2015-02-23 Special Town Meeting Minutes

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SPECIAL TOWN MEETING Reading Memorial High School Preforming Arts Center February 23, 2015 The meeting was called to order by the Moderator, Alan E Foulds, at 7:35 PM, there being a quorum present. The Pledge of Allegiance to the Flag was said by all in attendance. The Warrant was partially read by the Town Clerk, Laura Gemme, when on motion by Marsie West, Board of Selectmen, it was voted to dispense with further reading of the Warrant. Motion made by Marsie West, Board of Selectmen to dispense of the reading of all motions in their entirety. Motion Carried Point of personal privilege given by Thomas Ryan, Precinct 1, It was requested that the Town remove the "Handout Guidelines" from future Town Meeting Warrant Reports. ARTICLE 1: Motion made by Marsie West, Board of Selectmen to hear and act on the reports of the Board of Selectmen, School Committee, Board of Assessors, Board of Library Trustees, Municipal Light Board, Finance Committee, Town Manager and any other Official, Board or Committee. Reports given: Bob LeLacheur made a brief comment on the Instructional Motion made by Ron D'Addario, Precinct 6 from the November 20, 2014 Town Meeting. Motion made by Marsie West, Board of Selectmen and Article 1 was tabled ARTICLE 2: Motion made by Marsie West, Board of Selectmen and Article 2 was tabled ARTICLE 3: Motion made by Marsie West, Board of Selectmen that the Town vote to appropriate the premium paid to the Town upon the sale of bonds issued for the purpose of constructing a new library, and for the payment of all costs incidental and related thereto, which bonds are the subject of a Proposition 21/2 debt exclusion, to pay costs of the project being financed by such bonds, and to reduce the amount authorized to be borrowed for such project, but not yet issued by the Town, by the same amount, or take any other action with respect thereto. Background: Recall that the approximate funding for the Library project is as follows: $18.4 million: Total as authorized by Town Meeting and then approved by the voters $5.1 million: State grant from the Board of Library Commissioners $13.3 million: Expected local share, as a debt exclusion Due to the timing of the state grant, paid over five years versus a shorter than expected construction period, the local share of funding was divided into two parts: $10.0 million (permanent) as soon as the construction contract was signed $5.3 million (temporary) includes extra to cover the timing of the state grant $3.3 million (permanent) once the project is closed out On Thursday January 15, 2015 the Town sold 10 -yr debt with these purposes: $10.0 million library project $4.3 million to refinance old debt for Barrows, Wood End and the partial MWRA buy -in il,