Town") for value received, promises to pay to the Registered Owner of this note or registered assigns the Principal Amount specified above in lawful money of the United States of America on the Maturity Date upon presentation and surrender hereof, with interest (calculated on the basis of a 30-day month and a 360-day year) at the Interest Rate per annum, payable on the Maturity Date. This note will bear interest from the Original Issue Date. This note certificate is the only instrument representing an issue of $500,000 aggregate principal amount of notes issued by the Town pursuant to Chapter 70B of the General Laws as amended in anticipation of bonds authorized for school purposes. The notes are general obligations of the Town and the full faith and credit of the Town is pledged for the payment of principal of and interest on the notes as the same shall become due. The notes are being issued by means of a book entry system, with a note certificate immobilized at The Depository Trust Company, New York, New York ("DTC") evidencing ownership of the notes in principal amounts of $1,000 or integral multiples thereof, and with transfers of beneficial ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC. Note certificates are not available for distribution to the public. The principal of and interest on this note are payable by U.S. Bank Trust Company, National Association, or its successor as paying agent (the "Paying Agent") for the Town, in immediately available funds to the Registered Owner of this note, as nominee of DTC. Transfer of principal and interest payments to participants of DTC is the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town is not responsible or liable for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. Unless this note certificate is presented by an authorized representative of The Depository Trust Company to the Paying Agent for registration of transfer, exchange or payment, and any note certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. In the event that (a) DTC determines not to continue to act as securities depository for the notes or (b) the Town determines that continuation of the book entry system of evidence and transfer of ownership would adversely affect the interests of the beneficial owners of the notes, the Town will discontinue the book entry system with DTC. If the Town fails to identify another qualified securities depository to replace DTC, the Paying Agent will authenticate and deliver replacement notes in the form of fully registered certificates. This note is transferable only upon the registration books kept by the Paying Agent as registrar, but only in a manner which will maintain immobilization of note certificates at one or more securities depositories. This note may not be transferred or exchanged in a manner which would involve the delivery of note certificates to the beneficial owners unless the book entry system has been discontinued by the Town in accordance with the terms of this note, in which case replacement notes may be issued in accordance with law and such procedures as the Town shall deem appropriate. The Town hereby covenants that it will take all lawful action necessary to comply with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied subsequent to the issuance of the notes in order that interest on the notes be and continue to be excluded from gross income for federal income tax purposes and it will refrain from taking any action that would cause interest on the notes to become included in gross income for federal income tax purposes. In connection with the offering of the notes the Town has executed a Significant Events Disclosure Certificate dated as of the date hereof (as it may be amended from time to time, the "Certificate"). The Town hereby covenants to comply with the provisions of the Certificate, and reference is made to the Certificate for a description of the nature and extent of the obligations of the Town and the rights of the owners of the notes under the Certificate. The Certificate is described in the Official Statement relating to the notes. A copy of the Certificate is available from the Town upon request. TOWN OF LEXINGTON, MASSACHUSETTS By: Treasurer Countersigned: Select Board (Town Seal) LEGAL OPINION The following opinion is based on facts and the law existing on the date of original delivery of the notes described therein. LOCKE LORD LLP 111 Huntington Avenue Boston, Massachusetts Arnold F. Lovering, Treasurer Town of Lexington Lexington, Massachusetts $5001000 Town of Lexington, Massachusetts General Obligation Bond Anticipation Notes We have acted as bond counsel to the Town of Lexington, Massachusetts (the "Town") in connection with the issuance by the Town of the above -referenced notes (the "Notes") dated February 24, 2023 and payable February 23, 2024. In such capacity, we have examined the law and such certified proceedings and other papers as we have deemed necessary to render this opinion. As to questions of fact material to our opinion we have relied upon representations and covenants of the Town contained in the certified proceedings and other certifications of public officials furnished to us, without undertaking to verify the same by independent investigation. Based on our examination, we are of the opinion, under existing law, as follows: 1. The Notes are valid and binding general obligations of the Town and, except to the extent they are paid from the proceeds of the bonds in anticipation of which they are issued or from any other available moneys, the principal of and interest on the Notes are payable from taxes which may be levied upon all taxable property in the Town without limitation as to rate or amount, except as provided under Chapter 44, Section 20 of the General Laws. 2. Interest on the Notes is excluded from the gross income of the owners of the Notes for federal income tax purposes. In addition, interest on the Notes is not a specific preference item for purposes of the federal individual alternative minimum tax. For tax years beginning after December 31, 2022, however, interest on the Notes will be included in the "adjusted financial statement income" of certain corporations that are subject to the alternative minimum tax under Section 55 of the Internal Revenue Code of 1986 (the "Code"). In rendering the opinions set forth in this paragraph, we have assumed compliance by the Town with all requirements of the Code, that must be satisfied subsequent to the issuance of the Notes in order that interest thereon be, and continue to be, excluded from gross income for federal income tax purposes. The Town has covenanted to comply with all such requirements. Failure by the Town to comply with certain of such requirements may cause interest on the Notes to become included in gross income for federal income tax purposes retroactive to the date of issuance of the Notes. We express no opinion regarding any other federal tax consequences arising with respect to the Notes. 3. Interest on the Notes is exempt from Massachusetts personal income taxes and the Notes are exempt from Massachusetts personal property taxes. We express no opinion regarding any other Massachusetts tax consequences arising with respect to the Notes or any tax consequences arising with respect to the Notes under the laws of any state other than Massachusetts. This opinion is expressed as of the date hereof, and we neither assume nor undertake any obligation to update, revise, supplement or restate this opinion to reflect any action taken or omitted, or any facts or circumstances or changes in law or in the interpretation thereof, that may hereafter arise or occur, or for any other reason. The rights of the holders of the Notes and the enforceability of the Notes may be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted to the extent constitutionally applicable, and their enforcement may also be subject to the exercise of judicial discretion in appropriate cases. /s/ LOCKE LORD LLP 131679850v.1 CJD/KKA 02/08/23 (Please Note: The following statements are an essential part of the permanent bond record. Read them carefully before signing this certificate. Advise Locke Lord LLP of any inaccuracy.) Town of Lexington, Massachusetts $33194000 General Obligation Municipal Purpose Loan of 2023 Bonds dated February 23, 2023 SIGNATURE, NO LITIGATION AND OFFICIAL STATEMENT CERTIFICATE A. Certificate of Authorized Officers. We, the members of the Select Board and the Treasurer of the Town of Lexington, Massachusetts (the "Town"), certify that we have signed each of the $33,940,000 General Obligation Municipal Purpose Loan of 2023 Bonds (the "Bonds") of the Town dated February 23, 2023, payable February 1 of the years and in the principal amounts, and bearing interest at the respective rates as follows: Interest Interest Year Amount Rate Year Amount Rate 2024 $1,940,000 5.00% 2034 $10500 4.00% 2025 119301000 5.00 2035 1001000 4.00 2026 1193000 5.00 2036 1001000 4.00 2027 119251000 5.00 2037 1001000 4.00 2028 L9251000 5.00 2038 10000 4.00 2029 118251000 5.00 2039 113751000 4.00 2030 L8251000 5.00 2040 L37500 4.00 2031 118251000 5.00 2041 L3701000 4.00 2032 1182500 5.00 2042 L3701000 4.00 2033 118251000 4.00 2043 L3701000 4.00 The Bonds shall be subject to redemption, at the option of the Town, upon such terms and conditions as are set forth in the Official Statement prepared in connection with the Bonds dated February 8, 2023 (the "Official Statement"). A book entry system is being used to evidence ownership and transfer of the Bonds on the records of The Depository Trust Company ("DTC"). The Bonds are registered in the name of "CEDE & CO." as nominee for DTC and immobilized in the custody of DTC. All of the Bonds are similar in form and similarly executed, and each Bond bears (either by impression or in facsimile) the Town seal, which is also affixed to this certificate. We, the said officers, also certify as follows: 1. Authority. The Bonds' are issued pursuant to a vote of the Select Board adopted at a meeting duly called and held on February 13, 2023 and the following statutes and votes of the Town: (a) $27,4881000 - $32,400,000 New Police Station Bonds under G.L. c.44, §7(l) and a vote of the Town passed March 28, 2022 (Article 2), excluded from the limitations of Proposition 2 1/2, so-called, on June 6, 2022 (Question 1); (b) $2,2501800 - $3,290,000 Westview Cemetery Facility Construction Bonds under G.L. c.44, §7(l) and a vote of the Town passed June 3, 2020 (Article 16K); (c) $1011000 - $1,862,622 Police Station Rebuild Design Bonds under G.L. c.44, §7(7) and a vote of the Town passed April 9, 2018 (Article 14), excluded from the limitations of Proposition 2 1/2, so-called, on June 6, 2022 (Question 1); (d) K1051000 - $9,105,000 Center Streetscape Improvement Bonds under G.L. c.44, §7(l) and a vote of the Town passed April 3, 2019 (Article 16E); (e) $8011200 - $900,000 Wastewater System Improvement Bonds under G.L. c.44, §7(l) and a vote of the Town passed June 1, 2020 (Article 14); (fl $5501000 - $650,000 Sidewalk Improvement Bonds (Lincoln Street) under G.L. c.44, §7(l) and a vote of the Town passed March 29, 2021 (Article 12K); (g) $4681000 - $62,197,200 School Remodeling Bonds (Jonas Clarke and William Diamond Middle Schools under G.L. c.44, §7(l) and a vote of the Town passed March 21, 2016 (Article 2) and excluded from the limitations of Proposition 2 1/2, so-called, on May 3, 2016 (Question 1); and (h) $2761000 - $765,475 Sidewalk Improvement Bonds under G.L. c.44, §7(l) and a vote of the Town passed March 24, 2021 (Article 12E). 'See Paragraph A(2) below for the amount of bond premium which will be applied to reduce the borrowing authority under certain of the town meeting votes. 0) 2. Description and Purpose of Bonds. The Town is issuing and delivering the Bonds simultaneously with the delivery of this certificate. The following amounts of the issue are for the following purposes including the payment of $2,400,000 bond anticipation notes: Total Amount Principal Premium' of Proceeds Purpose $2714881000 $21512l000 $3010001000 Design, engineering, and architectural services for the reconstruction and expansion of the Police Station; $2,2501800 $249,200 $21500,000 Construction of a new administration and maintenance building located at the Westview Cemetery; $11001 NO $109,000 $1,110,000 Design, engineering, and architectural services for the reconstruction and expansion of the Police Station; $111051000 $0 $1110500 Reconstruction of the center streetscape, including removal, replacement and restoration of the center sidewalk and improvements; $8011200 $98l800 $9001000 Install sanitary sewer mains and sewerage systems; $550,000 $0 $550,000 Constructing new sidewalks on Lincoln Street from Marrett Road to Middle Street; $4681000 $32,000 $500,000 Remodeling, reconstructing and making extraordinary repairs to Jonas Clarke and William Diamond Middle Schools; and 2$3,225,000 of the premium received by the Town in connection with the sale of the Bonds has been allocated to project costs pursuant to G.L. c.44, §20, as amended, and the amount authorized to be borrowed for each project has been reduced accordingly. The remaining unallocated premium on the Bonds will be applied or appropriated in accordance with G.L. c.44, §20. 9 $2761000 $2241000 $5001000 Rebuilding and repaving existing sidewalks and costs related thereto and take by eminent domain, purchase or otherwise acquire any fee, easement or other interest in land necessary. 3. Other Debt. No other debt has been incurred under those votes except for the following bonds and bond anticipation notes: (a) - none; (b) - $100,000 bonds dated February 10, 2022; (c) - $250,000 bonds dated February 13, 2020; $500,000 bonds dated February 11, 2021; and $1,000,000 notes dated June 30, 2022 and payable February 24, 2023 *; (d) - $8,000,000 bonds dated February 10, 2022; (e) - $900,000 notes dated June 30, 2022 and payable February 24, 2023*; ( - $100,000 notes dated June 30, 2022 and payable February 24, 2023 which will be paid with available funds of the Town on February 24, 2023; (g) - $30,355,000 bond proceeds dated February 16, 2017; $447,000 paydown February 17, 2017; $23,747,000 bonds dated February 15, 2018; $2,500,000 bonds dated February 14, 2019, $500,000 bond proceeds dated February 13, 2020; $540,000 bonds dated June 25, 2020; and $500,000 notes dated June 30, 2022 and payable February 24, 2023 *; and (h) - $200,000 notes dated June 30, 2022 and payable February 24, 2023 which will be paid with available funds of the Town on February 24, 2023. *To be permanently financed with a portion of the proceeds of this issue. 4. Maturity Schedule. The Bonds constitute a consolidated issue for purposes of G.L. c.44, § 16 of the General Laws. Each component of the Bonds matures at such times and in such amounts as set forth in Appendix A attached hereto. 5. Approval of Sale. We approve the sale of the Bonds to Mesirow Financial, Inc. (the "Purchaser") at par and accrued interest, if any, plus a premium of $3,376,796.85. B. Delivery and Receipt. I, the Treasurer, certify that the Bonds were delivered on this date and that the full purchase price including accrued interest for the period, if any, from the date of the Bonds to this date was received from the Purchaser on this date. CI C. Certificate as to Official Statement. I, the Town Treasurer, certify as follows: (a) I have reviewed the Preliminary Official Statement dated February 1, 2023 (the "Preliminary Official Statement") and the Official Statement relating to the sale of the Bonds. (b) To the best of my knowledge and belief, the Preliminary Official Statement (excluding Appendices B and C, as to which no view is expressed) did not, as of its date and as of the date of sale of the Bonds, and the Official Statement (excluding the prices or yields on the cover page, and B and C, as to which no view is expressed) did not as of its date and does not as of this date (which is the date of delivery of the Bonds), contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading. (c) Since the date of the Official Statement there has been no material adverse change in the financial condition or affairs of the Town except as set forth in or contemplated by the Official Statement. D. Debt Limit. I, the Treasurer, certify that at the time of their authorization, the Bonds were, and on the date hereof are, within every applicable debt and other limit prescribed by law or otherwise. E. Certificate of Town Clerk. I, the Town Clerk, certify as follows: (a) Signatures and IncumbencX. The signatures of the Treasurer and members of the Select Board as appearing below are the genuine signatures of the persons who executed the Bonds and who held those offices when the Bonds were executed and when the Bonds were delivered. (b) Open Meeting Law. Except for the town meetings called pursuant to G.L. c.39, § 10, all proceedings essential to the authorization and issue of the Bonds and deliberations of a quorum relating thereto have been taken at a meeting or meetings open to the public; notice of each such meeting was filed in my office and publicly posted in the time and manner set forth in the General Laws, as amended, in effect at the time of each such meeting (Chapter 39, §23B for proceedings occurring prior to July 1, 2010 and Chapter 30A, § § 18-25 for proceedings occurring on or after July 1, 2010) as amended, or, if applicable, in accordance with an alternative method of notice prescribed or approved by the Attorney General as set forth in 940 CMR 29.03(2)(b); no deliberations, decision or vote in connection with the Bonds were taken in executive session and no vote was taken by secret ballot; and the official record of each such meeting was made available to the public and remains available to the public as set forth in G.L. c. 3 9, §23B or c. 3 0A, § § 18 -2 5, as amended. (c) Proceedings. No proceeding essential to the issue of the Bonds has been repealed or amended except as stated in Paragraph A(1) above, and no proceedings have been taken relating to the Bonds other than those certified to Locke Lord LLP. 5 (d) Bylaws. The bylaws described below are the only bylaws or standing votes of the Town affecting the authorization, sale or issue of the Bonds, including the calling and conduct of town meetings, or the use of assessments or other charges imposed to pay for any project financed by the Bonds, and there has been no change therein affecting those matters in any way except as may be indicated below: General By -Laws of the Town of Lexington, as amended through the 2012 Annual Town Meeting (Supplement #16) and certified to Locke Lord LLP on January 25, 2023. (e) Home Rule. The Town has not adopted a home rule charter and the Town has not amended or repealed any special law relating to the Town through the use of home rule procedures. (f) Development Districts. The Town has not established any development districts pursuant to G.L. c.40Q. F. Repayment Schedule. We, the Treasurer and the members of the Select Board certify that the maturities of each component of the Bonds, in our opinion, are arranged so that the amounts payable in the several years for principal and interest combined are as nearly equal as practicable or are in accordance with a schedule providing a more rapid amortization of principal. G. Execution of Counterparts and Delivery by Electronic Means. This certificate, as well as any other certificates or documents relating to the Bonds (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. 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. [Remainder of page intentionally left blank; signature page follows.] on H. No Litigation; No Financial Interest. All of the undersigned certify that there has been no litigation affecting the validity of the Bonds or the power of the Town to levy and collect taxes to pay them; that none is pending or to our knowledge threatened; that neither the corporate existence nor boundaries of the Town nor the title of any of us to our respective offices is being contested; and that none of us and, to the best of our knowledge, no other official of the Town has any direct or indirect financial interest in or relationship with the Purchaser. Dated: February 23, 2023 (Date of delivery of and payment for the Bonds) Members of the Select Board Treasurer Town Clerk (Town Seal) [Signature page to the Signature, No Litigation and Official Statement Certificate for the Bonds] APPENDIX A Maturity By Purpose Schedule Town of Lexington, Massachusetts General. Obligation Municipal Purpose Loan of 20,23 Bonds Dated February 23, 2023 matul'Ity Dale Center Strectscape Improvements (1) Sidewalk Improvements (1) Lincoln Street Sidewalks (1) Westview Cenietery Building (1) Clarke Diamond Middle Schools (1E) Police Station Reconstruction (I ) �E Police Station (]E,) Sewer Mains Total 02,10 1 120,24 75,000, 31,00,0 55,0,00 150,800 98,000 71,000, 1 w378,000 81,200, 1 w940,0GO 02-4) 1 /20,25 751,000, 30,000 55,(100 150,000 95,000 70,000, 1,375,000 80,W)O, 1 9 30,000 02-4) 1 /20,26 751,000, 30,000 55,(100 150,000 95,000 70,000, 1,375,000 80,W)O, 1 9 30,000 02-4) 1 /20,27 751,000, 30,000 55,000 150,000 90"()0() 70,000, 1,375,000 80,W)O, 1 925,000 02-4) 1 /20,28 751,000, 30,000 55,000 150,000 90"()0() 70,000, 1,375,000 80,W)O, 1 925,000 02-4) 1 /20,29 751,000, 25,000 55,(100 150,000 - 65,000, 1 375,000 80,W)O, 1,825,000 0,21111/20,30, 751,0,00, 25,00,0 55,000 150,000 - 65,000, 1,375,00(1 80,W)O, 1,825,000 0,24Y120,31 751,000, 25,00,0 55,(100 150,000 - 65,000, 1,375,000 80,W)O, 1 825,000 0,2111I/2(1,32 751,000, 25,00,0 55,0,00 150,000 - 65,000, 1,375,000 80,N)O, 1 825,000 0,2111I/2(1,33 751,000, 25,00,0 55,0,00 150,000 - 651,000, 1,375,000 80,N)O, 1 825,000 021111/20,34 751,0,00, - - 150,000 - 65,000, 1,375,000 - 1,665,000 021111/20,35 70,0,00, - - 150,000 - 65,000, 1,375,000 - 1,660,000 021111/20,36 70,0,00, - - 150,000 - 65,000, 1,375,000 - 1,660,000 021111/20,37 70,0,00, - - 150,000 - 65,000, 1,375,000 - 1,660,000 021111/20,38 70,0,00, - - 150,000 - 65,000, 1,375,000 - 1,660,000 021111/20,39 - - - - - - 1,375,000 - 1 375,000 02111 1/2040 - - - - - - 1,375,000 - 1 375,000 02-4) 1/2041 - - - - - - 1 w370,000 - 1 w370,000 02111 1/2042 - - - - - - 1,370,000 - 1,370,000 021111/2043 - - - - - - 1 w370,000 - 1 w370,000 1,105,(100 276,000 5150,00(1 2,250,800 468,000 1 ()0, 1, W)O, 27,488,000 801,200, 33 940,000 131681114v. I CJD/KKA 02/08/23 (Please Note: The following statements are an essential part of the permanent record. Read them carefully before signing this certificate. Advise Locke Lord LLP of any inaccuracy.) Town of Lexington, Massachusetts $500,000 General Obligation Bond Anticipation Notes dated February 24, 2023 SIGNATURE, NO LITIGATION AND OFFICIAL STATEMENT CERTIFICATE A. Certificate of Authorized Officers. We, the Treasurer and members of the Select Board of the Town of Lexington, Massachusetts (the "Town"), certify that we have signed the $50000 5.50 percent General Obligation Bond Anticipation Notes (the "Notes") of the Town dated February 24, 2023 and payable February 23, 2024. A book entry system is being used to evidence ownership and transfer of the Notes on the records of The Depository Trust Company ("DTC"). The Notes are issued in the form of a single Note for the full principal amount, registered in the name of "CEDE & CO." as nominee for DTC and immobilized in the custody of DTC. The Note bears the Town seal which is also affixed to this certificate. We, the said officers, also certify as follows: 1. Authority. The Notes are issued in anticipation of the sale of $63,059,418 School Project Loan, Chapter 70B Bonds (Maria Hastings Elementary) authorized under G.L. c.70B, a vote of the Town passed on October 16, 2017 (Article 2), excluded from the limitations of Proposition 2 V2, so-called, on December 4, 2017 (Question 1) and a vote of the Select Board duly adopted on February 13, 2023. 2. Description and Purpose of Notes. The Town is issuing and delivering the Notes simultaneously with the delivery of this certificate. The Notes are being issued to pay costs of demolishing the existing Maria Hastings Elementary School and constructing, originally equipping, and furnishing a new Maria Hastings Elementary School. 3. Other Debt. No other debt has been incurred under those votes except for $9,000,000 bonds dated February 15, 2018; $27,000,000 bonds dated February 14, 2019; $10,500,000 bonds dated June 25, 2020; and $1,700,000 bond anticipation notes dated September 30, 2022 and payable February 24, 2023, of which $1,200,000 will be paid with grants from the Massachusetts School Building Authority ("MSBA") and $500,000 will be renewed with the proceeds of this issue. 4. School Building Assistance Grant. The Town expects to receive a grant from the MSBA in the aggregate amount of $16,882,265 for the Maria Hastings Elementary School project being financed with the proceeds of the Notes, and as of the date hereof the Town has received $14,492,124 of such grant. 5. Approval of Sale. We approve the sale of the Notes to Piper Sandler & Co. (the "Purchaser") at par and accrued interest, if any, plus a premium of $9,200. B. Delivery and Receipt. I, the Treasurer, further certify that the Notes were delivered on this date and that the full purchase price including accrued interest for the period, if any, from the date of the Notes to this date was received from the Purchaser on or before this date. C. Certification Regarding Official Statement. I, the Treasurer, certify as follows: (a) I have reviewed the Preliminary Official Statement dated February 3, 2023 (the "Preliminary Official Statement") and the Official Statement dated February 8, 2023 (the "Official Statement") relating to the sale of the Notes. (b) To the best of my knowledge and belief, the Preliminary Official Statement did not, as of its date and as of the date of sale of the Notes, and the Official Statement (excluding the price or yield on the cover page, as to which no view is expressed) did not as of its date and does not as of this date (which is the date of delivery of the Notes), contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. (c) Since the date of the Official Statement there has been no material adverse change in the financial condition or affairs of the Town except as set forth in or contemplated by the Official Statement. D. Debt Limit. I, the Treasurer, certify that at the time of their authorization, the Notes and the bonds in anticipation of which they are issued were and on the date hereof are within every applicable debt and other limit prescribed by law or otherwise. E. Certificate of Town Clerk. I, the Town Clerk, certify as follows: (a) Signatures and Incumbency. The signatures of the Treasurer and members of the Select Board as appearing below are the genuine signatures of the persons who executed the Notes and who held those offices when the Notes were signed and when the Notes were delivered. (b) Open Meeting Law. Except for the town meeting called pursuant to G.L. c.39, § 10, all proceedings essential to the issue of the Notes and the authorization of the bonds and deliberations of a quorum relating thereto have been taken at a meeting or meetings open to the public; notice of each such meeting was filed in my office and publicly posted in the time and manner set forth in the General Laws, as amended, in effect at the time of each such meeting (Chapter 39, §23B for proceedings occurring prior to July 1, 2010 and Chapter 30A, §§ 18-25 for proceedings occurring on or after July 1, 2010) as amended, or, if applicable, in accordance with an alternative method of notice prescribed or approved by the Attorney General as set forth in 940 CMR 29.03(2)(b); no deliberations, decision or vote in connection with the Notes or bonds were taken in executive session and no vote was taken by secret ballot; and the official record of each 0) such meeting was made available to the public and remains available to the public as set forth in G.L. c.39, §23B or c.30A, §§18-25, as amended. (c) Proceedings. No proceeding essential to the issue of the Notes or bonds has been repealed or amended except as stated in paragraph (1) above and no proceedings have been taken relating to the Notes or bonds other than those certified to Locke Lord LLP. (d) Bylaws. The bylaws described below are the only bylaws or standing votes of the Town affecting the authorization, sale or issue of the Notes or bonds, including the calling and conduct of town meetings, or the use of assessments or other charges imposed to pay for any project financed by the Notes, and there has been no change therein affecting those matters in any way except as may be indicated below: General By -Laws of the Town of Lexington, as amended through the 2012 Annual Town Meeting (Supplement #16) and certified to Locke Lord LLP on January 25, 2023. (e) Home Rule. The Town has not adopted a home rule charter and the Town has not amended or repealed any special law relating to the Town through the use of home rule procedures. (f) Development Districts. The Town has not established any development districts pursuant to G.L. c.40Q. F. Tax Certificate. We, the Treasurer and members of the Select Board of the Town certify that the certifications, covenants, warranties and representations made in the Tax Certificate dated February 23, 2023 relating to the Notes and the $33,940,000 General Obligation Municipal Purpose Loan of 2023 Bonds dated February 23, 2023 are true and correct as of the date hereof as if made on the date hereof. G. Execution of Counterparts and Delivery by Electronic Means. This certificate, as well as any other 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. 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. [Remainder of page intentionally left blank; signature page follows.] 9 H. No Litigation; No Financial Interest. All of the undersigned certify that there has been no litigation affecting the validity of the Notes or bonds or the power of the Town to levy and collect taxes to pay them; that none is pending or to our knowledge threatened; that neither the corporate existence nor boundaries of the Town nor the title of any of us to our respective offices is being contested; and that none of us and, to the best of our knowledge, no other official of the Town has any direct or indirect financial interest in or relationship with the Purchaser. Date: February 24, 2023 (Date of delivery of and payment for the Notes) Treasurer Town Clerk Members of the Select Board 131680702v.1 (Town Seal) [Signature page to Signature, No Litigation and Official Statement Certificate for the Notes] (Please Note: The following statements are an essential part of the permanent bond record. Read them carefully before signing this certificate. Advise Locke Lord LLP of any inaccuracy.) TAX CERTIFICATE This Tax Certificate is executed and delivered by the Town of Lexington, Massachusetts ("Issuer"), in connection with the issuance of (1) $33,940,000 aggregated stated principal amount of its General Obligation Municipal Purpose Loan of 2023 Bonds dated the Issue Date ("Bonds") and (11) $500,000 stated principal amount of its General Obligation Bond Anticipation Notes dated February 24, 2023 ("Notes" and together with the Bonds, "Issue"). The Issue is issued pursuant to Votes duly adopted by the Issuer and the Massachusetts General Laws. Pursuant to Reg § § 1.141-2(d)(1) and 1.148-2(b)(2)(1), the Issuer certifies, covenants, warrants and represents as follows in connection with the issuance of the Issue: ARTICLE I. IN GENERAL 1.1 Delivery of the Bonds of the Issue. On the Issue Date, in exchange for receipt of good funds, the Issuer is delivering the Bonds of the Issue to the Successful Bond Bidder, for resale to the Public. 1.2 Delivery of the Notes of the Issue. On February 24, 2023, in exchange for receipt of good funds, the Issuer is delivering the Notes of the Issue to the Successful Note Bidder, for resale to the Public. 1.3 Purpose of Tax Certificate. The Issuer is delivering this Tax Certificate to Bond Counsel, with the understanding that Bond Counsel will rely in part upon this Tax Certificate in rendering its opinion that interest on the Issue is excluded from gross income for federal income tax purposes under Section 103. 1.4 Definitions and References. All capitalized terms used in this Tax Certificate include either the singular or the plural. All terms used in this Tax Certificate, including terms specifically defined, shall be interpreted in a manner consistent with Sections 103 and 141-150 and the applicable Regulations thereunder except as otherwise specified. Capitalized terms used and not otherwise defined herein and in the exhibits hereto and in the schedules and attachments to those exhibits shall have the respective meanings set forth in Appendix A and Appendix B hereto. Reference to a Section means a section of the Code. Reference by number only (for example, "2.10") means that numbered paragraph of this Tax Certificate. 1.5 Purpose of Financing. The Issue is being issued to provide funds (1) to finance on a "new money" basis the capital costs of certain municipal projects as more fully described in the Signature Certificate relating to the Issue, including the payment of Capitalized Interest, if any ("New Money Projects"), and Funded Interest, if any, (11) to refund on a current basis the Refunded Notes, which were originally issued to finance and/or refinance the capital costs of certain municipal projects as more fully described in the Signature Certificate relating to the Issue, including the payment of Capitalized Interest, if any ("Refinanced Projects" and together with the New Money Projects, "Projects"), and Funded Interest, if any, and (111) to pay Issuance Costs and other common costs of the Issue. 1.6 Single Issue. The Bonds and Notes of the Issue were sold to the Successful Bond Bidder and the Successful Note Bidder, respectively, on the Sale Date. No other governmental obligations of the Issuer which are expected to be paid out of substantially the same source of funds as the Issue have been or will be sold less than 15 days apart from the Sale Date pursuant to the same plan of financing as the Issue. 1.7 Reliance. With respect to certain matters contained in this Tax Certificate, the Issuer specifically relies upon the certifications of the Successful Bond Bidder and Successful Note Bidder set forth in Exhibit A, the certifications of the Municipal Advisor set forth in Exhibit B, and upon the certifications set forth in the other exhibits attached hereto or as otherwise described herein. The Issuer is not aware of any facts or circumstances that would cause it to question the accuracy or reasonableness of any representation made in this Tax Certificate including the exhibits hereto. ARTICLE II. GENERAL TAX LIMITATIONS 2.1 Application of Sale Proceeds and Certain Other Moneys. On the Issue Date, the Sale Proceeds, $38,007,081.85, less a bond underwriter's discount of $178,185.00 and, less a note underwriter's discount of $2,900.00, will be deposited to the General Fund and applied as follows: New Money Projects Payment of Refunded Notes Issuance Costs Payment of a portion of the interest on the Issue due February 1, 2025 $3118801348.52 2,900,000.00 154,347.50 2,891J00.83 TOTAL: $37,8251996.85 Investment Proceeds earned on the amounts in the General Fund will be commingled with substantial tax and other revenues of the Issuer, and are expected to be expended for operating or other expenses of the Issuer within six months after deposit of the Investment Proceeds therein. Pursuant to Reg § 1.148-6(d)(6), all such Investment Proceeds will be treated as expended when so commingled. 2.2 Expenditure of Gross Proceeds. For purposes of this Tax Certificate, Sale Proceeds and, to the extent not deemed expended as described in 2.1, Investment Proceeds allocable to the Nonrefunding Portion will be treated as spent when they are used to pay or reimburse disbursements by the Issuer that are (i) capital expenditures, including any Capitalized Interest, if any and to the extent allowable, (11) Issuance Costs with respect to the Nonrefunding Portion, (111) Funded Interest, (iv) initial operating expenses directly associated with the New Money Projects (in an aggregate amount not exceeding 5% of the Sale Proceeds), or (v) other miscellaneous expenditures described in Reg § 1.148-6(d)(3)(11). 0) The Issuer hereby certifies that no disbursement to be paid or reimbursed from Gross Proceeds allocable to the Nonrefunding Portion shall have been previously paid or reimbursed from the proceeds of any other obligation, whether issued by the Issuer or any other party. To the extent that Sale Proceeds allocable to the Nonrefunding Portion will be applied to reimburse expenditures made by the Issuer prior to the Issue Date, the Issuer hereby certifies that such expenditures either (i) constitute capital expenditures incurred not earlier than 60 days prior to the applicable Vote, which Votes constitute the Issuer's declarations of official intent to issue debt to finance the costs of the New Money Projects, or (ii) constitute Preliminary Expenditures to the extent permitted by Massachusetts law. The Issuer further certifies that any such reimbursement described in clause (1) of the preceding sentence shall be made no later than the later of 18 months after the date of the expenditure or the date on which the New Money Project component to which such expenditure relates is placed in service, but in no event later than 3 years after the date of such expenditure. 2.3 Governmental Bond Status. Absent an Opinion of Bond Counsel, the Issuer will not loan more than 5% of the Proceeds to one or more Nongovernmental Persons. Absent an Opinion of Bond Counsel, the Issuer has not allowed and will not allow more than 10% of the Proceeds, any of the Prior Issues, or the Projects to be used directly or indirectly by any Nongovernmental Person in any trade or business, other than as a member of the general public, and has not allowed and will not allow more than 5% of the Proceeds, any of the Prior Issues, or the Projects to be so used to the extent such use is unrelated or disproportionate to the governmental uses thereof. Absent an Opinion of Bond Counsel, for purposes of this 2.3, a Nongovernmental Person will be treated as "using" Proceeds, proceeds of the Prior Issues or the Projects to the extent the Nongovernmental Person: (1) borrows Proceeds of the Issue or any Prior Issues; (ii) uses any portion of the Projects as owner, lessee, service provider, operator, or manager; (111) acquires the output of the Projects; or (iv) enters into any other arrangement that provides a special legal entitlement or special economic benefit to a Nongovernmental Person. As of the Issue Date, the Issuer certifies that there are no contracts or other arrangements for any such use of any component of the Projects by any party other than a Governmental Unit, other than the following: (1) the Solar Power Purchase Agreement relating to certain school buildings being improved or constructed with the proceeds of this issue, (11) the contract between Lexington Public Schools and Whitsons New England, LLC dated July 28, 2022, (111) the contract between Lextented Day, Inc. and the Issuer with certain schools being refinanced with the proceeds of this issue, and (iv) the license agreement between the Lexington School Committee and the German Saturday School for the use of the Diamond Middle School property. Absent an Opinion of Bond Counsel, the Issuer will not enter into any contract or other 9 arrangement after the Issue Date for any such use of any component of the Projects by any party other than a Governmental Unit. 2.4 Qualified Equity. The Issuer reasonably expects that a portion of the cost of the Projects being financed and/or refinanced in part with the Sale Proceeds may be paid from Qualified Equity. In this regard, the Issuer (i) expects to receive a grant in the amount of $16,882,265 from the Massachusetts School Building Authority ("MSBA") for the Maria Hastings Elementary School construction project and (ii) has received $14,492,124 in MSBA grant payments to date for such project. The Issuer intends that the undivided portion or portions of any of the Projects paid with Qualified Equity may be used for Private Business Use without restriction, including any use pursuant to the Contracts. Qualified Equity will be allocated to any Private Business Use of the Projects before any Proceeds are allocated to any such Private Business Use. To the extent that Private Business Use of the Projects ever exceeds the applicable limitation under the "private business tests" imposed pursuant to Section 141(b), the Issuer hereby allocates Qualified Equity to the Projects. In addition, the Issuer reserves the right to allocate this Qualified Equity to the Projects if and as needed in the future. 2.5 Change in Use. The Issuer reasonably expects to use all Proceeds and all facilities that are financed and refinanced therewith as set forth in 2.3 for the entire stated term to maturity of the Issue. Absent an Opinion of Bond Counsel, the Issuer in fact will use all Proceeds and each facility financed and refinanced therewith as set forth in 2.3. 2.6 Registered Form. The Bonds and Notes of the Issue are being issued in registered form. 2.7 Federal Guarantee. The Issuer will not directly or indirectly use or permit the use of any Proceeds or any other funds of the Issuer or any Related Party or take or omit to take any action that would cause the bonds and notes of the Issue to be obligations that are "federally guaranteed." In furtherance of this covenant, the Issuer will not allow the payment of principal or interest with respect to the Issue to be guaranteed (directly or indirectly) in whole or in part by the United States or any agency or instrumentality thereof. Except as provided in the next sentence, the Issuer will not use 5% or more of the Proceeds to make or finance loans the payment of principal or interest with respect to which is guaranteed in whole or in part by the United States or any agency or instrumentality thereof, nor will it invest 5% or more of the Proceeds in federally insured deposits or accounts. The preceding sentence shall not apply to (1) investments in the portions of the General Fund described in 3.7, 3.8 and 3.9 during the temporary period described therein, (ii) investments in the Bona Fide Debt Service Fund, and (iii) investments in obligations issued by the United States Department of Treasury. 2.8 Information Reporting. The Issuer will cause a properly completed and executed IRS Form 8038-G to be filed with respect to the Issue no later than the 15th day of the second month of the calendar quarter immediately following the calendar quarter of the Issue Date. 2.9 Partial Current Refunding. The Issuer will use Sale Proceeds allocable to the Refunding Portion in the amount of $2,900,000.00 to pay the Refunded Notes on February 24, 51 2023. Proceeds will not be used directly or indirectly to make principal, interest or redemption premium payments with respect to any governmental obligation other than the Refunded Notes and, to the extent described in 2.1, the Issue. 2.10 Unexpended Proceeds. No Proceeds of the 2022 June Notes remain unspent as of the Issue Date of the Issue other than the amount of $21,828.00, which is currently being held by the Issuer in the General Fund pending its expenditure on costs of the Refinanced Projects. The Issuer acknowledges that upon the retirement of the 2022 Notes, such amount will cease to be treated as Proceeds of the 2022 Notes and will instead be treated (together with the allocable earnings from the investment and reinvestment thereof), to the extent provided in Reg § 1.148- 9(b), as Transferred Proceeds. The Issuer reasonably expects that such Transferred Proceeds, together with all Investment Proceeds thereon, will be fully expended on the date which is within 3 years of the date of issuance of the applicable Original Issues. 2.11 No Pooling. The Issuer will not use any Proceeds directly or indirectly to make or finance loans to two or more ultimate borrowers. 2.12 No Hedge Bonds. As of the respective issue dates of each issue comprising the Original Issues, the Issuer reasonably expected to expend more than 85% of the Net Sale Proceeds of each such issue within three years of original issuance for the governmental purposes of such Original Issues. Not more than 50% of the Proceeds of each such issue was invested at a substantially guaranteed yield for four years or more. The Issuer reasonably expects that more than 85% of Net Sale Proceeds of the Nonrefunding Portion of the Issue will be expended for the governmental purposes thereof within three years after the Issue Date. Not more than 50% of the Nonrefunding Portion of the Proceeds will be invested at a substantially guaranteed yield for four years or more. 2.13 Useful Life. The weighted average maturity of the Issue is 9.5556 years, which does not exceed 120% of the remaining average reasonably expected economic life of the assets comprising the Projects. ARTICLE III. ARBITRAGE GENERAL 3.1 Reasonable Expectations. This Article III states the Issuer's reasonable expectations with respect to the amounts and uses of Proceeds and certain other moneys. 3.2 Issue Price of the Bonds. On the Issue Date, the Issuer is delivering the Bonds of the Issue to the Successful Bond Bidder in exchange for an aggregate payment of $37,316,796.85 (which represents the total amount of Sale Proceeds allocable to the Bonds, $37,494,981.85, less an underwriter's discount of $178,185.00). As reflected in Exhibit B. the Municipal Advisor has certified that the competitive sale requirements (as defined in the Bond Notice of Sale) were met with respect to the Bonds of the Issue. Accordingly, based on the advice of the Successful Bond Bidder as set forth in Exhibit A, the Issue Price of the Bonds of the Issue is $37,494,981.85, which is the reasonably expected initial offering prices to the Public for the Bonds of the Issue. 5 3.3 Issue Price of the Notes. On February 24, 2023, the Issuer is delivering the Notes of the Issue to the Successful Note Bidder in exchange for an aggregate payment of $509,200.00 (which represents the total amount of Sale Proceeds allocable to the Notes, $512,100.00, less an underwriter's discount of $2,900.00). As reflected in Exhibit B, the Municipal Advisor has certified that the competitive sale requirements (as defined in the Note Notice of Sale) were not met with respect to the Notes of the Issue. Accordingly, based on the advice of the Successful Note Bidder as set forth in Exhibit A, the Issue Price of the Notes of the Issue is $512,100.00, which is the reasonably expected initial offering price to the Public for the Hold -the -Offering -Price Maturities. 3.4 Aggregate Issue Price. The aggregate Issue Price of the Issue is the sum of the Issue Price of the Bonds of the Issue and the Issue Price of the Notes of the Issue, $38100701.85. 3.5 Funds and Accounts. The Issuer will use certain portions of its General Fund (or accounts or subaccounts within the General Fund) to hold certain of the Proceeds, as more particularly described in this Article III. The Issuer does not expect that either it or any other Person benefiting from the issuance of the Issue will use any moneys in any fund or account other than the Bona Fide Debt Service Fund to pay debt service on the Issue; nor is any other fund or account so pledged as security for the Issue that there is a reasonable assurance that amounts held in such other fund or account will be available if needed to pay debt service on the Issue. 3.6 Bona Fide Debt Service Fund. 3.6.1 Payment of the Issue. The Bonds and Notes of the Issue are general obligations of the Issuer payable from revenues available therefor pursuant to the Massachusetts General Laws and, when and as applicable, Sale Proceeds, Investment Proceeds, and the Proceeds of Refunding Obligations. 3.6.2 Revenues. Except for the debt service to be paid from a portion of the Sale Proceeds, Investment Proceeds, and the Proceeds of Refunding Obligations, each when and as applicable, payments of debt service on the Issue are expected to be derived from current revenues of the Issuer and current revenues are expected to equal or exceed such amount of debt service on the Issue during the payment period. 3.6.3 Match Between Revenues and Debt Service. The portions of the Issuer's General Fund that are reasonably expected to be used to pay debt service on the Issue (such portions of the Issuer's General Fund being referred to herein as the "Debt Service Fund") will be allocated to the payment of debt service on the Issue on a "first in, first out" (FiFo) basis. Accordingly, the Debt Service Fund will be used primarily to achieve a proper matching of revenues and debt service within the Bond Year. Amounts in the Debt Service Fund will be invested without regard to yield. 3.7 Three -Year Temporary Period. A portion of the Sale Proceeds allocable to the Nonrefunding Portion in the amount of $31,880,0348.52, will be deposited in the General Fund on for the purpose of paying costs of the New Money Projects. The Issuer's expenditure expectations with respect to the Proceeds allocable to the New Money Projects are reflected in Exhibit C. The Issuer reasonably expects that at least 85% of the Net Sale Proceeds will be spent to pay costs of the New Money Projects within three years from the Issue Date. The Issuer heretofore has incurred or within six months hereafter will incur a binding obligation to one or more unrelated parties involving an expenditure of not less than 5% of Net Sale Proceeds. Completion of the New Money Projects and allocations of Net Sale Proceeds and Investment Proceeds to costs of the New Money Projects will proceed with due diligence. Net Sale Proceeds allocable to paying costs of the New Money Projects held in the General Fund, and Investment Proceeds earned thereon, will be invested without regard to yield during the period ending on the third anniversary of the Issue Date. 3.8 90-Day Temporary Period. As reflected in 2.1 and 2.9, (1) a portion of Sale Proceeds allocable to the Refunding Portion in the amount of $2,900,000.00 will be deposited in the General Fund and used to retire the Refunded Notes on February 24, 2023 and (11) a portion of Sale Proceeds in the amount of $154,347.50 will be deposited to the General Fund pending its expenditure for Issuance Costs. Such portions of the Sale Proceeds may be invested without regard to yield during the period that ends 90 days after the Issue Date of the Issue. 3.9 Transferred Proceeds. As reflected in part in 2.10 and Exhibit C (with respect to the Proceeds of the Original Issues used to pay costs of the Refinanced Projects), as of the respective issue date of each issue comprising the Original Issues, the Issuer reasonably expected that at least 85% of the Proceeds of the Original Issues would be expended within three years of such date. Within six months after such date, the Issuer had incurred a binding obligation to one or more unrelated parties involving expenditures aggregating not less than 5% of the Proceeds of the Original Issues. Completion of the Refinanced Projects and allocations of Proceeds of the Original Issues and Transferred Proceeds to costs of the Refinanced Projects has proceeded and will proceed with due diligence. Transferred Proceeds will be invested in the General Fund without regard to yield through the third anniversary of the date on which the applicable Original Issues were issued. To the extent any Transferred Proceeds remain unspent after the third anniversary of the respective dates of issuance of the applicable Original Issues, the Issuer will invest such unspent amounts in accordance with 4.3 or will make Yield Reduction Payments or cause such payments to be made to the extent necessary pursuant to Reg § 1.148-5(c) in order to ensure that the Transferred Proceeds in fact are treated as invested at a yield not exceeding the yield on the Issue. 3.10 No Overissuance. Taking into account anticipated Investment Proceeds, the Sale Proceeds do not exceed the amount necessary to pay (i) costs of the New Money Projects, (11) the Refunded Notes, (111) Funded Interest, if applicable, and (iv) Issuance Costs and other common costs of the Issue. 3.11 No Other Replacement Proceeds. Neither the Issuer nor any Related Party will use any Gross Proceeds directly or indirectly to replace funds of the Issuer or any Related Party, which funds are or will be used directly or indirectly to acquire Investment Property reasonably expected to produce a yield that is materially higher than the Yield on the Issue. 7 3.12 No Expected Sale. It is not expected that the Projects or any part thereof financed and/or refinanced in whole or in part by the Issue will be sold or otherwise disposed of before February 1, 2043, the scheduled final maturity date of the Issue, except for minor portions due to normal wear or obsolescence. ARTICLE IV. ARBITRAGE - YIELD AND YIELD RESTRICTION 4.1 Yield. The Yield on the Issue, adjusted as may be required for substantial original issue premium or discount, has been calculated by the Municipal Advisor to be 2.6687287235%, as reflected in Exhibit B. 4.2 No Qualified Hedges. No Qualified Hedge has been, and (absent an Opinion of Bond Counsel) no Qualified Hedge will be, entered into such that failure to take the Qualified Hedge into account would distort the Yield on the Issue or otherwise would fail clearly to reflect the economic substance of the transaction. 4.3 Yield Restriction. Absent an Opinion of Bond Counsel, if the sum of (A) any Proceeds allocable to the payment of the Projects held in the General Fund after the third anniversary of the Issue Date, or, if applicable, the Issue Date of any Original Issue, plus (B) any amounts held in the Bona Fide Debt Service Fund and remaining unexpended after 13 months from the date of accumulation in such fund (excluding any amounts held for Capitalized Interest and Funded Interest), plus, if applicable, (C) any Proceeds allocable to the retirement of any Refunded Bonds and Refunded Notes held in the General Fund after 90 days from the Issue Date, plus, if applicable, (D) any Transferred Proceeds held in the General Fund after the third anniversary of any Original Issue, plus (E) any Proceeds held in the Issuer's General Fund to pay Issuance Costs after 90 days from the Issue Date, at any time in the aggregate exceeds $100,000, the excess will be invested as follows: (1) in Investment Property with a yield not exceeding the Yield on the Issue, or such other issue of Tax -Exempt Bonds to which such amounts are then allocated as proceeds, (n) in assets that are not treated as Investment Property (ems., Tax -Exempt Bonds), or (iii) in assets that satisfy the requirements for Yield Reduction Payments. ARTICLE V. REBATE 5.1 Undertakings. The Issuer hereby covenants to comply with requirements of the Code pertaining to the Rebate Requirement. The Issuer acknowledges that the United States Department of the Treasury has issued Regulations with respect to certain of these undertakings, including the proper method for computing whether any rebate amount is due the federal government under Section 148(fl. (Reg §§ 1.148-1 through 1.148-11A, 1.150-1, and 1.150-2.) The Issuer further acknowledges that the United States Department of the Treasury may yet issue additional Regulations with respect to certain of these undertakings. The Issuer covenants that it will undertake to determine what is required with respect to the rebate provisions contained in Section 148(fl and said Regulations from time to time and will comply with any requirements that may apply to the Issue. 5.2 Recordkeeping. The Issuer shall maintain or cause to be maintained detailed records with respect to each Nonpurpose Investment allocable to Gross Proceeds, including: (a) n6 purchase date; (b) purchase price; (c) information establishing fair market value on the date such investment became a Nonpurpose Investment; (d) any accrued interest paid; (e) face amount; (f) coupon rate; (g) periodicity of interest payments; (h) disposition price; (i) any accrued interest received; and (j) disposition date. Such detailed recordkeeping is required to facilitate the calculation of the Rebate Requirement. 5.3 Exceptions to the Rebate Requirement. 5.3.1 Bona Fide Debt Service Fund Exception. Based on the representations set forth in 3.6.3 and this 5.3.1, no rebate calculations need be made in respect of amounts in the Bona Fide Debt Service Fund (1) if (a) the weighted average maturity of the Issue is longer than 5 years and (b) the Issue is a Fixed Yield Issue or (11) if clause (1) does not apply, to the extent the earnings thereon in the Bond Year are less than $100,000. 5.3.2 Six -Month Expenditure Exception. If applicable, no rebate calculations will be required to be made with respect to the Adjusted Gross Proceeds allocable to the Refunding Portion if all such Adjusted Gross Proceeds are expended within six months of the Issue Date. 5.3.3 Eighteen Month Spending Exception. In general, when applicable, no rebate calculations will be required with respect to Adjusted Gross Proceeds of the Nonrefunding Portion if the Eighteen Month Spending Exception is met. The Issuer's spending expectations with respect to the Adjusted Gross Proceeds are included in Exhibit C. 5.3.4 Two Year Spending Exception. The Issuer reasonably expects that at least 75% of Available Construction Proceeds will be expended for Construction Expenditures with respect to the Projects. The Issuer's spending expectations with respect to the Proceeds allocable to the New Money Projects or the Projects, as applicable, are reflected in Exhibit C. In general, when applicable, no rebate calculations will be required with respect to Available Construction Proceeds if Available Construction Proceeds are spent in accordance with the Two Year Spending Exception. Additionally, Proceeds of the Issue that are used to pay Issuance Costs will be treated, together with all Investment Proceeds thereon, as satisfying the Rebate Requirement if the Two Year Spending Exception is satisfied and all such Issuance Costs are paid within twenty-four months after the Issue Date. 5.4 Rebate Requirement with Respect to the Prior Issues. The Issuer covenants to, and will, pay any Rebate Requirement or Yield Reduction Payments due with respect to the Prior Issues within 60 days from the Computation Date for the respective obligations or, if later, within 60 days of missing one of the relevant spending milestones set forth in 5.3, as required by Section 148(f)(3). 5.5 Rebate Requirement or Yield Reduction Payments with Respect to the Issue. The Issuer covenants to, and will, pay any Rebate Requirement or Yield Reduction Payments due with respect to the Issue within 60 days from the Computation Date for the Issue or, if later, within 60 days of missing one of the spending milestones set forth in 5.3, as required by Section 148(f)(3). I ARTICLE VI. OTHER MATTERS 6.1 Expectations. The undersigned are authorized representatives of the Issuer acting for and on behalf of the Issuer in executing this Tax Certificate. To the best of the knowledge and belief of the undersigned, there are no other facts, estimates or circumstances that would materially change the expectations as set forth herein, and said expectations are reasonable. 6.2 Covenant to Comply. The Issuer hereby covenants that it will not take or permit to be taken on its behalf any action or actions that would adversely affect the exclusion from federal income taxation of interest on the Issue and will take or require to be taken such acts as may reasonably be within its ability and as may from time to time be required under applicable law to maintain the exclusion from federal income taxation of interest on the Issue. 6.3 Post Issuance Compliance Procedures. The Issuer has written procedures to monitor compliance with the arbitrage Yield restriction and rebate requirements of Section 148 after the Issue Date. The Issuer also has written procedures to ensure that all Nonqualified Bonds are remediated in accordance with Reg § 1.141-12. Such procedures are substantially in the form attached hereto as Appendix C. The Issuer will monitor the expenditure of Gross Proceeds and the use of facilities financed and/or refinanced by the Issue, and will undertake, if necessary, any available measures under Reg § 1.141-12 to ensure compliance after the Issue Date with the applicable covenants contained herein. 6.4 Record Retention. In order to ensure that interest on the Issue continues to be excluded from gross income for federal tax law purposes, the Issuer acknowledges that records should be maintained to support the representations, certifications, and expectations set forth in this Tax Certificate (including the exhibits hereto) at least until the date three (3) years after the later of (a) the date on which the Issue is retired, or (b) the date on which the last of the Refunding Obligations is retired. In addition to the items described in 5.2, records to be retained include, but are not limited to: (1) basic records and documents relating to the Issue, and, when applicable, the Prior Issues and any Qualified Equity relating to the Projects; (11) documentation evidencing the expenditure of the Proceeds and, when applicable, Proceeds of the Prior Issues; (111) documentation evidencing the use of the Projects or any component thereof by public and private sources (i.e., copies of management contracts, research agreements, leases, etc.); (iv) documentation evidencing all sources of payment or security for the Issue and, when applicable, the Prior Issues; 10 (v) documentation evidencing compliance with the timing and allocation of expenditures of the Proceeds, and, when applicable, Proceeds of the Prior Issues and any Qualified Equity relating to the Projects; and (vi) records of all amounts paid to the United States in satisfaction of the Rebate Requirement for the Issue and IRS Forms 8038-T (or successor forms thereto) related to such payments or to Yield Reduction Payments. 6.5 Amendments. Notwithstanding any other provision of this Tax Certificate, the Issuer may amend this Tax Certificate and thereby alter any actions allowed or required by this Tax Certificate if such amendment is signed by an authorized officer and is supported by an Opinion of Bond Counsel. [Remainder of page intentionally left blank; signature page follows.] 11 6.6 Survival of Payment or Defeasance. Notwithstanding any provision in this Tax Certificate or in any other agreement or instrument relating to the Issue to the contrary, the obligation to remit the Rebate Requirement, if any, to the United States Department of the Treasury and to comply with all other requirements contained in this Tax Certificate shall survive payment or defeasance of the Issue. 6.7 Execution of Counterparts and Delivery by Electronic Means. This Certificate, as well as any other certificates or documents relating to the Issue (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. 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. Dated: February 23, 2023 TOWN OF LEXINGTON, MASSACHUSETTS By: Treasurer By: Select Board [Signature page to Tax Certificate] APPENDIX A GENERAL DEFINITIONS For purposes of the Tax Certificate to which this Appendix A is attached, and the exhibits to the Tax Certificate and any schedules or attachments to those exhibits, the following capitalized terms have the following meanings: 501(c)(3) Organization means any entity described in Section 501(c)(3). Adjusted Gross Proceeds generally means Gross Proceeds, less amounts held in the Bona Fide Debt Service Fund. Available Construction Proceeds has the meaning set forth in Reg § 1.148-7(1) and generally means all Sale Proceeds reduced by Issuance Costs or, if applicable, all Sale Proceeds allocable to the Nonrefunding Portion, reduced by Issuance Costs allocable to the Nonrefunding Portion financed with Sale Proceeds, plus all Investment Proceeds earned thereon before the earlier of two years after the Issue Date or substantial completion of the New Money Projects or Projects, as applicable. In determining the amount of Available Construction Proceeds as of any date, there shall be included the amount of investment earnings reasonably expected after such date, together with investment earnings actually received or accrued as of such date. Bona Fide Debt Service Fund has the meaning set forth in Reg § 1.148-1(b) and generally means the Debt Service Fund identified in 3.6.3. Bond Counsel means Locke Lord LLP or, if applicable, another law firm with a nationally recognized public finance practice. Bond Notice of Sale means, when applicable, the separate Notice of Sale for the bonds of the Issue. Bond Purchaser means, when applicable, an entity that purchases the bonds of the Issue, or, when applicable, a Prior Issue, for its own account without a present intent to resell. Capitalized Interest means interest on the Issue, or, when applicable, a Prior Issue, from the Issue Date to the placed in service date of the Projects, that is properly capitalized in the cost of the Projects under general federal income tax principles. Code means the Internal Revenue Code of 1986, as amended. Computation Date has the meaning set forth in Reg § 1.148-3(e) and generally means the date not later than the fifth Bond Year and each five years thereafter and the final maturity date of the Issue, each as applicable. Construction Expenditures has the meaning set forth in Reg § 1.148-7(g)(1) and generally means capital expenditures that are allocable to the cost of real property or constructed personal property and includes costs of reconstruction and rehabilitation, but does not include costs of acquiring any interest in land or other existing real or personal property. Appendix A-1 Controlled Group has the meaning set forth in Reg § 1.150-1(c) and generally means a group of entities controlled directly or indirectly by the same entity or group of entities. Debt Service Fund means the Debt Service Fund described in Article III. Deliberate Action has the meaning set forth in Reg § 1.141-2(d)(3) and generally means any action taken by the Issuer that is within its control, but excludes (1) an involuntary or compulsory conversion under Section 1033 or (11) an action taken in response to a regulatory directive made by the federal government. Eighteen Month Spending Exception has the meaning set forth in Reg § 1.148-7(d) and generally means Adjusted Gross Proceeds are spent at least as quickly as follows: 15% within six months after the Issue Date 60% within twelve months after the Issue Date 100% within eighteen months after the Issue Date The requirement that 100% of Adjusted Gross Proceeds be spent within eighteen months after the Issue Date will be met if at least 95% of Adjusted Gross Proceeds is spent within eighteen months and the remainder is held as a Reasonable Retainage, as permitted by contracts with the Issuer's contractors, and such remainder is spent within thirty months after the Issue Date. Fixed Yield Bond has the meaning set forth in Reg § 1.148-1(b) and generally means any bond whose yield is fixed and determinable on its Issue Date. Fixed Yield Issue has the meaning set forth in Reg § 1.148-1(b) and generally means any issue of which each bond of the issue is a Fixed Yield Bond. Funded Interest means interest on the Issue, or, when applicable, a Prior Issue, other than Capitalized Interest, through the later of three years after the Issue Date or one year after the first component of the Projects is placed in service as set forth in Reg § 1.148-6(d)(3)(11)(A)(3). General Rule Maturities means, when applicable, those Maturities listed as the general rule maturities in Schedule A to the attached Issue Price Certificate for the Bonds of the Issue or the Notes of the Issue, as applicable. Governmental Person has the meaning set forth in Reg § 1.141-1(b) and generally means a Governmental Unit. Governmental Unit means a State or Local Governmental Unit. Gross Proceeds has the meaning set forth in Reg § 1.148-1(b) and generally means all proceeds derived from or relating to the Issue, or, when applicable, a Prior Issue, including Proceeds and Replacement Proceeds. Appendix A-2 Guidelines means Reg §1.141-3(b)(4) and Revenue Procedure 2017-13 or any applicable predecessor or successor thereto. Hold -the -Offering -Price Maturities means, when applicable, those Maturities listed as the hold -the -offering -price maturities in Schedule A to the attached Issue Price Certificate for the Bonds of the Issue or the Notes of the Issue, as applicable. Holding Period means, with respect to a Hold -the -Offering -Price Maturity, the period starting on the Sale Date and ending on the earlier of (1) the close of the fifth business day after the Sale Date, or (11) the date on which the Successful Bidder/Successful Bond Bidder/Successful Note Bidder sold at least 10% of such Hold -the -Offering -Price Maturity to the Public at prices that are no higher than the initial offering price for such Hold -the -Offering -Price Maturity. Investment Proceeds has the meaning set forth in Reg § 1.148-1(b) and generally means earnings received from investing and reinvesting Proceeds and from investing and reinvesting such earnings. Investment Property has the meaning set forth in Section 148(b)(2) and generally means any security or obligation, any annuity contract, or any other investment -type property, but does not include any Tax -Exempt Bond. Issuance Costs has the meaning set forth in Reg § 1.150-1(b) and generally means costs, to the extent incurred in connection with, and allocable to, the issuance of the Issue within the meaning of Section 147(g), and includes: underwriters' spread; counsel fees; financial advisory fees; credit rating fees; trustee fees; paying agent fees; bond registrar, certification, and authentication fees; accounting fees; printing costs; public approval process costs; engineering and feasibility study costs; and similar costs. Issue Date has the meaning set forth in Reg § 1.150-1(b) and generally means the date the Issue, or, when applicable, a Prior Issue, was delivered to the Underwriter or Purchaser thereof and payment was received therefor. Issue Price has the meaning set forth in Reg § 1.148-1(f) and generally means (1) the Expected Offering Price of a Successful Bidder/Successful Bond Bidder/Successful Note Bidder, (11) the amount paid by the Purchaser for the Issue, the notes of the Issue, and/or the bonds of the Issue, and/or (111) the price at which at least 10% of each maturity of the General Rule Maturities were sold by the Successful Bidder/Successful Bond Bidder/Successful Note Bidder, all as set forth in Exhibit A, or, when applicable, the sum of the applicable clauses above. Maturity means bonds and/or notes of the Issue with the same credit and payment terms. Bonds and/or notes of the Issue with different maturity dates, or with the same maturity date but different stated interest rates, are treated as separate maturities. Minor Portion has the meaning set forth in Section 148(e) and generally means any amount of Gross Proceeds that does not exceed the lesser of (1) 5% of the Proceeds or (11) $100,000. Appendix A-3 Net Sale Proceeds has the meaning set forth in Reg § 1.148-1(b) and generally means the Sale Proceeds allocable to the Nonrefunding Portion, less the portion of those Sale Proceeds invested in a reasonably required reserve or replacement fund pursuant to Section 148(d) or as part of the Minor Portion. Nongovernmental Person means any Person other than a Governmental Person. Nongovernmental Person includes the United States and any agency or instrumentality of the United States. Nonpurpose Investment means any Investment Property in which Gross Proceeds are invested that is not a Purpose Investment. Nonqualified Bonds has the meaning set forth in Reg § 1.141-120) and generally means the portion of outstanding bonds of an Issue that, as of the date of a Deliberate Action, would not meet the private business use test in Section 141(b) or the private loan financing test in Section 141(c). Nonrefunding Portion means, when applicable, the portion of the Issue or the Prior Issue, as applicable, that is not allocable to the Refunding Portion. Note Notice of Sale means, when applicable, the separate Notice of Sale for the notes of the Issue. Note Purchaser means, when applicable, an entity that purchases the notes of the Issue, or, when applicable, a Prior Issue, for its own account without a present intent to resell. Notice of Sale means the Notice of Sale, or, when applicable, collectively the Bond Notice of Sale and Note Notice of Sale, attached as Attachment 1 to Exhibit B. Opinion of Bond Counsel means a written opinion of nationally recognized bond counsel, delivered to the Issuer, to the effect that the exclusion from gross income for federal income tax purposes of interest on the Issue will not be adversely affected. Original Issues means, when applicable, collectively, the portions of the Refunded Bonds and/or Refunded Notes and the issues that were issued to finance the Projects on a "new money" basis and any other obligations all or a portion of which were issued to finance the Projects on a new money basis which have been ultimately refinanced by this Issue. Person has the meaning set forth in Section 7701(a)(1) and generally includes an individual, trust, estate, partnership, association, company or corporation. Preliminary Expenditures has the meaning set forth in Reg § 1.150-2(f)(2) and generally means architectural, engineering, surveying, soil testing, Issuance Costs, including, when applicable, Issuance Costs allocable to the Nonrefunding Portion, and similar costs paid with respect to the Projects in an aggregate amount not exceeding 20% of the Issue Price of the Issue, or, when applicable, the Issue Price of the Issue allocable to the Nonrefunding Portion. However, Preliminary Expenditures do not include land acquisition, site preparation or similar costs incident to the commencement of construction. Appendix A-4 Prior Issue(s) means, when applicable, individually or collectively, the Original Issues and each series of exclusively current refunding obligations all or a portion of which were thereafter issued to refinance the Original Issues. Private Business Use has the meaning set forth in Reg § 1.141-3(a) and generally means use (directly or indirectly) in a trade or business carried on by any Nongovernmental Person other than use (i) as a member of, and on the same basis as, the general public or (ii) pursuant to the Guidelines or the Research Guidelines. Any activity carried on by a Nongovernmental Person (other than a natural Person) shall be treated as a trade or business. Proceeds has the meaning set forth in Reg § 1.148-1(b) and generally means Sale Proceeds, Investment Proceeds and Transferred Proceeds of the Issue or, when applicable, a Prior Issue. Public has the meaning set forth in Reg § 1.148-1(fl(3)(11) and generally means any Person other than an Underwriter or a Related Party to an Underwriter. Purchaser means, when applicable, an entity, including a Successful Bidder, that purchases the Issue, or, when applicable, a Prior Issue, for its own account without a present intent to resell. Purpose Investment has the meaning set forth in Reg §1.148-1(b) and generally means an investment that is acquired by the Issuer to carry out the governmental purpose of the Issue. Qualified Equity has the meaning set forth in Reg § 1.141-6(b)(3) and generally means funds that are not derived from proceeds of aTax-Advantaged Bond. Qualified Guarantee has the meaning set forth in Reg § 1.1484(fl and generally means an arrangement that imposes a secondary liability that unconditionally shifts substantially all of the credit risk for all or part of the payments on the Issue to the guarantor under that arrangement. Qualified Hedge has the meaning set forth in Reg § 1.148-4(h) and generally means a contract entered into by the Issuer with a hedge provider primarily to modify the Issuer's risk of interest rate changes with respect to all or a part of the Issue. Reasonable Retainage has the meaning set forth in Reg § 1.148-7(h) and generally means an amount, not to exceed 5% of Available Construction Proceeds or Adjusted Gross Proceeds, as applicable, on the date 24 months, or 18 months, as applicable, after the Issue Date, that is retained for reasonable business purposes relating to the Projects, including to ensure or promote compliance with a construction contract. Rebate Requirement means the amount of rebatable arbitrage with respect to the Issue, computed as of the last day of any Bond Year pursuant to Reg § 1.148-3. Refunded Bonds means, when applicable, all or the portion of each of the series of bonds being refunded by the Issue, as identified in Appendix B. Appendix A-5 Refunded Notes means, when applicable, all or the portion of each of the series of notes being refunded by the Issue, as identified in Appendix B. Refunding Obligations means aTax-Advantaged Bond issued to refund any portion of the Issue, including any subsequent Tax -Advantaged Bond in a series of refundings thereof. Refunding Portion means, when applicable, the portion of the Issue allocable to the refunding of the Refunded Bonds and/or Refunded Notes, together with the portion of the Issue allocable to the financing of a ratable share of Issuance Costs and other common costs of the Issue. Regulations or Reg means the applicable Treasury Regulations promulgated by the Secretary of the Treasury of the United States under the Code. Related Party has the meaning set forth in Reg §1.150-1(b) and generally means, in reference to a Governmental Unit or a 501(c)(3) Organization, any member of the same Controlled Group, and in any reference to any other Person, any two or more Persons who have more than fifty percent (50%) common ownership, directly or indirectly. Replacement Proceeds has the meaning set forth in Reg §1.148-1(c) and generally means amounts that have a sufficiently direct nexus to the Issue or to the governmental purpose of the Issue to conclude that the amounts would have been used for that governmental purpose if the Proceeds of the Issue were not used, and includes a sinking fund, a pledged fund, and other replacement proceeds, each as defined in Reg § 1.148-1(c). Research Guidelines means Reg §1.141-3(b)(6) and Revenue Procedure 2007-47 or any applicable successor thereto. Sale Date has the meaning set forth in Reg § 1.150-1(c)(6) and generally means the first day on which there is a binding contract in writing for the sale of a Maturity. Sale Proceeds has the meaning set forth in Reg § 1.148-1(b) and generally means amounts actually or constructively received from the sale of the Issue, or, when applicable, a Prior Issue. Signature Certificate means the Signature, No Litigation and Official Statement Certificate or similar certificate prepared by Bond Counsel relating to the Issue or, when applicable, a Prior Issue. Small Issuer Exception has the meaning set forth in Reg § 1.148-8(a) and generally means that, as of the Issue Date, the Issuer reasonably expects that the aggregate Issue Price of tax-exempt bonds (other than (a) current refunding bonds to the extent the amount thereof does not exceed the outstanding amount of the obligations to be refunded thereby and (b) qualified private activity bonds) issued and to be issued by or on behalf of the Issuer during the current calendar year will not exceed $5,000,000 except by the lesser of (1) $10,000,000 or (11) the aggregate face amount of bonds, in either case attributable to financing the construction of public school facilities, as provided in Section 148(fl(4)(D)(vii). In addition, the Issuer must have the power to impose or to cause the imposition of taxes of general applicability which, when Appendix A-6 collected, may be used for the general purposes of the Issuer. The Issuer's power to impose or cause the imposition of such taxes cannot be contingent on approval by any other Governmental Unit. The Issuer cannot form or avail itself of an entity for the purpose of avoiding the volume limitation described above. State or Local Governmental Unit has the meaning set forth in Reg § 1.103-1(a) and is generally a state or any political subdivision of a state, but excludes the United States and its agencies or instrumentalities. Successful Bidder(s) means, when applicable, the Successful Bidder(s) set forth in Appendix B. Successful Bond Bidder means, when applicable, the Successful Bond Bidder set forth in Appendix B. Successful Note Bidder means, when applicable, the Successful Note Bidder set forth in Appendix B. Tar Advantaged Bond has the meaning set forth in Reg § 1.150-1(b) and generally means atax-exempt bond or a taxable bond that provides a federal tax benefit that reduces the Issuer's borrowing costs. Tax Certificate means the Tax Certificate to which this Appendix A is attached. Tara -Exempt Bond means any obligation the interest on which is excluded from gross income for federal income tax purposes pursuant to Section 103, other than a "specified private activity bond" within the meaning of Section 57(a)(5)(C), as well as (1) stock in a "regulated investment company" (within the meaning of Section 852) to the extent at least 95 percent of income to the stockholder is treated as interest on Tax -Exempt Bonds and (ii) any demand deposit obligation issued by the United States Department of the Treasury pursuant to Subpart C of 31 CFR Part 344. Transferred Proceeds has the meaning set forth in Reg § 1.148-9(b) and generally means Proceeds of a Prior Issue that become Proceeds of the Issue under the transferred proceeds allocation rule in Reg § 1.148-9(b). Two Year Spending Exception has the meaning set forth in Reg § 1.148-7(e) and generally means Available Construction Proceeds are expended at least as quickly as follows: 10% within six months after the Issue Date 45% within twelve months after the Issue Date 75% within eighteen months after the Issue Date 100% within twenty-four months after the Issue Date Appendix A-7 The requirement that 100% of Available Construction Proceeds be spent within twenty-four months after the Issue Date will be met if at least 95% of Available Construction Proceeds is spent within twenty-four months and the remainder is held as Reasonable Retainage, as permitted by contracts with the Issuer's contractors, and such remainder is spent within thirty-six months after the Issue Date. Underwriter means (i) any Person, including, when applicable, a Successful Bidder/Successful Bond Bidder/Successful Note Bidder, that agrees pursuant to a written contract with the Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the bonds and/or notes of the Issue, or, when applicable, a Prior Issue, to the Public, and (11) any Person that agrees pursuant to a written contract directly or indirectly with a Person described in clause (1) of this paragraph to participate in the initial sale of such bonds and/or notes of the Issue, or, when applicable, a Prior Issue, to the Public (including a member of a selling group or a party to a third -party distribution agreement participating in the initial sale of such bonds and/or notes of the Issue, or, when applicable, a Prior Issue, to the Public). Votes means the authorizations for the Issue specified in the Signature Certificate. Yield has the meaning set forth in Reg § 1.148-4 for an issue and Reg § 1.148-5 for investments, and generally means, as to the Issue, or, when applicable, a Prior Issue, or Investment Property, as applicable, that discount rate which, when used in computing the present value of all unconditionally payable payments representing (1) principal, adjusted, as required, for any substantial discounts or premiums, (n) interest, including costs of Qualified Guarantees, and (111) payments or receipts on Qualified Hedges, produces an amount equal to the Issue Price of the Issue, or, when applicable, a Prior Issue, or the purchase price of Investment Property, as appropriate. Yield Reduction Payment means a "qualified yield reduction payment" to the United States Department of the Treasury that reduces the yield on Investment Property, as set forth in Reg § 1.148-5(c). Appendix A-8 APPENDIX B ISSUE SPECIFIC DEFINITIONS For purposes of the Tax Certificate to which this Appendix B is attached, and the exhibits to the Tax Certificate and any schedules or attachments to those exhibits, the following capitalized terms have the following meanings: 2022 June Notes means the Issuer's $3,127,587 General Obligation Bond Anticipation Notes, issued on its Issue Date, on a new money basis, and payable February 24, 2023. 2022 September Notes means the Issuer's $1,700,000 General Obligation Bond Anticipation Notes, issued on its Issue Date, on a new money basis, and payable February 24, 2023. Bond Year means the period beginning on the Issue Date and ending on February 23, 2024 (or on an earlier date selected by the Issuer in accordance with Reg § 1.148-1(b)), and each successive one-year period thereafter. The last Bond Year will end on the last day on which any Bonds of the Issue and Notes of the Issue will remain outstanding for federal tax purposes. Issue Date means, as to the Issue, the date of this Tax Certificate, February 23, 2023. Municipal Advisor means Hilltop Securities Inc., as municipal advisor to the Issuer in connection with the Issue. Refunded Notes means the $2,400,000 portion of the 2022 June Notes and the $500,000 portion of the 2022 September Notes. The remainder of the 2022 June Notes and 2022 September Notes will be retired with other moneys of the Issuer. Sale Date of the Issue is February 8, 2023. Sale Proceeds means the sum of the amounts of $37,494,981.85, comprising the stated principal amount of the Bonds of the Issue ($33,940,000), plus original issue premium thereon in the amount of $3,554,981.85, and $512,100.00, comprising the stated principal amount of the Notes of the Issue ($500,000), plus original issue premium thereon in the amount of $12,100.001 totaling $38,007,081.85. Successful Bond Bidder means Mesirow Financial, Inc. Successful Note Bidder means Piper Sandler & Co. Appendix B-1 APPENDIX C POST -ISSUANCE TAX COMPLIANCE PROCEDURES TAX-EXEMPT OBLIGATIONS AND OTHER TAX -BENEFITED OBLIGATIONS I. Introduction These post -issuance compliance procedures of the Issuer are designed to provide for the effective management of the Issuer's post issuance compliance program for tax-exempt and other tax - benefited obligations in a manner consistent with state and federal laws applicable to such obligations. II. Post -Issuance Tax Compliance The Treasurer of the Issuer, or such other designated officer (the "Compliance Officer") shall be the primary bond compliance officer responsible for each issuance by the Issuer of tax-exempt (or otherwise tax -benefited) bonds, notes, financing leases, or other obligations (herein, collectively referred to as "bonds"). All information related to each bond issue and the facilities, equipment and other assets financed by such issue shall be maintained by or on behalf of the Compliance Officer and the actions taken under subsections A through C of this Section II shall be taken by the Compliance Officer or on behalf of the Compliance Officer by such other officers or employees of the Issuer as appropriate. A. Tax Certificate and Continuing Education 1. Tax Certificate — A Tax Certificate is prepared for each issuance of bonds. Immediately upon issuing any bonds, the Compliance Officer, in conjunction with the Issuer's bond counsel and financial advisor, shall review the Tax Certificate and make notes regarding specific compliance issues for such bond issue on the Post -Issuance Compliance Notes form at Exhibit A. The Tax Certificate and Notes shall clearly define the roles and responsibilities relating to the ongoing compliance activities for each bond issue and will identify specific compliance requirements. 2. Continuing Education —The Compliance Officer will actively seek out advice of bond counsel on any matters that appear to raise ongoing compliance concerns and may attend or participate in seminars, teleconferences, etc. sponsored by organizations such as the Massachusetts Collector -Treasurer Association and the Massachusetts Government Finance Officers Association that address compliance issues and developments in the public finance bond arena. In addition, national organizations such as the Securities Industry and Financial Markets Association (SIFMA) and the National Association of Bond Lawyers (NABL) offer numerous training opportunities and materials which may be useful to the Compliance Officer. B. Tax -Exempt Bonds Compliance Monitoring 1. Restrictions against Private Use — The Compliance Officer will continuously monitor the expenditure of bond proceeds and the use of facilities or equipment financed or refinanced with bonds to ensure compliance with Section 141 of the Internal Revenue Appendix C-1 Code (the "Code") which generally establishes limitations on the use of bond -financed facilities by non -state or local governmental entities, such as individuals using bond - financed assets on a basis other than as a member of the general public, corporations and the federal government and its agencies and instrumentalities. a. Use of Bond Proceeds — The Compliance Officer will monitor and maintain records with respect to expenditures to ensure that bond proceeds are being used on capital expenditures for governmental purposes in accordance with the bond documents and document the allocation of all bond proceeds. Such monitoring is required not only for tax-exempt bonds, but also for tax credit bonds. b. Use of the Bond -Financed Facility or Equipment i. Equipment assets financed with bonds will be listed in a schedule for each bond issue, which schedule may be included in the Tax Certificate. Equipment assets generally are not to be disposed of prior to the earlier of (a) the date the bonds and all subsequent refundings of such bonds are fully paid, or (b) the end of the useful life of such equipment. The Compliance Officer will maintain the list of all bond -financed equipment for each bond issue, together with the equipment's expected useful life. ii. Constructed or acquired assets financed with bonds — In order to ensure that assets constructed or acquired using bond proceeds, such as infrastructure assets, are not leased, sold or disposed of prior to the end of the term of the bonds and of all subsequent refundings of such bonds: • Any asset constructed or acquired with bond proceeds shall be flagged in the Issuer's records, and • These projects will be monitored by the Compliance Officer. iii. If there is any proposal to change the use of a bond -financed facility from a governmental purpose to a use in which a private entity may have the use or benefit of such a facility on a basis that is different from the rest of the general public, the Compliance Officer will consult with bond counsel to the occurrence of the proposed change in use. 2. Qualification for Initial Temporary Periods and Compliance with Restrictions against Hedge Bonds a. Expectations as to Expenditure of "New Money" Bond Proceeds i. In order to qualify under the arbitrage rules for an initial temporary period of 3 years for "new money" issues during which bond proceeds can be invested without regard to yield (but potentially subject to rebate), the Issuer must reasonably expect to spend at least 85% of "spendable proceeds" by the end of the temporary period. In general under Code Section 149, in order to avoid classification of an issue of bonds as "hedge bonds," the Issuer must both (x) reasonably expect to spend 85% of the "spendable proceeds" of the bond issue within the 3 year period beginning on the date the bonds are issued and (y) Appendix C-2 invest not more than 50% of the proceeds of the issue in investments having a substantially guaranteed yield for 4 years or more. These expectations have been documented for the Issuer's outstanding bond issues in the tax certificates executed in connection with each bond issue. ii. If, for any reason, the Issuer's expectations concerning the period over which the bond proceeds are to be expended change from what was documented in the applicable tax certificate, the Compliance Officer will consult with bond counsel. b. Project Draw Schedule Compliance Monitoring — While there are unspent proceeds of a bond issue, the Compliance Officer will compare and analyze the original anticipated project draw schedule and the actual expenditure payouts and reimbursements on each bond -financed project on an annual or more frequent basis. The purpose of this analysis is to determine the variances from the original expected draw schedule for each project and to document the reasons for these variances to provide a continual record on the spending progress of each bond -financed project. Factors relevant to the analysis include unexpected delays in the project timelines, extreme weather, contract time extensions due to unexpected events, supplemental agreements and any other factor with a potential to impact the progress or completion of the projects. Generally, there should be no effect on the tax-exempt status of the bonds under either the temporary period rules or the hedge bond rules if the actual disbursements do not meet the original project draw schedule, unless circumstances surrounding the actual events cast doubt on the reasonableness of the stated expectations on the issuance date. Therefore, it is important for the Compliance Officer to update the progress of each project at least annually, and consult with bond counsel as to any variance from the original schedule. c. Bond Proceeds Expenditure Schedule Compliance Monitoring — While there are unspent proceeds of bonds, the Compliance Officer will compare and analyze the bond proceeds expenditure schedule and the actual investment earnings on each project on an annual or more frequent basis. The purpose of this analysis is to determine any variances from the expected expenditure schedule and to document the reasons for these variances. 3. Arbitrage Rebate Compliance a. Bonds may lose their tax -favored status, retroactive to the date of issuance, if they do not comply with the arbitrage restrictions of section 148 of the Code. Two general sets of requirements under the Code must be applied in order to determine whether governmental bonds are arbitrage bonds: the yield restriction requirements of section 148(a) and the rebate requirements of section 148(fl. b. Yield Restriction Requirements —The yield restriction requirements provide, in general terms, that gross proceeds of a bond issue may not be invested in investments earning a yield higher than the yield of the bond issue, except for investments (i) during one of the temporary periods permitted under the regulations (including the Appendix C-3 initial three year temporary period described above), (n) in a reasonably required reserve or replacement fund or (iii) in an amount not in excess of the lesser of 5% of the sale proceeds of the issue or $100,000 (the "minor portion"). Under limited circumstances, the yield on investments subject to yield restriction can be reduced through payments to the IRS known as "yield reduction payments." The Tax Certificate will identify those funds and accounts associated with a particular issue of bonds known, as of the date of issuance, to be subject to yield restriction. c. Rebate Requirements i. If, consistent with the yield restriction requirements, amounts treated as bond proceeds are permitted to be invested at a yield in excess of the yield on the bonds (pursuant to one of the exceptions to yield restriction referred to above), rebate payments may be required to be made to the U.S. Treasury. Under the applicable regulations, the aggregate rebate amount is the excess of the future value of all the receipts from bond funded investments over the future value of all the payments to acquire such investments. The future value is computed as of the computation date using the bond yield as the interest factor. At least 90% of the rebate amount calculated for the first computation period must be paid no later than 60 days after the end of the first computation period. The amount of rebate payments required for subsequent computation periods (other than the final period) is that amount which, when added to the future value of prior rebate payments, equals at least 90% of the rebate amount. For the final computation period, 100% of the calculated amount must be paid. Rebate exceptions and expectations are documented for each bond issue in the tax certificate executed at the time of such bond issue. ii. While there are unspent proceeds of bonds, the Issuer will engage an experienced independent rebate analyst to annually calculate any rebate that may result for that year and annually provide a rebate report to the Compliance Officer. Bond counsel can assist with referrals to qualified rebate analysts. d. Timing of Rebate Payments The Compliance Officer will work with the rebate analyst to ensure the proper calculation and payment of any rebate payment and/or yield -reduction payment at the required time: i. First installment due no later than 60 days after the end of the fifth anniversary of each bond issuance; ii. Succeeding installments at least every five years; Appendix C-4 iii. Final installment no later than 60 days after retirement of last bond in the issue.1 4. Refunding Requirements a. Refunded Projects — The Compliance Officer will maintain records of all bond financed assets for each bond issue, including assets originally financed with a refunded bond issue. b. Yield Restriction — The Compliance Officer will work with its financial advisor and bond counsel to maintain records of allocation of bond proceeds for current and advance refundings of prior bond issues to ensure that such bond proceeds are expended as set forth in the applicable tax certificate executed at the time the refunding bonds are issued. Any yield restricted escrows will be monitored for ongoing compliance. C. Record Retention 1. Section 6001 of the Code provides the general rule for the proper retention of records for federal tax purposes. The IRS regularly advises taxpayers to maintain sufficient records to support their tax deductions, credits and exclusions. In the case of a tax-exempt bond transaction, the primary taxpayers are the bondholders. In the case of other tax benefited bonds, such as "build America bonds" or "recovery zone economic development bonds", the Issuer will be treated as the taxpayer. In order to ensure the continued exclusion of interest to such bondholders, it is important that the Issuer retain sufficient records to support such exclusion. 2. In General a. All records associated with any bond issue shall be stored electronically or in hard copy form at the Issuer's offices or at another location conveniently accessible to the Issuer. b. The Compliance Officer will ensure that the Issuer provides for appropriate storage of these records. c. If storing documents electronically, the Issuer shall conform with Rev. Proc. 97-22, 1997-1 C.B. 652 (as the same may be amended, supplemented or superseded), which provides guidance on maintaining books and records by using an electronic storage system. Bond counsel can furnish a copy of this Revenue Procedure if needed. 1 Generally, rebate payments must be paid not later than 60 days after retirement of the last bond in the issue. Appendix C-5 3. Bonds — Unless a longer period of time is required by state law, the Issuer shall maintain the bond record as defined in this section for the longer of the life of the bonds plus 3 years or the life of refunding bonds (or series of refunding bonds) which refunded the bonds plus 3 years. The bond record shall include the following documents: a. Pre -Issuance Documents i. Guaranteed Investment Contracts ("GICs") and Investments (other than Treasury's State and Local Government Series Securities, "SLGs") — If applicable, the Compliance Officer shall retain all documentation regarding the procurement of each GIC or other investment acquired on or before the date of bond issuance, including as applicable the request for bids, bid sheets, documentation of procurement method (i.e., competitive vs. negotiated), etc. If investments other than SLGs are used for a defeasance escrow, the documentation should include an explanation of the reason for the purchase of open market securities and documentation establishing the fair value of the securities and compliance with safe harbor bidding rules. If SLGs are purchased, a copy of the final subscription shall be maintained. ii. Project Draw Schedule — The Compliance Officer shall retain all documentation and calculations relating to the draw schedule used to meet the "reasonable expectations" test and use of proceeds tests (including copies of contracts with general and sub -contractors or summaries thereof) . iii. Issue Sizing — The Compliance Officer shall maintain a copy of all financial advisor's or underwriter's structuring information. iv. Bond Insurance — If procured by the Issuer, the Compliance Officer shall maintain a copy of insurance quotes and calculations supporting the cost benefit of bond insurance, if any. v. Costs of Issuance documentation — The Compliance Officer shall retain all invoices, payments and certificates related to costs of issuance of the bonds. b. Issuance Documents — The Compliance Officer shall retain the bound bond transcript delivered from bond counsel. c. Post -Issuance Documents i. Post -Issuance Guaranteed Investment Contracts and Investments (Other than SLGs) — the Compliance Officer shall retain all documentation regarding the procurement of any GIC or other investment acquired after bond issuance, including as applicable the request for bids, bid sheets, documentation of procurement method (i.e., competitive vs. negotiated), etc. If investments other than SLGs are used for a defeasance escrow, the documentation should include an Appendix C-6 d. General explanation of the reason for the purchase of open market securities and documentation establishing the fair value of the securities and compliance with safe harbor bidding rules. ii. Records of Investments shall be retained by the Compliance Officer. iii. Investment Activity Statements shall be retained by the Compliance Officer. iv. Records of Expenditures —The Compliance Officer shall maintain or shall cause to be maintained all invoices, etc. relating to equipment purchases and constructed or acquired projects, either electronically or in hard copy. v. Records of Compliance • Qualification for Initial Temporary Periods and Compliance with Restrictions against Hedge Bond Documentation —The Compliance Officer shall prepare the annual analysis described in Section II(B)(2) above and maintain these records. • Arbitrage Rebate Reports may be prepared by the Compliance Officer or a third party as described in section II (B)(3) of this document and retained by the Compliance Officer. • Returns and Payment —Shall be prepared at the direction of the Compliance Officer and filed as described in Section II(B)(3) of this document. • Contracts under which any bond proceeds are spent (consulting engineering, acquisition, construction, etc.) — The Compliance Officer shall obtain copies of these contracts and retain them for the bond record. i. Audited Financial Statements — The Compliance Officer will maintain copies of the Issuer's annual audited Financial Statements. ii. Reports of any prior IRS Examinations — The Compliance Officer will maintain copies of any written materials pertaining to any IRS examination of the Issuer's bonds. III. Voluntarily Correcting Failures to Comply with Post -Issuance Compliance Activities If, in the effort to exercise due diligence in complying with applicable federal tax laws, a potential violation is discovered, the Issuer may address the violation through the applicable method listed below. The Issuer should work with its bond counsel to determine the appropriate way to proceed. A. Taking remedial actions as described in Section 141 of the Internal Revenue Code B. Utilizing the Voluntary Closing Agreement Program (VCAP) —Section 7.2.3 of the Internal Revenue Manual establishes the voluntary closing agreement program for tax-exempt Appendix C-7 bonds (TEB VCAP) whereby issuers of tax-exempt bonds can resolve violations of the Internal Revenue Code through closing agreements with the Internal Revenue Service. IV. Post Issuance Tax Compliance Procedures Review The Compliance Officer shall review these procedures at least annually, and implement revisions or updates as deemed appropriate, in consultation with bond counsel. Appendix C-8 Exhibit A POST ISSUANCE COMPLIANCE NOTES [Name of Bond] Transaction Parties Overall Responsible Party for Debt Management Activities Bond Counsel Paying Agent Rebate Specialist Other Appendix C-9 EXHIBIT A-1 $33,9409000 Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 ISSUE PRICE CERTIFICATE AND RECEIPT The undersigned, on behalf of the Successful Bond Bidder, hereby certifies as set forth below with respect to the sale of the above -captioned obligations ("Bonds") of the Issuer. Capitalized terms used and not otherwise defined herein shall have the respective meanings set forth in the Tax Certificate to which this Exhibit A is attached. 1. Reasonably Expected Initial Offering Prices. (a) As of the Sale Date, the reasonably expected initial offering prices of the Bonds to the Public by the Successful Bond Bidder are the prices listed on Schedule A ("Expected Offering Prices"). The Expected Offering Prices are the prices for the Bonds used by the Successful Bond Bidder in formulating its bid to purchase the Bonds. Reflected in Schedule B is a true and correct representation of the bid provided by the Successful Bond Bidder to purchase the Bonds. (b) The Successful Bond Bidder was not given the opportunity to review other bids prior to submitting its bid. (c) The bid submitted by the Successful Bond Bidder constituted a firm offer to purchase the Bonds. 2. Receipt. The Successful Bond Bidder hereby acknowledges receipt of the Bonds from the Issuer and further acknowledges receipt of all certificates, opinions and other documents required to be delivered to the Successful Bond Bidder, before or simultaneously with the delivery of such Bonds, which certificates, opinions and other documents are satisfactory to the Successful Bond Bidder. [Remainder of page intentionally left blank; signature page follows.] Exhibit A-1-1 The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents the Successful Bond Bidder's interpretation of any laws, including specifically Sections 103 and 148 and the Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in the Tax Certificate and with respect to compliance with the federal income tax rules affecting the Bonds, and by Locke Lord LLP in connection with rendering its opinion that the interest on the Issue is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give to the Issuer from time to time relating to the Issue. Dated: February 23, 2023 MESIROW FINANCIAL, INC. 000 Name: Title: Exhibit A-1-2 SCHEDULE A TO EXHIBIT A-1 EXPECTED INITIAL OFFERING PRICES TO THE PUBLIC BOND PRICING 'Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bond,s Dated February 23, 2023 Maturity Call Call Premium Bond, Component Date Amount Rate Yield, Price! Date Price (-Discount), Bond, Component: 02/0 1 /2024 1,940,000 5.000% 2.580% 102.228 - - 43,223.20 02/01/2025 1,930,000 5.000% 2.340% 105.012 - - 96,731.60 02/01/2026 1,9309000 5.000% 2.170% 108.013 - - 1549650.90 02/01/2027 1,925000 5.000% 2,080% 110,986 - - 2 11 A 0.5 0 02/01/2028 1,9251,000 5.000% 2.040% 113.838 - - 266,381.50 02/01/2029 1,825,9000 5.000% 2.070% 116,293 - - 2979347.25 02/01/2030 1,825,000 5.000% 2,080% 118,775 - - 342,43.75 02/01/2031 1,825,000 5.000% 2.110% 12 1.021 - - 383,633.25 02/01/2032 1,8251,000 5.000% 2.140% 123.155 - - 422,578.75 02/01/2033 1,825,9000 4.000% 2.210% 114,446 C 02/01/2032 100.000 2639639,50 02/01/2034 1,665000 4.000% 2,400% 1118 02 C 02/01/2032 100.000 213,153,30 02/01/2035, 1,660,000 4.000% 2.550% 111.523 C 02/01/2032 100.000 191 ,281.80 02/01/2036 1,6609000 4.000% 2.850% 109.016 C 02/01/2032 100.000 1499665.60 02/01/2037 1,,000 4.000% 3,050% 107.382 C 02/01/2032 100.000 122,541,20 02/0 1 /203 8 1,660,000 4.000% 3.200% 106. 174 C 02/01/2032 100.000 102488.40 02/01/2039 1,3751,000 4.000% 3.300% 105.378 C 02/01/2032 100.000 73,947.50 02/01/2040 1,375,000 4.000% 3.400% 104.589 C 02/01/2032 100.000 63,098.75 02/0 1 /204 1 1,370,000 4.000% 3,450% 104.197 C 02/01/2032 100.000 57,498.90 02/01/20,42 1,370,000 4.000% 3.500% 103.807 C 02/01/2032 100.000 52, 155.90 02/01/2043 1,3709000 4.000% 3.550% 103.419 C 02/01/2032 100.000 469840.30 33,940,000 3,554,981.85 SCHEDULE B TO EXHIBIT A-1 SUCCESSFUL BOND BIDDER'S BID Mesirow Financial, Inc. - Chicago , IL"s Bid 412, AV, IMP .�'. Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2,0�23 Bonds For the aggregate principal amount of $37,165,,000.00, we will pay you $40,869,878.50, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s)' Maturity Date Amount $ Coupon %Yield % IDollair Price 012/01/2024 2,115M 5.0000 2.5800 102.228 02/01/2025 21115 M 1 5.0000 12.3400 1 105.012 012/01/2026 2,115M 5.0000 2.1700 108-013 02/01/2027- 21115M 5.0000 2.0800 110.986 02/01/2028 2J15M 5.0000 2.0400 0 113.838 1 02/0 1 /2029 2,01 OM 5.01000 2.0700 116.293 02/011/2030 2 010M 5.01000 12.0800 118.775 02/011/2031 21010M 5.0000 2.1100 121.021 02/011/2032 2,01 0M 5.0000 2.14C 0 1,23.155 02/01/2033 .. ..................... 2 1010M L? . .............. 4.0000 20 .210 .. . .. . .. . .. . .. . .. . .. . .. . 14 1,.446 ................................................................................................................................................. 02/0112034 .......... 1181 5'M .................... ............................................................................ .................. ......................... ............................ 4.0000 ............... 2.4000 112.802 .................................................................................................................................................................................. 02/01/2035 1,81 OM 4.0000 2.5500, 11,1.523 02/01/2036 1,805M 4.0000 12.8500 109.016 02/01/2037 1,805M 4.0000 3.0500 107.382 02/01/2038 1,805M 4.0000 3.2000 106.174 012/01/2039 1,500M 4.0000 3.3000 105.378 02/0112040 1,500M 4.0000 3.4000 104.589 02/01/2041 1,500M 4.0000 3.4500 104.197 012/01/2042 1 1,500M I 4.0009 3.50001 103-807 02/01/2043 1,500M 4.0000 3.5500 103.419 Total Interest Cost: $151402,826.39 Premium: $3,704,878.50 Net Interest Cost: $11,697,947.89 TIC: 3.034428 Time Last Bid Received Gn:102/08/2023 10:59:20 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Of Notice of Sale, and the Preliminary Official Statement, all of whiich are made a part hereof. Bidder: Mes,irow Financial, Inc., Chicago, IL Contact: Stephen Murphy Title: Telephone: 212-530-7661 Fax: EXHIBIT A-2 $500,000 Town of Lexington, Massachusetts General Obligation Bond Anticipation Notes Dated February 24, 2023 ISSUE PRICE CERTIFICATE AND RECEIPT The undersigned, on behalf of the Successful Note Bidder, hereby certifies as set forth below with respect to the sale of the above -captioned obligations ("Notes") of the Issuer. Capitalized terms used and not otherwise defined herein shall have the respective meanings set forth in the Tax Certificate to which this Exhibit A is attached. 1. General Rule Maturities. As of the date hereof, for each Maturity of the General Rule Maturities listed on Schedule A, the first price at which at least 10% of such Maturity was sold to the Public is the respective price listed in Schedule A. 2. Hold -the -Offering -Price Maturities. (a) With respect to any Hold -the -Offering -Price Maturities listed in Schedule A, the Successful Note Bidder offered the Hold -the -Offering -Price Maturities to the Public for purchase at the respective initial offering prices listed in Schedule A on or before the Sale Date. A copy of the pricing wire or equivalent communication for the notes is attached as Schedule B. (b) As set forth in the Notice of Sale, the Successful Note Bidder agreed in writing that, (1) for each Maturity of any Hold -the -Offering -Price Maturities, it would neither offer nor sell any of the notes of such Maturity to any Person at a price that is higher than the Initial Offering Price for such Maturity during the Holding Period for such Maturity (the "hold - the -offering -price rule"), and (11) any selling group agreement shall contain the agreement of each dealer who is a member of the selling group, and any third -party distribution agreement shall contain the agreement of each broker -dealer who is a party to the third -party distribution agreement, to comply with the hold -the -offering -price rule. Pursuant to such agreement, no Underwriter has offered or sold any Hold -the -Offering -Price Maturity at a price that is higher than the respective initial offering price for that Maturity during the Holding Period. 3. Receipt. The Successful Note Bidder hereby acknowledges receipt of the notes of the Issue from the Issuer and further acknowledges receipt of all certificates, opinions and other documents required to be delivered to the Successful Note Bidder, before or simultaneously with the delivery of such Notes, which certificates, opinions and other documents are satisfactory to the Successful Note Bidder. Exhibit A-2-1 The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents the Successful Note Bidder's interpretation of any laws, including specifically Sections 103 and 148 and the Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in the Tax Certificate and with respect to compliance with the federal income tax rules affecting the Notes, and by Locke Lord LLP in connection with rendering its opinion that the interest on the Issue is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give to the Issuer from time to time relating to the Notes. Dated: February 24, 2023 PIPER SANDLER & CO. MD Name: Title: Exhibit A-2-2 SCHEDULE A TO EXHIBIT A-2 PRICE AT WHICH AT LEAST 10% OF THE GENERAL RULE MATURITIES WERE SOLD AND EXPECTED INITIAL OFFERING PRICES TO THE PUBLIC OF THE HOLD -THE -OFFERING -PRICE MATURITIES Town of Lexington, Massachusetts $500, 000 General Obligation Boind Anticipation Notes Dated February 24, 2023 Pricing Suimmary Type of Maturity Bond Coupon Yield Maturity Value Price, Dollar Price 02,/23/20�24 Serial Il' ote 5,500% 3M0% 500,000.00 102.420% 512,1100M Total - $500,000-00 - $512,1100M SCHEDULE B TO EXHIBIT A-2 COPY OF PRICING WIRE OR EQUIVALENT COMMUNICATION V � �����M �,�.�.w N4. �W m I4 4 ��w���,. �g ` � W r GYM � �����M r•:.�(II V ��..��0� 4Y�.i;� C. � Cl ,,, III ,,, r ID �,,, ), �,,,,Iw � ii � III � � li � III �,, R w� „Y � li , � �„� III ,,, , � � � � ,,,. � � � �I� � �i i!1 II I : Inforimatian I —IL lingt i�,IN si, roll � �uuC��.,��� jr ��� up,� ro �� III CI ���IC IIIup�III �Iup°.IG � �`��IIC°a lilof ''��°��� IIII N II71lI71II�„�"li IlIIC-1IIIW ,l lli ie slt III ui ��iuf,;"nlll „I III Illiif.�iiN,! II 'va 111 II :III Illiif Jll �.,I�I�1i �1uiG ulll'" 0 '0 L.l rel� p i u e d,l to, tfi a s uill essa . Ripleir Saindler, is the : IIIII ,and we plian do IHTP. Thiank you EXHIBIT B $3399409000 Town of Lexington, Massachusetts General Obligation Municipal Purpose Loan of 2023 Bonds Dated February 23, 2023 and $5009000 Town of Lexington, Massachusetts General Obligation Bond Anticipation Notes Dated February 24, 2023 CERTIFICATE OF THE MUNICIPAL ADVISOR The undersigned, on behalf of the Municipal Advisor, has assisted the Issuer in soliciting and receiving bids from potential underwriters in connection with the sale of the Bonds of the Issue and Notes of the Issue in respective competitive bidding processes in which bids were requested for the purchase of such Bonds and Notes at specified written terms set forth in the respective Notices of Sale, copies of which are attached to this certificate as Attachment 1. Capitalized terms used and not otherwise defined herein shall have the respective meanings set forth in the Tax Certificate to which this Exhibit B is attached. The competitive sale requirements (as defined in the respective Notices of Sale) for the Issue were met for the Bonds of the Issue but were not met for the Notes of the Issue. The Municipal Advisor further advises as follows: 1. The Bonds of the Issue and the Notes of the Issue were each offered for sale at specified written terms more particularly described in the respective Notices of Sale, which were distributed to potential bidders. 2. The Bond Notice of Sale dated February 1, 2023 and the Note Notice of Sale dated February 3, 2023 were disseminated electronically through PARITY on February 2, 2023 for the Bonds of the Issue and February 3, 2023 for the Notes of the Issue. The method of distribution of the respective Notices of Sale is regularly used for purposes of disseminating notices of sale of new issuances of municipal bonds, and notices disseminated in such manner are widely available to potential bidders. 3. To the knowledge of the Municipal Advisor, all bidders for both the Bonds of the Issue and the Notes of the Issue were offered an equal opportunity to bid to purchase the Bonds of the Issue and the Notes of the Issue, respectively, so that, for example, if the bidding process afforded any opportunity for bidders to review other bids before providing a bid, no bidder was given an opportunity to review other bids that was not equally given to all other bidders (that is, no exclusive "last -look"). Exhibit B-1 4. The Issuer received bids for the Bonds of the Issue from at least three Underwriters who represented that they have established industry reputations for underwriting new issuances of municipal bonds. Based upon the Municipal Advisor's knowledge and experience in acting as the Municipal Advisor for other municipal issues, the Municipal Advisor believes those representations to be accurate. The Issuer did not receive bids for the Notes of the Issue from at least three Underwriters who represented that they have established industry reputations for underwriting new issuances of municipal bonds. Copies of any written bids received are attached to this certificate as Attachment 2. Bids not reflected in Attachment 2, if any, were received by telephone rather than in writing. 5. The winning bidder for the Bonds of the Issue was the Successful Bond Bidder and the winning bidder for the Notes of the Issue was the Successful Note Bidder, each of whose bids was determined to be the best conforming bid in accordance with the terms set forth in the respective Notices of Sale, as shown in the bid comparisons attached as Attachment 3 to this certificate. The Issuer awarded the Bonds of the Issue to the Successful Bond Bidder and the Notes of the Issue to the Successful Note Bidder. 6. The Yield on the Issue is 2.6687287235% as shown on the attached Schedule A. The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents the Municipal Advisor's interpretation of any laws, including specifically Sections 103 and 148 and the Regulations thereunder. [Remainder of page intentionally left blank; signature page follows.] Exhibit B-2 The undersigned understands that the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in the Tax Certificate to which this certificate is attached and with respect to compliance with the federal income tax rules affecting the Issue, and by Locke Lord LLP in connection with rendering its opinion that the interest on the Issue is excluded from gross income for federal income tax purposes, in the preparation of the Internal Revenue Service Form 8038-G, and in providing other federal income tax advice that it may give to the Issuer from time to time relating to the Issue. The Issuer and Locke Lord LLP may also rely on the foregoing information for purposes of determining compliance with Section 21 A of Chapter 44 of the Massachusetts General Laws, if applicable. No other Persons may rely on the representations set forth in this certificate without the prior written consent of the Municipal Advisor. Dated: February 23, 2023 HILLTOP SECURITIES INC. Name: Title: Exhibit B-3 ATTACHMENT I TO EXHIBIT B BOND NOTICE OF SALE AND NOTE NOTICE OF SALE ATTACHMENT 2 TO EXHIBIT B COPIES OF WRITTEN BIDS RECEIVED IrYl. I Mesirow Financial,Chicago , Us Bid 04&h A=, Jv%R1 Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $40,869,878.50, plus accrued interest from the date of issue to the date of delivery. The �Bonds are to bear interest at the followin Maturity Date Amount $ Coupon % Yield % IDollar Price 012/01/2024 2,115M-, 5.0000 2.5800 102.228 012/01/2025 2.115 M 5.0000 2.3400 105-012 02/01/2026 2,115 M 5.0000 2.1700 108-013 02/01/2027 2,115M 5.0000 2.0800 110.986 02/01/2028 21115M 5.0000 20400 113.838 02/01/2029 2P010M 5.0000 2.0700 116.293 02/01/2030 2P010M 1 5.0000 12.0800 118.775 1 02/O1/2031 2o010M 5.0000 2.1100 121.021 02/O1/2032 2,01 OM 5.0000 2.1400 123.155 02/01/2033 ............... ............ 20010M 40000 ............................ ............. .. 2.2100 ............ 1,14.446 1,815M 2.40 0 0 112.802 02/01/2035 1,81 OM 4.0000 2.5500 111.523 a 012/01/2036 1,805M J 4.0000 12.8500 109.016 02/01/2037 1,805M 4.0000 1.251010. '107.382 02/01/2038 1,805M 4.0000 3.2000 106. 174 02/01/2039 1,500M 4.0000 3.3000, 105.378 02/0,1/2040 1,500M 4.0000 3.4000 104.589 012/01/2041 1,500M 4.0000 3.4500 104.197 012/01/2042 1,500M 4.0000 0 103.807 J� O�2/O I q�43 1,5001 11 4.0000 3.5500 103.419 Total Interest Cost: $15,402,826.39 Premium: $3,704,878.50 Net Interest Cost'. $11,697,947.89 TIC: 3.034428 Time Last Bid Received Gn:102/08/2023 10:59:20 EST 'This proposa,l is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and thi-Z Preliminary Official Statement, all of which are made a part hereof. Bidder: Mes,irow Financial, Inc., Chicago, IL Contact Stephen Murphy Title: Telephone: 212-530-7661 Fax: 7"Ifth Third Securities, Inc. - Cincinnati , OH's Bid 9 Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 20213 Bonds -or the aggregate principal amount of $37,165,000.00, we will pay you $40,866,803.54, plus accrued interest from the date of 'ssue to the date of delivery. The Bonds are to bear interest at the followil 11[1 S . Maturity Date Arnount s1coupon % i Yie Yield % IDollar Price 02/0'1/2024 2,115M 5.0000 2.5800 102.228 02/01/2025 2,115M 5.000 2.3000 105.089 012/01/2026 2J15M 5.0000 2.1800 107.984 012/01/2027 2P115M J 5.0006-0- 2.07-00 P 11. 026 02/01/20281, 2P115M 5.0000 2.0500 0 113.780 02/01/2029 2,01 OM 5.0000 2.0700 116.293 02/01/2030 2,01 OM 5.0000 2.0800 118.775 02/01/2031 2101 OM 5.0000 2.0900 121.184 02/01/2032 2,01 OM 510000 2.1200 1,23.338 .................. 02/01/203,3 .................... .............. 2)01 OM 4.0000 1,14.533 02/01/2034 1 1815M 4.0000 1,13.232 02/01/2035 1,81 0M 4.0000 2.53001, 111.693 02/01/2036 1,805M 4.0000 12.9000 108.605 02/01 /2037 1�, 8 0#5 M 4.0000 3.1400 '106.655 02/01 /2038 1,805M 4.0000 3.2900 105.458 012/01/2039 1,500M 4.0000 3.3800 104.747 02/0,1/2040 1,500M 4.0000 3.4700 104.041 02/01/2041 1,500M 4.0000 3-5500 103.419 02/01/2042 1� 1,500M J 1 4.00 4.00 0 3.6300 102 1 .80 02/01/209 J� .................... 1 50101M ...................... 4,0000 3,7100 102.18 Total Interest Cost. $151402,826.39 Premium: $317011,803.54 Net Interest Cost: $11,7'01,022.85 TIC: 3.035394 Time Last Bid Received On-.02/08/2023 10:56:36 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Prelim�inary Official Statement, all of which are made a part hereof. Bidder: Fifth Third Securities, Inc., Cincinnati , OH Contact: Geoff Kobayashi Title: Telephone: 513-534-5535 Fax: Janney Montgomery Scott LLC - Philadelphia, PA s Bid a'.= AV, MIS Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,56,2,393.26, plus accrued interest from the date of issue to the date of delivery, The Bonds are to bear interest at the followit, 1:9� 1, i I . .... S L02/01/2025 012/01/2026 012/01/2027 2,115 M 1 5.0000 2.1100, 110.86611 028 �EM M fill 00 02/01/2031 fell :II 02/01/2032 02/01/2033 02/01/2034 02/01/2035 [:02/01/2036 of 02/01/2037 012/01��I 1,500M 0 r477• I 7 4.000 6 3.000 I 103-032 of Total Interest Cost: $16,250o779.72 Premium: $4,397,393.27 Net Interest Cost: $11,853,386.45 TIC: 3.040281 Time Last Bid Received On:02/08/2023 10:59:50 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Janney Montgornery Scott LL,C, Philadelphia , PA Contact Matthew Davis Title: Telep,hone:21,5-665-6521 Fax: 215-557'-8648 Raymond James & Associates, Inc. - St. Petersburg , FUs Bid I Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2,02,13 Bonds For the aggregate principal amount of $37,165,,000.00, we will pay you $41,005,807.90, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s)- Maturity Date 02/01/2024 02/01/2025 02/01/2026 02/01/2027 [7�115M J 5.0000 12.0600 111.066 L1 01/2028 02/01/2029 02/01�/2030 02/01�/2031 WFIIJJ� 02/01�/2032 02/01/2033 02/01/2034] 02/01/2035 02/01/2036 02/01/2037 02/01/2038 02/01/2039 ................................................................................................................................................. 11 ........................................................ 02/01/2040 off 02/01/204 1 ................................................................................................................................................. I .................. ........... 02/01/2042 ME"1A .................... 0 2 / 0 1 / 2 0 4 3 ............. .............. ...... ............ ...... ....... ............. ............. ............. ............. Total Interest Cost: $ 15,580,991.56 Premium: $3,840,807.90 Net Interest Cost: $11,70,183.66 TIC: 3.042232 Time Last, Bid Received Gn:102/08/2023 10:59:44 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of whiich are made a pert hereof. Bidder: Raymond James & Associates, Inc., St. Petersburg , FL Contact: Robbie Specter Title: Managing Director Telephone: 727-567-1293 Fax: J.P. Morgan Securities LLC - New York , NY's Bid ..:hFJR#'rv-W Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 201213 Bonds 7-or the aggregate principal amount of $37,165,000.00, we will pay you $41,541,863.55, plus accrued interest from the date of .ssue to the date of delivery. The Bonds are to bear interest at the followhs . ....... JM=M 00.. ... aturity Date Coupon % 02/0112024j 0 o 02/011225 MIPJA 60 ............... 012/0112,02,6 000 off 1 11 ra in, 02/01/2028EM MM sw��� 02/01/20,29 �11 I I I 02/01 1 fill 1:00 02/003111 fell 1000 02/0032 am 02/01 /1 0 0 0 02/0112034 02/01/2035 012/01/2036 02/01/2037]MM of 02/01/2038 of I 02/01/ 039] of 02/01/2040] 11 1111 oil I I 02/01§�J1 of .II 012/01/2042 012/011204 Total Interest Cost: $1612501779.72 Premium: $4,376,863.55 Net Interest Cost'. $11,873,916. 17 TIC: 3.046656 Time Last Bid Received Gn-.102/08/2023 10:59:38 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: J.P. Morgan Securities LLC, New York , NY Contact: Jaclyn Mischler Title: IExecutive Director Telephone: 212-834-7155 Fax: 917-464-9300 Total Interest Cost: $1612501779.72 Premium: $4,376,863.55 Net Interest Cost'. $11,873,916. 17 TIC: 3.046656 Time Last Bid Received Gn-.102/08/2023 10:59:38 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: J.P. Morgan Securities LLC, New York , NY Contact: Jaclyn Mischler Title: IExecutive Director Telephone: 212-834-7155 Fax: 917-464-9300 Piper Sandler & Co - Minneapolis , MN"s Bid A A".-RAWARY NO EW_ Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,,000.00, we will pay you $41,954,507.66, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the follOINing rate(s): Matu rity Date ,mount $ Coupon % Yield % Dollar Price 02/01/2024 2,115M 5.0000 2.6500 102.163 02/01 /2025 2,115M 5.0000 12.4000 104.895 02/01/2026 2,115 M 5.0000 2.2000 107.924 02/01/2027 2,115M 5.0000 2.1000 110.906 02/01/2028 21115M J 5.0000 2.0600 113.737 02/011/2029 2,01 OM 5.0000 2.0700 116.293 02/0112030 2P01 �OM 5.0000 f It 2.0800 118.775 02/0 1 /2031 2,01 OM 5.0000 2.1109 121.021 02/01/2032 2oO1OM 5.0000 2.1400 123.155 .................. 02/01/2033 2101 OM_ . .................................................................................................................................................................. 5.0000 2.2000 . ......................... 122.607 02/0,1/2034 1,815M r7 5.0000 I- 2.3000 121.701 02/01/2035 1,81 OM ................................................. 5.0000 ................. . . ....... 2.4300 '120.536 02/01/2036 1,805M 5.0000 2.6300 1,18.768 02/01 /2037 1,805M 5.0000 12.8000 1,17.289 9�2/01 /2038 1,805M 5.0000 2.9100 116.344 02/01/2039 1,500M 4.0000 3.4000, 104.589 02/01/2040 1,500M 4.0000 3.4600 104.119 O�2/01/20417 1,50 4.0000 3.5100 '103.729 042 1 1,500M 4.0000 13.5600 103.341 012/01/2043 F500M J 4.0000 3.6200 102.878 Total Interest Cost. $16,7720023.61 Premium: $4,789,507.66 Net Interest Cost: $11,918,2,515.95 TIC: 3.0486,44 Time Last Bid Received Gn:102/08/2023 10:59:48 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Piper Sandier & Co, (Minneapolis, IVIN Contact: Mike Frederickson Title: Managing Director Telephone :612-3,03-6666 Fax: Iri MI&A SecuritiesYork , NY's Bid 111 R I Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2�023 Bonds For the aggregate principal amount of $37,165,0.00,,we gill pay you $41,574,037.40, plus accrued interest from the data of issue to the data of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Cou pon % Yield % IDollair Price 02/01/2024 2,1151 1 5.0000 2.6000 102.210 O �2/01/2025 21115M 5.0000 r) 12-37001 1 104-953 1 O�2/01/2026 21115M 5.0000 2.2500 107776 02/01/2027 2,115M 5.0000 2.1500 110.707 02/01/2028 21115M 5.0000 2.0800 1,13.636 02/01/2029 2,01 OM 5.0000 2.0800 116.232 02/011/2030 2po1 om 5.0000 2.1000 118.633 02/0,11/2031 20010M 5.0000 2.1100 1,21.021 02/01/2032 20010M 5.0000 2.1400 123.155 2/01/2033 .................. 0................ 2001 M ................. O.................... 5.0000 ................................ ..................................................................... 2.1900 122.698 02/01/2034 1,815M . 5.0000 .................................................................................................................................................................. 2.3000 .......................................................................................... ................. . 121.701 ................................................................................................................................................ 02/0,1/2035 1,81 OM 5.000 2.4300 120.536 02/01/2036 1,805M 5.0000 2.6300 118.768 02/01/2037 1,8051 i 4.0000 3.2500 105776 O�2/01/2038 1,8051' 4.0000 13.3700 104.825 02/01/2039 1,500M 3.5000 3.6670 98.000 02/01/2040 1,500M 5.0000 3.0500 115.154 02/01/2041 1 500M 4.0000 13.5000 103.807 _1 02/01/2042 J 1,500M 4.0000_3_.5_3 03-574 01/2043 1,5001 1_ 4.0000. 3.5700 1 103.264 Total Interest Cost'. $16,385,321.39 Premium: $4,409,037.40 Net Interest Cost: $11,97'6,283.99 TIC: 3.068690 Time Last Bid Received On:02/08/2023 10:57:07 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Bo,fA Securities, New York , NY Contact: Brendan Troy Title: Managing Director Telephone:212-449-5081 Fax: 212-553-2042 IKeyBanc Capital IMarkets - Cleveland , OH's Bid Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2,023 Bonds For the aggregate principal amount of $37,165,,000.00, we will pay you $41,867,615.51, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the f011OWing rate's : Maturity Date Arnount $ Coupon % Yield % Dollar Price 02/01/2024 2,115M 5.0000 2.5300 102.275 02/01/2025 2,115M 1 5.0000 �12.3000 1 105.089 02/01/2026 25115M 5.0000 2.1800 107-984 02/01/2027 2,115M 5.0000 2.1100 110.866 02/01/2028 25115M 5.0000 2.1000 113.536 02/011/2029 2,01 10M 1 5.01000 2.0700 116.293 02/0,11/2030 2po110M 5.01000 2.0800 1 1118.775 1 02/0,11/2031 2,01 OM 5.0000 2.1700 120.534 .................. 02/0,11/20 2 2oO1 OM 5.0000 2'.1 80,0 ............................. '122.789 02/0,1/2033 2o010M [S.0000 2.2200 122.425 02/0,1/2034 ............................................................................................................................................................. 1 o815M 5.0000 2.3000 [ 121.701 02/0,1/2035 .......................................................................................................................................................................................................... 1 �81 OM 5.0000 2.4300 ��� 120.536 02/01/2036 1,805M 5.0000 2.5399� 118.768 02/01/2037 1,805M 5.0000 2.8500 116.858 02/01/2038 1,805M.1 5.0000 13.0000 115.577 02/01/2,039 1,500M 4.0000 3.5000 103.807 02/01/2040 1,500M 4.0000 3.5500 103.419 02/01/2041 1,599M1 4.0000 13.60001 103-032 02/01/2042 1,500M 4.0000 3.6500 102-647 ................... 02/01/2043 .................... 1,500M 4.0000 .7000] 102.263 Total Interest Cost: $16,772,023.61 1 Premium: $4702,615.51 Net Interest Cost'12,069,408.10 TIC: 3.075447 Time Last Bid Received On-.02/08/2023 101:54:18 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: KeyBanc Capital Markets, Cleveland, 01-1 Contact: Robert Bond Title: Managing Director Telephone: 720-904-4571 Fax: UBS, Financial Services Inc. - New York , NY's Bid M1. JARI ilz AV M I EM - Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00, we will pay you $41,256,980.79, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Matu rity Date ............... MMEM �� , 11 e I I Dollar Price — 02/0112024 02/0112026 02/0112027 1� 2,115M J 5.0000 J 2.1100, 110.8667, 02/01/2028 off L 02 �_02/01/2�030 /01/2031 off 00 02�/01�/2032 ................................ 02/01/2 • 02/011203471 ► 104 1 .................. 02/01/203,5 .................... 02/01/2036 ............... Lq0?2/q011g/2q0F3J 9?/91�2038 02/0112039 L_02/0112040 # 02/01/2041 02/011204i] 1,500M 4.0000 13.7100�1 102.187 Total Interest Cost: $16$062$082.01 Premium: $4,091,980.719 Net Interest Cost: $11,970,101.22 TIC: 3.087911 Time Last Bid Received Qn:102/08/2023 10:57:59 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of whiich are made a part hereof. Bidder: UBS Financial Services Inc., New York, NY Contact: Anthony Mancini Title: Telep,hone:212-713-2590 Fax: Wells Fargo Bank, National Association - Charlotte , NC's Bid A Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 20213 Bonds Fo,r the aggregate principal amount of $37,165,,000.009 we will pay you $42,400,464.04, plus accrued interest from the date of issue to the date of delivery. The IBonds are to bear interest at the following rate(sl. M- MUMMI 02/01/2024 0=1111MIN 02/01/2025 of 0 �26 02/01/2027 02/01/2028 11 02/01 /2029 fill 1 10 02/01/2031 of 0010 02/0 1 /2 0 32ri V%J 02/01/2r)o 02/0 1 /2 0 oil 02/0,1/2035 02/01/2036 IM of 02/01 /'2037 off$ I I 02/'0 1 /'2038 02/01/2039 WITITI MI E02/01/2040 02/01/21 04 of off$ 02/01/2042 1,500M 4.0000 101 .88 ................... Total Interest Cost: $171534,273.61 Premium: $5,235,464.04 Net Interest Cost: $12,298,809.57 TIC: 3.092999 Time Last Bid Received Gn:02/08/2023 101:59:31 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Wells Fargo Bank, National Association, Charlotte , NC Contact Parks, Lineberger Title: Vice President Telephone: 704-410-3441 Fax: 704-383-0065 Robert W. Baird & Co., Inc. - Milwaukee , Wl"s Bid Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,,0010.00, we will pay you $41,158,364.99, plus accrued interest from the date of issue to the date of delivery. The Iand are to bear interest at the fo in rat 's 02/01/2024 ......................................................................................................... ............... "I'll", ..................... off ............ . .............. ...... .............. ...... ....... ... 51,� off 0112/01,2026 012/01/2027 02/01/2028 all 029 02/01/2030 .................. ....... ....................................................................................................................... 21,�Illll",011i"""lll�'ll""I 21,11,011,1113 1 ....... .... 'Ja=� 02/01/2033 0 2 0 1 ............. .............. ...... .............. ...... ....... oil$ I 02/01/2;035 off$ 012/01/2036 02/01/2037 ......................................................................................................... "I'l""I'll""I'll'll""I'll""I'll",lI .......... ..................... 02/01/203�]ZM ......................................................................................................... sm of of I 012/01/203,9 ..................... ......................................................................................................... "I'l""I'll""I'll'll""I'll""I'll",lI ..... .......... 02/01/2040 fl=W� 0 012/01/2041Sm 110 Total Interest Cost: $15s958j708.16 Premium: $3,993,364.99 Net Interest Cost: $11,965,343.17 TIC: 3.093139 Time Last Bid Received Gn:102/08/2023 101:56:08 EST This propoisa,l is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: Robert W. Baird & Co., Inc., Milwaukee, WI Contact Peter Anderson Title: Telephone: 414-765-7331 Fax: TD Securities - New York , NY's Bid IY.116 4-4 Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds For the aggregate principal amount of $37,165,000.00,,we w,ill pay you $41,21,11,391.95, plus accrued interest from thedate of i ssue to the date of delivery, The Bonds are to bear interest at the following rate(s)- Maturity Data Amount Coupon % Yield % Dollar Price 012/01/2024 2,115M 5.0000 2.7000 102.116 012/01/2025 21115M 5.0000 2.4200 104.856 02/01/2026 21115M 5.0000 2.25001 107.776 012/01/2027 2,115M 5.0000 2.1500E-1 10.707 02/0 1 /2028 21115M 5.0000 2.1500 113.285 02/0 1 /2029 2,01 OM 5.0000 2.1500 115.808 02/0 1 /2030 2P010M 5.01000 2.1500 118.279 02/0 1 /,2031 2o010M 5.0000 2.1500 1,20.696 6 02,/0 1 /2032 20010M 5.0000 2.1700 122.8 1 02/01/2033 2,01 OM 5.0000 2.2300 122.335 02/01/2034 1 815M 5.0000 V2.23OO 122.335 02/01/2035 . 1,81 0M ........................................................................... 5.0000 .............................................. I ................................................................................................................ 2.4500 120.357 D� 012/01/2036 1,805M 5.0000 2.6500 118.593 02/01/2037 1,805M 4.0000 3.2800 105.537 02/01/2038 1,805M 4.0000 3.4200, 104.432 02/01/2039 1,500M 4.0000 3.5100 103.729 012/01/2040 1,500M 4.0000 3.6000 103.032 02/01/2041 1,500M 4.0000 3.6800 102.416 02/01 042 1,500M 4.0000 [3.7300 102-034 012/01/2043 1,500M 4.01000 13.7900 101.577 Total Interest Cost: $16,2500779.72 Premium: $4P046P391.95 Net Interest Cost: $12P204P387.77 TIC: 3.149945 Time Last Bid Received On:02/08/2023 10:58:28 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, andthe Preliminary Official Statement, all of whiich are made a part hereof. Bidder: TID Securities, New York, N�Y Contact: Jake Frackowiak. Title: Telephone: 212-827-7171 Fax: Jefferles LLC - New York, NY's Bid AiRRITY.". Lexington (Town) $37,165,000 General Clibling ation Municipal Purpose Loan of 2,023 Bonds For the aggregate principal amount of $37,165,,000.00, we will pay you $41,10,54,712.96, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate"s'. 02/01/2p?4 012/01/2025]E= 012/01/2 6 IM 02/01/2027 1 2,115M J 5.0000 00�1� 110.507 02/01/2028-1 02/01/2029 02L02/01/2030 �/0,1/2031 m, a 0 fill 0010 02/01/2033 oil 035 02/01/2036 • 012/01/2037 02/01/2038] 012/01/20411�� I I of Total Interest Cost: $16,250,779.72 Prernium: $3,889,712.96 Net Interest Cost: $ 12,361,066.76 TIC: 3.199360 Time Last, Bid Received Gn:02/08/2023 10:59:31 EST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of whiich are made a part hereof. Bidder: Jefferies LLC, New York , NY Contact: Nate Baldasare Title: Telep,hone:212-284-4656 Fax: RBC Capital Markets - New York , NY's Bid *43, Air W A. - Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 202 Bonds I For the aggregate principal amount of $37,165,000-00, we will pay you $40,666,073-25, p,lus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the follow[I'l 9 Maturity Date== 02/01/2024 02/01/2026 all I 02/01/2027 off 1 0 02/01/2028 Jill =g1joil I I 02/01/20 02/01/20k WFIRT5 let 02/01/2031 1 1 Jill 02/01/2032 .................... IBM 01/2033 off OEM ,L_02/01/2034 02/01/203 is all will 02/01/2036 021 1/2037 lot 1 02/01/2038 02/01/204 a 02/01/2041 to 02/01/2042 JJMJ� * ffl I 02/01/2043 N Total Interest Cost". $15,801,138-89 Premium: $3,501,073.25 Net Interest, Cost, $12,300,065.64 TIC- 3.205785 Time Last Bid Received On:0,2/08/2023 10:59:53 EST This Iproposal is made subject to all of the terms, and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: RBC Capital Markets, New York, NY Contact Glenn McGowan Title- Director Telephone -,212-519-8415 Fax: 212-618-2570 Piper Sandiero Bid m Lexington (Town) $500,000 General Obligation Bond Anticipation Notes For the aggregate principal amount of 899,999.99, we will pay you 509,200.99, plluus accrued interest from the date of issueto the date of delliivery. The Bonds are to bear interest at the follllo wriin rate - Maturity Cate AmountCoupon % Yiielld % IDollar Price 92/23/2024 500 5.5999 8.9999 102.420 Bid: 101-840006 Premium: $9,200.00 Net Interest Cost, 18,1228.81 Time Last Bid Received nry9219812928 10-21:50 EST This proposal its made subject to all oftheterms and conditions of the Official Bid Forrm,� th` e Official Notice of Sale, andthe e Preliminary Official Statement, all of which are made a part hereof. Bidder- Piper Sandller & Co,l New York ,I NY Contact: Christopher Dii erbo Title: Underwriter Telleph onery212-284-9887 Fax- 212-284-9411 Issuer Name: Town of Lexington Company Name: ATTACHMENT 3 TO EXHIBIT B BID COMPARISONS Bonds Lexington (Town) $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds The following bids were submitted using FARITA and dispilayed ranked by lowest TIC= Click on the name of each bidder to see the respective bids. Bidder Name Mesirow Financiall-Inc. Fifth Third Securities, Janne, Mont omery Scott LL,C agymond James & Associates, jy.p—.M�o an Securities LLC Pper Sandier & Co BofA Securities, 11jeyBanc Cap Ltal Markets -inancial Services Inc. Wells Fa���Mo Bank National Association ML�Roberti W. Baird & Co., ,T'D Securities Jefferies LLC R,BC Ca Rita,l Markets *Awarding the Bonds to a specific, bidder will provide you with the Reoffering Prices and Yields. Notes Town of Lexington, Massachusetts $500,000, General Obligation and Anticipation Notes Sale Date: 2/812023 Dated (Date: 2124)2023 Hi I lkapSec uri ties Delivery Datw 212AJ2023 A Hifltap 110dingj, Comparay Due Date!: 212312024 Days Per Year: 360 Day Couint,: 359 Bank Qualified: No bating: None Couipoin Net Prorata Prorata eofferinj Bidder Underwriter Principal Rate Premium Interest, Interest NIC Prernium Interest Award Yield iper Sandler & Co. $500,000 5,50% $9,200.00 $27,423.61 $18,223.61 3.6549% $9,200.00 $27,423.61 $500,000 3.00% ewburyport Five Cents Savings IBank $500,000 6,47% $0.00 $32,260. 14 $32,260.14 6.4700% ward Totals $9,200.00 $27,423.61 $500,000 Weighted Average INet IInterest Cost: 3.6549% SCHEDULE A TO EXHIBIT B PROOF OF YIELD ON THE ISSUE Civ� Iteml 0 I -A ig a 1�m txl 13 cmi ds & B AN % da 1"ex, I Ib i 21, 3 Mertd,,a] Rcsuft% Pre,%crit Vahve I)a1c ]XII-A, Sen"ice "ratil 1 6687297235m''1 a 81"1) 1 #12013 6 71.227.22 6711,21,27 22 61S,2,474. 97 0 1 #12 02 4 2,77,D3,550.1M 2,70 3,,5 511. GO 2,6 3 7, 1) K7.34 02,,111,2024 527,4213.61 527,423 61 51-1to'24.40 081,1)1 #12 02 4 7 13.�) 5 1). IM 715,051,100 6M.2K7.32 a1 #12025 7 2, &15,11).51). 01) 2,51-2,525.61 a 81"1) 1 #12025 6 m Alm). IM 66 6, KOD, 01) f25.p 5 1. 1,-,,Kl 0 1 1 1202 6 lmi A1,M). Im 2,5 916" K00. 01) 2,4412,158.27 0 81,1) 1 #12 02 6 6 18,15 5 1). IM 618,551,100 51"A.h52.Ml 0 1 1202 7 2,543,550.1M 2, 5 4 3"5 51). GO 081,1)1 1202 7 5 71,425.1M 5711,425 01) 54,Y7.�Mr,.45 a 1 1 #1202 8 2,495,425.1M 2,495,425 GO 2, 1 K,9,1 75.85 a 81"1) 1 #1202 8 5 22-3. IM). IM 522,3010,00 4 52-1 f57. M a 111202m11 2,3 41 7, 3 00, 01) 2,005,3 5 4. 91 a 81"1) 1 #1202 9 476.tp75.,Xl 176,675 01) 44)1,872.17 0 1 112030 t, 75. IM 2,301,,675 01) 1_9 1,4,93 1.11"113 0 81,1) 1 #12 03 0 431.�)50.,Xl 43 LON). 01) 3 51,8 99. 57 0112031 2,25 01) 1_82:7,866.111113 0 81,1) 1 #12 03 1 383,425AI 385,425 GO 3,08.j f5l.78 0 1 1 1203 2 1 1p.,21xl,4'25.lxl 1, 9,27,01), 42 5 GO 15,149, 3 1, 4.61 14,673,750.93 44,673,7511,83 3S,007,044.1A Ptuct:,,vds Surrm"I'murN, IN-CS,01"I'l VuIIUV� P'M, Ild L11"I° 1 i"w 91, 23 202 3 Par N"'abe (Diwclurit) Vicki Farlpe"i o 2.M8'72M723,5141,E 02111", 3 33,940,11,A)ID.00 3,53 1, 1;s 1, S 5 3 7,49 4, 16 LS 5 37,4911A I M,l)"J'AM)"a") 12, 1, 00, 0,0 512, 1, 00, 0,0 512,1162 7-9 34,414,11,1A),000 39,11 17,144,114 of, IX Cultal-al (DKipaum Bomi&& BAN% dal"cod FLbi wiry 2,02.3 R,Ly.uh% l`)alx-,% Kiii-Preimiaii'l Ukrulds EWIXI matunly Clu'll Y,iavrv� (11 xm-m, I . k1l 1111 1 � I )at.y) - 1� �2A c Ykid 1,1121 v Pho" C " all"MilluTit KINI) 0211)] ;`2033 1111.1Kill(1111m 2.2'1 Cfr,l 0 7- ;'Q 1 '20, 7- 1 [A). 1"Kill) 2.2107-739% KINI) 0211)] ;203,4 1111.1Kill(1111m 2. lltlffr,l 0 7- ;111 ;'2 (117- 1 [A). 1"Kill) 24ly'131 lKIN1.) (12,"01#20,35 14.1"Or'i 2.5511:'�'1 02111 2.0112 1 W.1"KII) 2.550396T,li lKIN1.) 112,"01#20,36 14.1"Or'1 2.8511:'�'1 02#9 L2.0112 1 W.1"KII) 2.8511,481 Tllii IKIND 0211)] ;2037 "'4.l"K10% 01,11 11111.I 111 1. 051)43115p1 KIND 02,,'01,2038 14.1"K11rlu 31.200:'�'1 01,11 L'211112 1 MIAMI) 31.2(105147W�l� KINI) 0211)] ;`2039 31. Mffr,l 0 7- ;'Q 1 '20, 17- 1 0211)] ;2i"Wl 0 11.l ltlffr,1 0 7- ;'Q 1 '20, 17- 1 31.145 Cfr,l 0 7- ;'Q 1 '20, 7- 1 IMNI) 31.50fr�,1 02"I'11 1 W.'"KID KINI) 11 MII M 3 1.1"K1r'1 335W (92,111 1 W. COD 3.550501 Wl1 RpeLled k11, Ptalulull llar-y'k Bimmd 'Maw-fity, Call, call Yidd,'To Erwmase (7tumponcro 113,11L, Ratc )"Neld [),alc ]"hov Calli"Malurity, kzYk-ld EKIND DZ "'0 1, ?20 3 31 4,01V!4° 2 2 6 11, 11 2311,094'20!, i4 D,. WIND 02 ""0 1, ?21) 3 4 41)0)"i» 2 111A1"w6 11, 2.6 44 7 2,0311 i� 0.2441093 1% WIND 02 111110 1, ?2113 5 41)4,4)"i» 2 550"w6 2.8 5,U1101441m, i» '03040,00, I,W,:% B(IND D2,,,,0 1, -"D 3 6 2 850,11' yi, 3. 14,65071", ID. 19 010,27 5,27,111N, B(IND 1, -"D 3 7 3 050,11'yi, 'D. -'s 3 2 63,27"'IN, B(IND D2 1, ,11'211) 3 8 3 21A15" 3.4671,.W"�,� EKIND DZ 120 3 9 4,01V!4° 3 3.5 5.52,11691, i4 01,215 4 6 K 7 3 B(IND D2 "'0 1040 4,00)14m 3 ill 3.6304W)im 0.234319 1 74,�Vd E1( IN 13 1324) L`21)4 I 41)0)"i� 31450"w6 11, 11 3.67991953114, 01.72791,371,% EKIND 02 0 1, 20 4 2 4,01V!4� 3 511056 3.71,8321V)i� 01.2117763 V�,4i B(IND 02 "'0 1, ) -D431 3 550,11' yi, 3.75.51AW 02,1045M5,% EXHIBIT C SPENDING SCHEDULE Bonds Town of Lexington, Massachusetts $37,165,000 General Obligation Municipal Purpose Loan of 2023 Bonds Spendina Schedule Sale Date: 2/812023 Dated Date: 2/2,312023 Delivery Date: 2/23/2b23 Due Date: 2/112024-2/112043 Renewal Money Emmb—ga Original Amount of BANS utstarwd rr Spent to Date W2342023 Spent lby Oiriginal Ilssue Date - 613WO22 Spent By 11213012022 Spent By 6130=23 iMiddl,e Schtols - Additions and Rern odefing �$500,000 5146,870 $500,01 L&xington Police Station iRebuild - Desigin $,I ,OOO,ODO 11,000,000 $779,834 $,11,1 i0,00,0 $,I "000,0DO Sainitary Sewer System Inve-5figation and Improvements $11900,OD9 $878,172 56,09,074 $878,172 $11900AD9 Total $2,400,0DO $2,378,172 $1,535,778 $2,378,172 52,400,000 iNiew Money ETTO-96 This issue Date, of First Expenditure' Spent lby Original Issue Da�te - 212312023 Spaint By 812312023 Spent By 212W2024 Lexington Police Station iRebuild - Desigin $,110,000 81112)2022 $89,,945 $ 110,00,0 $,110,000 Center Streetgcape limprovements $11,105,OD9 9,19,12022 $1,,096,444 $111"105,ODO $1,105AD9 Westview Cemetery Building Construction $2,500,000 81112)2022 $723,635 $2,500,0N $2,500,000 Sidewalk Improvements 2111 W2022 $275,106 $500,O1 Untalin Street Sidewalks $,550,000 11 (VV2022 $513,430 $550,0m $,550,000 Pa ice Station Cons truction $30,000,ODO W11 2)2022 $2,,131,795 $14,,931,'795 $30,000,1 DO Total $34,765,099 = �$4,830,355 $19,696,795 $34,765,000 Notes Town of Lekington, Massachusetts $5010,000 General Obligation Bond Anticipation Notes Sale Date® 21812,023 Dated Date: 212412,023 Delivery D,ate : 212412,023 Due Date: 212312,024 Renewal Money Purpose This lss,u e Spent to Date 2J24120,23 Spent by Original Issue Date - 9130,120,22 Spent IBy 3,130,120,23 Hastings Schold Construction $500,1000 $6400,000 $500,000, $500,000, Tota 1 $500,000 $600,000 $51000010 $500, 131797286v.2 Exhibit C- I (Please Note: The following certificate is an essential part of the permanent record and creates ongoing obligations of the Issuer. Please read it carefully before signing. Advise Locke Lord LLP of any inaccuracy.) CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by the Town of Lexington, Massachusetts (the "Issuer") in connection with the issuance of its $33,940,000 General Obligation Municipal Purpose Loan of 2023 Bonds dated February 23, 2023 (the "Bonds"). The Issuer covenants and agrees as follows: SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the Issuer for the benefit of the Owners of the Bonds and in order to assist the Participating Underwriters in complying with the Rule. SECTION 2. Definitions. For purposes of this Disclosure Certificate the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. "Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate. "MSRB" shall mean the Municipal Securities Rulemaking Board as established pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the functions of the MSRB contemplated by this Disclosure Certificate. Filing information relating to the MSRB is set forth in Exhibit A attached hereto. "Obligated Person" shall mean the Issuer. "Owners of the Bonds" shall mean the registered owners, including beneficial owners, of the Bonds. "Participating Underwriter" shall mean any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. "Rule" shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. SECTION 3. Provision of Annual Reports. (a) The Issuer shall, not later than 270 days after the end of each fiscal year, provide to the MSRB an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the Issuer may be submitted when available separately from the balance of the Annual Report. (b) If the Issuer is unable to provide to the MSRB an Annual Report by the date required in subsection (a), the Issuer shall send a notice to the MSRB in a timely manner, in substantially the form attached as Exhibit B. SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or incorporate by reference the following: (a) quantitative information for the preceding fiscal year of the type presented in the Issuer's Official Statement dated February 8, 2023 relating to the Bonds regarding (1) the revenues and expenditures of the Issuer relating to its operating budget, (11) capital expenditures, (111) fund balances, (iv) property tax information, (v) outstanding indebtedness and overlapping debt of the Issuer, (vi) pension obligations of the Issuer, and (vii) other post -employment benefits liability of the Issuer, and (b) the most recently available audited financial statements of the Issuer, prepared in accordance with generally accepted accounting principles, with certain exceptions permitted by the Massachusetts Uniform Municipal Accounting System promulgated by the Department of Revenue of the Commonwealth. If audited financial statements for the preceding fiscal year are not available when the Annual Report is submitted, the Annual Report will include unaudited financial statements for the preceding fiscal year and audited financial statements for such fiscal year shall be submitted when available. Any or all of the items listed above may be incorporated by reference from other documents, including official statements of debt issues of the Issuer or related public entities, which (i) are available to the public on the MSRB Internet website or (11) have been filed with the Securities and Exchange Commission. The Issuer shall clearly identify each such other document so incorporated by reference. SECTION 5. Reporting of Significant Events. (a) The Issuer shall give notice, in accordance with the provisions of this Section 5, of the occurrence of any of the following events with respect to the Bonds: I. Principal and interest payment delinquencies. 2. Non-payment related defaults, if material. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other N1 material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds. 7. Modifications to rights of the Owners of the Bonds, if material. 8. Bond calls, if material, and tender offers. 9. Defeasances. 10. Release, substitution or sale of property securing repayment of the Bonds, if material. 11. Rating changes. 12. Bankruptcy, insolvency, receivership or similar event of the Obligated Person. 13. The consummation of a merger, consolidation, or acquisition involving an Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material. 14. Appointment of a successor or additional trustee or the change of name of a trustee, if material. 15. Incurrence of a financial obligation of the Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the Obligated Person, any of which affect Owners of the Bonds, if material. � 16. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the Obligated Person, any of which reflect financial difficulties. T * As noted in the Rule, this event is considered to occur when any of the following occur: (i) the appointment of a receiver, fiscal agent or similar officer for the Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or (ii) the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Obligated Person. - For purposes of event numbers 15 and 16 in Section 5(a) of this Disclosure Certificate, the term "financial obligation" means a (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) guarantee of (i) or (ii). The term "financial obligation" excludes municipal securities for which a final official statement has been provided to the MSRB consistent with the Rule. -3- (b) Upon the occurrence of a Listed Event, the Issuer shall, in a timely manner not in excess often (10) business days after the occurrence of the event, file a notice of such occurrence with the MSRB. SECTION 6. Transmission of Information and Notices. Unless otherwise required by law, all notices, documents and information provided to the MSRB shall be provided in electronic format as prescribed by the MSRB and shall be accompanied by identifying information as prescribed by the MSRB. SECTION 7. Termination of Reporting Obligation. The Issuer's obligations under this Disclosure Certificate shall terminate upon the prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of such termination in the same manner as for a Listed Event under Section 5(b). SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Certificate, the Issuer may amend this Disclosure Certificate and any provision of this Disclosure Certificate may be waived if such amendment or waiver is permitted by the Rule, as evidenced by an opinion of counsel expert in federal securities law (which may include bond counsel to the Issuer), to the effect that such amendment or waiver would not cause the Disclosure Certificate to violate the Rule. The first Annual Report filed after enactment of any amendment to or waiver of this Disclosure Certificate shall explain, in narrative form, the reasons for the amendment or waiver and the impact of the change in the type of information being provided in the Annual Report. If the amendment provides for a change in the accounting principles to be followed in preparing financial statements, the Annual Report for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial information in order to provide information to investors to enable them to evaluate the ability of the Issuer to meet its obligations. To the extent reasonably feasible, the comparison shall also be quantitative. A notice of the change in the accounting principles shall be sent to the MSRB. SECTION 9. Default. In the event of a failure of the Issuer to comply with any provision of this Disclosure Certificate any Owner of the Bonds may seek a court order for specific performance by the Issuer of its obligations under this Disclosure Certificate. A default under this Disclosure Certificate shall not constitute a default with respect to the Bonds, and the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply with this Disclosure Certificate shall be an action for specific performance of the Issuer's obligations hereunder and not for money damages in any amount. MA SECTION 10. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Owners of the Bonds from time to time, and shall create no rights in any other person or entity. Date: February 23, 2023 TOWN OF LEXINGTON, MASSACHUSETTS By: Treasurer Select Board [Signature page to Continuing Disclosure Certificate] EXHIBIT A Filing information relating to the Municipal Securities Rulemaking Board is as follows: Municipal Securities Rulemaking Board http://emma.msrb.org A-1 EXHIBIT B NOTICE OF FAILURE TO FILE ANNUAL REPORT Name of Issuer: Town of Lexington, Massachusetts Name of Issue: $33,940,000 General Obligation Municipal Purpose Loan of 2023 Bonds Date of Issuance: February 23, 2023 NOTICE IS HEREBY GIVEN that the Issuer has not provided an Annual Report with respect to the above -named Bonds as required by the Continuing Disclosure Certificate of the Issuer dated February 23, 2023. The Issuer anticipates that the Annual Report will be filed by Dated: TOWN OF LEXINGTON, MASSACHUSETTS 0 1315 87344v.1 (Please Note: The following certificate is an essential part of the permanent record and creates ongoing obligations of the Issuer. Please read it carefully before signing. Advise Locke Lord LLP of any inaccuracy.) SIGNIFICANT EVENTS DISCLOSURE CERTIFICATE This Significant Events Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by the Town of Lexington, Massachusetts (the "Issuer") in connection with the issuance of $500,000 General Obligation Bond Anticipation Notes dated February 24, 2023 (the "Notes"). The Issuer covenants and agrees as follows: SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the Issuer for the benefit of the Owners of the Notes and in order to assist the Participating Underwriter in complying with the Rule. SECTION 2. Definitions. For purposes of this Disclosure Certificate the following capitalized terms shall have the following meanings: "Listed Events" shall mean any of the events listed in Section 3(a) of this Disclosure Certificate. "MSRB" shall mean the Municipal Securities Rulemaking Board as established pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the functions of the MSRB contemplated by this Disclosure Certificate. Filing information relating to the MSRB is set forth in Exhibit A attached hereto. "Obligated Person" shall mean the Issuer. "Owners of the Notes" shall mean the registered owners, including beneficial owners, of the Notes. "Participating Underwriter" shall mean any of the original underwriters of the Notes required to comply with the Rule in connection with offering of the Notes. "Rule" shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. SECTION 3. Reporting of Significant Events. �G' (a) The Issuer shall give notice, in accordance with the provisions of this Section 3, of the occurrence of any of the following events with respect to the Notes: 1. Principal and interest payment delinquencies. 2. Non-payment related defaults, if material. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Notes, or other material events affecting the tax status of the Notes. 7. Modifications to rights of the Owners of the Notes, if material. 8. Bond calls, if material, and tender offers. 9. Defeasances. 10. Release, substitution or sale of property securing repayment of the Notes, if material. 11. Rating changes. 12. Bankruptcy, insolvency, receivership or similar event of the Obligated Person. * 13. The consummation of a merger, consolidation, or acquisition involving an Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material. 14. Appointment of a successor or additional trustee or the change of name of a trustee, if material. 15. Incurrence of a financial obligation of the Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the Obligated Person, any of which affect Owners of the Notes, if material. t As noted in the Rule, this event is considered to occur when any of the following occur: (i) the appointment of a receiver, fiscal agent or similar officer for an Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or (ii) the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Obligated Person. - For purposes of event numbers 15 and 16 in Section 3(a) of this Disclosure Certificate, the term "financial obligation" means a (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) guarantee of (i) or (ii). The term "financial obligation" excludes municipal securities for which a final official statement has been provided to the MSRB consistent with the Rule. 0) 16. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the Obligated Person, any of which reflect financial difficulties.T (b) Upon the occurrence of a Listed Event, the Issuer shall, in a timely manner not in excess often (10) business days after the occurrence of the event, file a notice of such occurrence with the MSRB. SECTION 4. Transmission of Information and Notices. Unless otherwise required by law, all notices, documents and information provided to the MSRB shall be provided in electronic format as prescribed by the MSRB and shall be accompanied by identifying information as prescribed by the MSRB. SECTION 5. Termination of Reporting Obligation. The Issuer's obligations under this Disclosure Certificate shall terminate upon the legal defeasance or payment in full of all of the Notes. SECTION 6. Default. In the event of a failure of the Issuer to comply with any provision of this Disclosure Certificate the sole remedy under this Disclosure Certificate shall be an action for specific performance of the Issuer's obligations hereunder and not for money damages in any amount. Any failure by the Issuer to comply with any provision of this Disclosure Certificate shall not constitute a default with respect to the Notes. SECTION 7. Amendment. Notwithstanding any other provision of this Disclosure Certificate, the Issuer may amend this Disclosure Certificate and any provision of this Disclosure Certificate may be waived if such amendment or waiver is permitted by the Rule, as evidenced by an opinion of counsel expert in federal securities law (which may also include bond counsel to the Issuer) to the effect that such amendment or waiver would not cause this Disclosure Certificate to violate the Rule. [Remainder of page intentionally left blank; signature page follows.] 9 SECTION 8. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Owners of the Notes from time to time, and shall create no rights in any other person or entity. Date: February 24, 2023 TOWN OF LEXINGTON, MASSACHUSETTS By: Treasurer Select Board [Signature page to Significant Events Disclosure Certificate] EXHIBIT A Filing information relating to the Municipal Securities Rulemaking Board is as follows: 131680345v.1 Municipal Securities Rulemaking Board http : //emma. msrb. ors v RIND AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Approve Final List of Participatory Budgeting Projects PRESENTER: ITEM NUMBER: Jim Malloy, Town Manager; Sean Dugan, Director of Communications I.7 SUMMARY: Category: Decision -Making Attached please find the ranking of potential participatory budgeting projects as per the Select Board's discussion and votes on 1-23-23 and Joe Pato's vote after that meeting. As per the Select Board's discussion at that meeting, Town staff also developed an estimate to install hands -free bathroom fixtures at various locations as per the attached estimate. The Board should review this list one last time and decide whether to limit it to the top 5 at $440,000 (doesn't exceed the $500,000 budget); top 5 + the hands free at $617,500; top 10 at $1,030,000 or top 10 + hands free fixtures at $1,207,000. The Board may also reconsider any of the items and include them as well. The discussion at the last meeting was to not include too many items as that will disperse votes from the public among too many options. SUGGESTED MOTION: Move to include the following items for residents to vote on for participatory budgeting: (list the projects by name on the attachment). FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 8:40pm ATTACHMENTS: Description Type Particij,mtory Budget Vbtes firoal 1 23 23 SB Meeting Memo I lands lFree Rithroorn. Fixiures I t I i I n, -I t e (.,,(..)ver 10 c� o� m m° +1 V a a� to �1 4-0 m m Q �V i m m O O O O O O O O O O O O O O� 0 0 0 0 0 0 0 0 O O O 00 O O O O O O O O O r-I 0 0 0 0 0 0 0 o o o o o o o o o o o o O o s� 0 0 0 0 0 0 0 . O . O . O . O . O . O . Ln . Ili . O . O . O . O . N . O }' s . 0 . 0 . 0 . m . m . O . 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In both cases, there are three recommended funding sources (in priority order) for the Board's consideration. SUGGESTED MOTION: Move to approve the FY24 budget as presented, with the following amendments: (1) To increase the Human Services Expense Line Item by $140, 000 for a total of $1,151, 601; and to increase the transfer from the T D M S tab ilizatio n Fund to the General Fund for this purpose by $140, 000 for a revised total of $3111000. (2) If ARPA Funds are used for curbside composting, the motion would be: Move to approve the use of $216,000 of ARPA funds for the purpose of funding a curbside composting pilot program. (2) If Free Cash is proposed, the motion would be: Move to increase the Public Works Expenses Account by $216,000 for a revised total of $7,939,828 and to fund this expense to increase the use of Free Cash from $395,272 for a revised total of $611,272 of Free Cash to support the operating budget. FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 8:55pm ATTACHMENTS: Description F) MI e rno F) FY2024 Recornrniended Budget I3r(..)grarni. Sury-unary v2 F) FY2024 Recorym-niended. Budget. Prograrn Summary I �Iackfine Type Cover, Merno 13,ackup Nhaterial Backup Material Town of Lexington 7 Town Manager's Office APIUM11 w, t� ,, James J. Malloy, Town Manager Tel: (781) 698-4540 Kelly E. Axtell, Deputy Town Manager Fax: (781) 861-2921 MEMORANDUM TO: Select Board FROM: Jim Malloy, Town Manager DATE: February 10, 2022 RE: Outstanding Budget Items As per the Select Board's discussion on 2/6/23 the following items were initially those items the Select Board indicated they were interested in seeing included in the FY2024 budget: • Lexpress — The Board was interested in seeing the funding remain at level -service and not level - funding. • Funding for the maintenance for the brick sidewalks in the Center. • Funding for the Assistant Public Grounds Superintendent • Funding for an additional Fire Inspector • Funding for curbside composting Ultimately, the Board opted to focus on Lexpress and composting, but I want to address all of these items so the Board has my thoughts on why certain recommendations were made. Lexpress - as I explained at the 2/6/23 meeting, an RFP for Lexpress is in the process of being drafted that provides for two alternatives. One alternative includes a Lexpress service with two routes (assumed to be close to level funded) and the second alternative would include three routes (level service). Attached is a spreadsheet that shows the riders per route, total riders per year as well as a chart that includes a history of ridership from 2000-2022. As the Board can see from the attached spreadsheet Route 3 has very low ridership (averaged 13.5 riders per day for the past two years). I have also attached a map that shows all three routes. My thought in having the RFP include two options is based on the budget development discussions, reviewing the route map and my belief that two routes could be developed that would include the same areas of the Town and have better utilization of the 3 buses so that we don't have empty buses burning diesel fuel running routes that are not effective. I continue to believe that more effective bus routing could be developed for FY24 while the Ad Hoc Transportation Committee reviews the future of Lexpress and that would be within (or closer to) the budget as presented. However, should the Select Board opt to maintain a level service with the three current routes, my recommendation is that the additional funding (original request was for a $140,000 increase in funding for Lexpress), the following would be the funding sources I recommend the Select Board consider: 1625 MASSACHUSETTS AVENUE 9 LEXINGTON, MASSACHUSETTS 02420 1. Transportation Demand Management (TDM) Stabilization Fund (current balance: $786,779) 2. ARPA 3. Free Cash Providing level service Lexpress with funding from the TDM Stabilization Fund will require a vote of Town Meeting. This would be accomplished by adding $140,000 to the Human Services Expense Line item in the Program Summary, and including an additional $140,000 in the transfer from the TDM Stabilization Fund in Article 4 of the 2023 Annual Town Meeting (the White Book proposed a $171,000 from the TDM, this change would increase the total to $3111000). Note that choosing any of these funding mechanisms for funding Lexpress in FY24 will create an issue in FY25 in which the $140,000 used from any of the one-time funds listed above will need to be built into the General Fund budget in FY25 (in addition to the $395,272 used from free cash to balance the budget). Composting — I believe there may be some confusion on the Select Board's intent as I've heard different perceptions from different Select Board members and staff on intent for the curbside composting program. My recommendation below is based on curbside composting being a one-year Pilot Program for 2000 homes to have 100% of curbside composting paid for by the Town (the current 1300 + 700 additional new customers) to determine what the beneficial impact may be. The cost for 100% paid curbside composting is $216,000 (2000 households x $108 per household). The following are the funding sources that I am recommending the Board consider: 1. ARPA 2. Free Cash 3. Cutting Other Expenditures/Staff If this is a one-time funding item, options (1) & (2) above will not incur any future budgetary liability that will need to be covered under the General Fund. If this is an ongoing program that is expanded the amount of one-time funds used in FY24 will need to be incorporated into the FY25 budget as well as any costs associated with expanding this program. I do not recommend cutting other expenditures/staff, but will as a last resort should that be the Board's preference. I recognize that paying for trash removal is an issue that has been debated for some time in Lexington. However; some discussion on what the measurable results will be for a pilot program that includes 1300 existing curbside compost customers plus 700 new curbside compost customers and what those results might show that will be useful in making future decisions in relation to curbside composting. If the goal is to reduce trash that is either sent to a waste to energy plant or landfilled, the proven method is to provide a disincentive for throwing away trash and an incentive for recycling/composting. I'm not sure whether this pilot program as presented will provide any additional insight over a one- year period that will assist the Town in making future policy decisions. There may be value in taking the long-term approach and have the discussion about establishing a charge for trash removal and adding free compost (either through backyard or curbside as I don't believe everyone prefers curbside) and undertaking this as a town -wide program, presented to Town Meeting and funded through a combination of property taxes (as it's currently funded) and fees related to the trash removal. PIR's — The other items the Select Board discussed that were PIRs were the requests for an Assistant Superintendent of Public Grounds and an additional Fire Inspector. Attached please find the Senior Management Team's (SMT) ranking of PIR's requested by members of the SMT. The Fire Inspector was ranked #6 and Assistant Superintendent of Public Grounds #8 (tied). I believe this demonstrates that on a need -based priority ranking there are still a few items that were recommended by the SMT than the Assistant Superintendent or Fire Inspector. Since we are not funding all of the items ranked higher than these two requests, I don't believe it is appropriate to fund these two items before we fund items that were deemed to have a greater need. Brick maintenance in the Center - We discussed that this did not need to be funded in FY24, but tha tit would need to be a regular expense starting in FY25. I have confirmed this with Dave Pinsonneault, DPW Director this week. This has been a challenging budget year where both the Town and School departments are facing operating constraints. We have worked collaboratively to reach a balanced budget that meets our needs to continue providing excellent services. In recognition of current and future challenges, management does not recommend utilizing any additional Free Cash for ongoing operations in FY2024. As noted above, use of free cash and other one-time revenues cause additional challenges in future budget cycles. Should the Board have any questions or need to discuss this further, please do not hesitate to contact me. Thanks. � 0 0 0 Q m tt M rl •m N M rl � 0 O1 110 0 M �O 0 � �O al N M O r1l., Ln 00 m m ri L Q i 0 0 0 0) lzt m N M rl N 0 Ol i Ln r-.. � 00 lD N O M Ol Ol cM N m LL 4-0 H Q i 0 0 Na m o CC 00 Il%. 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A score of 1 indicates a lower priority and a score of 5 indicates a higher priority. GENERAL FUND Points Total Average Score Program Description Public Facilities 1 : Lower Priority --- 5 : Higher Priority 112600 - Public Facilites JVFA Annual Subscription Fee 34 3.4 Total Public Facilities 2 3 Puhlic Works Maintenance 1 : Lower Priority --- 5 : Higher Priority 37 3.7 for 33 3.3 Total Public Works 3210/3100 - Streetscape Police 4 5 6 7 8 4110 - Police Administration* Professional Standards Lieutenant 4140 - Investigation and Preventic School Resource Officer 4110 - Police Administration Deputy Chief Position 4110 - Police Administration Community Resource Dog TDB Code Enforcement Officer Total Police 1 : Lower Prioritv --- 5 : Hiaher Prioritv 28 2.8 31 3.1 30 3 19 1.9 21 2.1 Fire 1 : Lower Priority --- 5 : Higher Priority 9 14220 - Fire Prevention Lieutenant Fire Inspector 36 3.6 Total Fire Library 10 11 12 5130 - Youth Services Full -Time Youth Services Librarian 5110 - Admin & General Building updates not covered by Services* Facilities Full -Time World Language 5120 - Adult Services Librarian I I otal Liprary 1 - Lower Prioritv --- 5 - Hiaher Prioritv 24 2.4 27 2.7 24 2.4 Recreation 1 : Lower Priority --- 5 : Higher Priority 13 5240 - Community Center Non -Program Facility Expenses 32 3 2 Total Recreation Land Use, Health & Development 14 15 16 17 18 19 20 7110 - Building and Zoning Sealer of Weights and Measures 7130 - Conservation Chipping 7130 - Conservation Conservation Regulatory Assistant Hours 7200 - Planning Housing Officer/Planner 7300 - Economic Development Liberty Ride Driver 7300 - Economic Development FT Tour Service Coordinator 7300 - Economic Development Full-time Assistant Visitors Center Manager Total Land Use, Health tic Development 1 - Lnwpr Prinrity --- 5 - Hiaher Prinrity 40 4 20 2 27 2.7 22 2.2 27 2.7 23 2.3 23 2.3 Select Board 1 : Lower Priority --- 5 : Higher Priority 21 8110 -Select Board Office LexMedia Supplemental Funding E 29 2.9 Total Select Board Town Manager 22 23 24 25 26 27 8220 - Human Resources Hiring of a Benefits Assistant 8210 - Town Manager's Office Lexington HeatSmart Program 8220 - Human Resources Classification and Compensation Study 8220 - Human Resources Full-time Administrative Assistant Town Committees I otal I own manager 1 - Lower Prioritv --- 5 - Hiaher Prinrity 42 4.2 19 1.9 41 4.1 40 4 1 : Lower Priority --- 5 : Higher Priority Rights Committee 22 2.2 Council for the Arts 15 1.5 Total Town Committees 8320 - Misc. Boards & Committees Human 8320 - Misc. Boards & Lexington Committees Ranking PIR 1 HR - Hiring of a Benefits Assistant 2 HR - Classification and Compensation Study T3 HR - Full-time Administrative Assistant T3 I LUHD - Sealer of Weights and Measures 5 DPW - Streetscape Maintenance Program 6 FD - Lieutenant Fire Inspector 7 DPF - VFA Annual Subscription Fee T8 DPW - Assistant Superintendent for Public Grounds T8 Water - Leadman Upgrade T8 Sewer - Leadman Upgrade 11 REC - Non -Program Facility Expenses 12 PD - School Resource Officer T13 PD - Deputy Chief Position T13 FIN - Tyler ERP/Cashiering Module 15 SB - LexMedia Supplemental Funding T16 Clerk - Arch ivist/Records Officer T16 PD - Professional Standards Lieutenant T18 LIB - Building updates not covered by Facilities T18 LUHD - Conservation Regulatory Assistant Hours T18 LUHD - Liberty Ride Driver T21 LIB - Full -Time Youth Services Librarian T21 LIB - Full -Time World Language Librarian I T23 LUHD - FT Tour Service Coordinator T23 LUHD - Full-time Assistant Visitors Center Manager T25 LUHD - Housing Officer/Planner T25 I Human Rights Committee 27 PD - Code Enforcement Officer 28 LUHD - Chipping T29 PD - Community Resource Dog T29 TMO - Lexington HeatSmart Program 31 Lexington Council for the Arts Finance 1 : Lower Priority --- 5 : Higher Priority 2818420 - Treasurer/Collector ITyler ERP/Cashiering Module 30 3 Total Finance Town Clerk 1 : Lower Priority --- 5 : Higher Priority 2918500 - Town Clerk Archivist/Records Officer 1 1 28 2.8 Total Town Clerk Total General Fund NON -GENERAL FUND Water/Sewer Enterprise 1 : Lower Priority --- 5 : Higher Priority 30 3600 - Water Leadman Upgrade 33 3.3 31 3700 -Sewer Leadman Upgrade 33 3.3 Total Water/Sewer Enterprise Total Recreation Enterprise Total Non -General Fund /'% LL LU W6 M" 0 4w Q) cn m 1■■1 O ■� 4w V w cm C o m V C s V 0 0 M 00 M 00 00 N O� N Ln N M M. 00 "1 m CD (V Ln M M i& Ln N M o 00 - --1 m CD N Ln M M iA- i& N 00 00 Ln N N fV 0000 M iA- iA- Ln 00 LLn o �o O O M N M ,--� � M 00 � N W 'a U. 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N 01 O W 00 LL .D a � 'w III it wl o V N n 00 i,,,, fy) 0) p o N cr IIII � m 00 N 00 o N O IH V N W Ln LL c t0 M N O C% m N m N �' N O M �..� rl � O a N V N O N O 4w Q) Cn 1 L C 1■■1 E ,O o. � � V O � V LCD = ix � a W fV O TI L- ra LL _ra a- �V fa LL 66 a-J N m E O N N 0 U- a AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDA ITEM TITLE: Review and Approve PayByPhone at Parking Meters PRESENTER: Jim Malloy, Town Manager CT1MMARV- Category: Decision -Making ITEM NUMBER: I.9 The Board had previously discussed adding Pay -By -Phone at the parking meters in Town as an additional option for payment. This can be done with minimal exp ens e and within the To wn' s current budget. SUGGESTED MOTION: Move to expand the use of Pay -By -Phone as an additional option for all parking meters on streets in addition to parking lot payment. FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 2/13/2023 9:25pm