HomeMy WebLinkAbout2016-06-21 Board Of Selectmen HandoutDRAFT MOTIONS
BOARD OF SELECTMEN MEETING
JUNE 21, 2016
Halsey, Sexton, Berman, Arena, Ensminaer LeLacheur
4a) Move that the Board of Selectmen accept the recommendations of the
Volunteer Appointment Committee as follows:
as Constable with a term expiring June 30, 2019;
as an Associate member on the Community Planning
and Development Commission with a term expiring June 30,2018;
to the Conservation Commission with a term ending
June 30, 2019;
to the Conservation Commission with a term ending
June 30, 2019;
as an Associate member on the Conservation
Commission with a term ending June 30,2018;
Move that the Board of Selectmen reconsider the previous Associate
member votes.
Move that the Board of Selectmen accept the recommendations of the
Volunteer Appointment Committee for the Associate members as
follows:
Animal Control (Associate) Joyce Gould 6 -30 -18
Board of Health (Associate) Nancy Docktor 6 -30 -18
Climate Adv. Com. (Associates) (one for 6/30/17 and one for 6/30/18)
Jeffrey Everson 6 -30 -xx
Gina Snyder 6 -30 -xx
Comm. of Trust Funds (Associate) Richard Holmes 6 -30 -18
Council on Aging (Associate) Pooja Parsons 6 -30 -18
01
Fall Street Faire Committee (Associate) Allison Ullman 6 -30 -18
Historic District (Associates)
Jack Williams
6 -30 -18
Historical Commission (Associate)
Virginia Adams
6 -30 -18
Recreation Committee (Associate)
(one for 6/30/17; two for
6/30/18)
Mary Ellen Stolecki
6 -30 -xx
Catherine Kaminer
6 -30 -xx
Gill Congdon
6 -30 -xx
Town Forest Committee (Associate) (one for 6/30/17; two for 6/30/18)
Michael Bourque
6 -30 -xx
Daniel Ford
6 -30 -xx
Nancy Docktor
6 -30 -xx
Trails Committee (Associate)
John Parsons
6 -30 -18
5a) Move that the Board of Selectmen close the hearing on the approval of
the FY17 Non Union Classification and Compensation Plans.
Move that the Board of Selectmen approve the FY17 Non Union
Classification and Compensation Plans as presented.
5c) Move that the Board of Selectmen close the hearing on increasing the
No Parking on the easterly side in front of 75 Pearl Street from 100 feet
to 285 feet.
Move that the Board of Selectmen approve amending Article 12.1 of the
Town of Reading Traffic and Parking Regulations to prohibit parking
on the easterly side in front of 75 Pearl Street for approximately 285
feet.
5d) Move that the Board of Selectmen close the hearing restricting bus
access beyond house number 230 on Bancroft Avenue.
Move that the Board of Selectmen amend Article 12.1 of the Town of
Reading Traffic and Parking Regulations to prevent bus access beyond
230 Bancroft Avenue.
0
5e) Move to close the hearing on additional time restrictions on parking on
Charles Street between Dana Road and Boswell Road between the
hours of 8:00 a.m. and 3:30 pm. on Monday — Friday; and enacting
Article 5AAK of the Town of Reading Traffic Rules and Regulations.
Move that the Board of Selectmen amend Article 12 of the Town of
Reading Traffic and Parking Regulations to replace 5.4.41) to 5.4.4K by
adding the following:
Pursuant to Article 5.4.4K, parking shall be prohibited on the
northerly side of Charles Street between Dana Road and Boswell
Road between the hours of 8:00 a.m. and 3:30 p.m. on Monday
through Friday.
Move that the Board of Selectmen enact Article 5AAK Additional Time
Restriction to include: No Person shall park a vehicle from 8:00 a.m. to
3:30 p.m. on Monday through Friday on any of the streets or parts of
the streets to which this Article has been applied as listed under Article
12 of the Town of Reading Traffic and Parking Regulations.
5f) Move that the Board of Selectmen close the hearing on the application
for an All Alcohol Restaurant Liquor License for Chipotle Mexican
Grill, 46 Walkers Brook Drive.
Move that the Board of Selectmen approve the application for an All
Alcohol Restaurant Liquor License for Chipotle Mexican Grill of
Colorado, LLC d /b /a Chipotle Mexican Grill, 46 Walkers Brook Drive,
Reading for a term expiring December 31, 2016 subject to the following
conditions:
All Bylaws, Rules and Regulations of the Town of Reading and of
the Commonwealth of Massachusetts shall be followed, and
subject to a satisfactory inspection of the establishment by the
Town Manager or his designee.
5i) Move that in order to reduce interest costs, the Treasurer is authorized
to issue refunding bonds, at one time or from time to time, pursuant to
Chapter 44, Section 21A of the General Laws, or pursuant to any other
enabling authority, to refund all or a portion of the Town's $9,535,000
General Obligation Municipal Purpose Loan of 2007 Bonds dated
November 1, 2007 maturing on and after November 1, 2018
(collectively, the "Refunded Bonds ") and that the proceeds of any
refunding bonds issued pursuant to this vote shall be used to pay the
principal, redemption premium, if any, and interest on the Refunded
Bonds and to pay costs of issuance of the refunding bonds.
Further move that the sale of the $8,680,000 General Obligation
Municipal Purpose Loan of 2016 Bonds of the Town dated June 28,
2016 (the "Bonds "), to FTN Financial Capital Markets at the price of
$9,785,514.62 and accrued interest, if any, is hereby approved and
confirmed. The Bonds shall be payable on November 1 of the years and
in the principal amounts and bear interest at the respective rates, as
follows:
Further move 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 June 14, 2016, and a final Official
Statement dated June 21, 2016 (the "Official Statement'), each in such
form as may be approved by the Town Treasurer, be and hereby are
ratified, confirmed, approved and adopted.
Further move to authorize the execution and delivery of a
Refunding Escrow Agreement to be dated June 28, 2016, between the
Town and U.S. Bank National Association, as Refunding Escrow Agent
and Paying Agent.
Further move that the Town Treasurer and the Board of
Selectmen be, and hereby are, authorized to execute and deliver a
continuing disclosure undertaking in compliance with SEC Rule 15c2-
12 in such form as may be approved by bond counsel to the Town,
which undertaking shall be incorporated by reference in the Bonds for
the benefit of the holders of the Bonds from time to time.
O
Interest
Interest
Year
Amount
Rate
Year
Amount
Rate
2016
$705,000
3.00%
2022
$860,000
4.00%
2017
605,000
4.00
2023
860,000
4.00
2018
970,000
4.00
2024
710,000
4.00
2019
965,000
4.00
2025
475,000
4.00
2020
965,000
4.00
2026
355,000
3.00
2021
860,000
4.00
2027
350,000
3.00
Further move 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 June 14, 2016, and a final Official
Statement dated June 21, 2016 (the "Official Statement'), each in such
form as may be approved by the Town Treasurer, be and hereby are
ratified, confirmed, approved and adopted.
Further move to authorize the execution and delivery of a
Refunding Escrow Agreement to be dated June 28, 2016, between the
Town and U.S. Bank National Association, as Refunding Escrow Agent
and Paying Agent.
Further move that the Town Treasurer and the Board of
Selectmen be, and hereby are, authorized to execute and deliver a
continuing disclosure undertaking in compliance with SEC Rule 15c2-
12 in such form as may be approved by bond counsel to the Town,
which undertaking shall be incorporated by reference in the Bonds for
the benefit of the holders of the Bonds from time to time.
O
Further move that we authorize and direct the Treasurer to
review and update the Town's post- issuance federal tax compliance
procedures with such changes, if any, as the Treasurer and bond
counsel deem necessary in order to monitor and maintain the tax -
exempt status of the Bonds.
Further move that each member of the Board of Selectmen, 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.
5k) Move to approve the Amendment to the May 21, 2013 Employment
Agreement between Town of Reading and Robert LeLacheur for
Services as Town Manager as presented.
6a) Move that the Board of Selectmen approve the minutes of May 17, 2016
as amended.
6b) Move that the Board of Selectmen approve the minutes of June 1, 2016
as amended.
6c) Move that the Board of Selectmen approve the minutes of June 7, 2016
as amended.
Move that the Board of Selectmen adjourn the meeting at p.m.
5
LEGAL BUDGET
YTDNCLUAL
%WET
daF
July
au'..
September
October
November
December 3awary
February
Martb
April May
$ MA73
Pra MNYearEnd Baanm
IEGALOUWFT TOTAL
$
250,3,00
$ 285,516
Town C.Rdel
$ 163841
S.TOWNNUUSFLIOTM
Is
130,19502
sImmm
$19,0606.08
RT
unkmxn
6121116- defrcitof$50706through April
Typicallbuu, T
$
70,524.SS
$ 9LWD.00
$11.7545
Inbor COUnuI
$ 15828
OMer lSwes
$
55,67047
$ 56,000.00
$ 2,329.53
Miyares &Harnnglm Tonal
$
130195.02
$150,000.00
$19,8111.96 $10,503.50
$23,32530
$ 7,677,85
$32,15290
$10,92190
5 9,3460) 5 9.860.18
$16,349.11
53U4294
$14,31534
Polity Bevelai 3W $
45,5424
$ 45.00441
Town Matting T
$
23,759.10
$ 24,00040
$ 240.90 5
582.50
5 6,945.30
$ 152300
$ 1,319.80
$ 5,224.60
$ 1,146.50 $ 3,43850
5 1,128.50
5 36700
5 4,08340
Zoning Bylaw proied
$
10,729.14
$ 14,000.01)
$ 3,210.08 $
2,359.50
5 LOGIN
5 259Po
$ 3,08350 $ 2,07408
$ 276,00
$ 2,239.30
$ 40700
Firearm bylax
$
1,806.00
$ 2,001
$ 1%.00 $
1,67901
5 12700
Town Regional IMA
$
1,266.00
5 11000.00
$ (266.00)
$ 1.266.00
School Regional IMA
$
1,376.00
$ 1.00.4
$ (376.00)
$ 1,37600
Sdod MM1er
$
4,309.00
$ 2.00.00
$(2,309.00)
5 758.50
$ SSW $ 37,00
$ 3.219.00
$ 239.00
other
$
3,391.00
$ Ip00.00
$0,397.00)
$ 1,11700
$ 1,28000
Constmtlion abb 1351 $
4,190.32 1
$ 21,0.U.00 1
$ 3,&19.61
Matlular Classrooms
$
5939.85
$ 2,000.00
$13.939.85) $
74000
5 2,66750
$ 1,033.85
$ 1,184,D)
$ 314.50
Public Library T
$
3,377.00
$ 5,000.00
$ 3,623.00 $
45200
$ 7400 $ 29600
$ 48100
$ 5550
$ 1850
R-d,ng VillMadOB
$
5,525.78
$ 10,000.00
$ 4.74.22
$ 18500
$ 3,282.86
$ 3,835.92
$ 222.00
Oakland Road land T
$
1,777.W
$ 2.000.00
$ 22250
$ 640.00
$ 801.%
5 336.00
CemeterybuiMing T
$
49.W
$ 3,080.00
$ 520.50
$ 257.50
$ 22200
RT /RMH$
$
2.0124.
$
$13, %2.001
$ 1,99B 00
5 74DO
other T
$
16.00
$ 1,800.00
$ "I."
Town Issues J% $
9,641.14
$ 50,000.00
$ 35&"
TialBletakmg T
$
966."
$ 2.00.00
$ 1,93.00 $
966.00
cellbxer leases/bylaw T
$
836.00
$ 2,"0.00
$ 1,664.00 5
96M
$ 74000
RHrrement Boand
$
IL"
$ 500.00
$ 481.00 $
18.9
Alcohol lianas T
$
2130.0
$ 1,500.00
$ (083. ")
$ 1,06DOO
$ 753.W
$ 55000
Public Safely T
$
2.54.64
$ 11000.00
$11.54.fi4)
$ 508.00
$ 1,97664
Public Woks T
$
1,83,.00
$ 11.euso)
$ 1,818.00
BWltlmg duaRonaM T
$
110951%
$11,P1550)
$ 1,035.00
HRlssua T
5
-
$ 2.000.00
$ 2,000.00
UM USe la.. 27)6 $
34,54.99
1 $ 40,000.00
$ SAO&K
Summer Ave
$
14.9470
$ 1,111
$ 00530 $
1,10200
$ SWO0
5 31450
$ 6,106.%
$ 2,74208
5 1ECd.W 5 1,916.%
$ 10850
inner T
$
937119
$ 7,500.00
$11.3.41 $
277.50
$ 2,84300
$ 37.00
$ 314.50
$ 3,739.00
$ 1,70.79
$ 1,64500
$ VA.W
Sun- Supedund T
$
3399.W
$ 4,001
$ 600."
5 1,51650
5 1,86700
$ 1600
Affordable Houung T
$
4,436.00
5 5,00040
$ 084.00
5 2,631W
$ 53650
$ 1,26600
Gardner Road
$
2,477.W
$ 3,000,00
$ 522.W $
251.W
$ 2,22600
258 Main Street
$
345.00
$ 500.00
S 155,00
5 34500
Lgal untaneMS
$
-
$ 51000,00
5 5000.00
tuber LLwo 16% $
23,197,52
1 $ 34,000.00
510,60!.4
Mryares &Harrington T
$
23,197.52
$ 34.0000
$10,802.48 $
1,97100
$ 4,034.00
$ 2,10100
5 853.20
$ 42900
$ 4,348.00 $ 3,113.34
$ 1,082.96
$ 4,14222
$ 1,0119
Other T
$
5
filledluo"W
2.TLTUTIGATpHTOTAL
I $
116.23.08
$115516.10
$ ("146
TLTIS&P
$
52,443.29
$ W.000.00
$ 13,44139) $
16,836.85
$ 16.075
$ 1,530.00
$ 1,893.20
$ 4500
$ 22W $ 4,99500
$ 6.27.66
$ 2,713.79
$ 1903.%
" fMaster
5
23,00.4
$ 25,000.00
$ 1,93543
$ 5,26625
5 4.02875
$ 6,64125
$ 7,127.92
TLT /g&Ppiwyrbill
$
40.516.30
$ 40516.10
$
$40,516.4
1.08.00
$ 1410
$ 5600
$ 336.00
$ 22400 $ 744.60
$ 46200
5 %00
5 154W 5 769 00
3. LABOR MUIMLIOTAL
$
3.4414
$ 2000000
$ 16,1JS.K $
Legal Notice
TOWN OF READING
To the Inhabitants of the Town
of Reading:
Please take notice that the
Board of Selectmen of the
Town of Reading will hold a
public hearing on June 21,
2016 in - the Selectmen's
Meatus j' Rdbm;'16" L"owb'W'
Street, Reading,
Massachusetts on the follow-
ing: .
-mApprove FY17 Non -Union
Classification and
Compensation Plans: 7:20
- Increase the No Parking on
the easterly side in front of 75
Pead Street from 100 feet to
285 feet: 7:35
_rNo bus access beyond
house number 230 on
Brancroft Avenue: 7:40
' .41
ENO parking on the norlhe"
side of Charles [re
between Dana: 7:45 �11`
Road and- Boswell
between 8:00 a. m. and'3:3b`'
p.m. on Monday - Friday and
Enact - Article 5.4.4
Additional Time Restricts,
Charles Street -'
A copy of the proposed dQctb,.
ment regarding this toplGyw:
available in the rtQwg
Manager's office, 16 L'ppyye..`
Street, Reading, MA,
Thurs from .7:30 a.m. - '5:3116
p.m., Tues from 7:30 a.m`.•'
7:00 P.M. and is attached 0 `'
the hearing notice on-!A- :
website - '''ei "'
www.readinama.cov
All "intorested parties - are'in*tz
ad to attend the hearinV, a
may submit their comments in
Writing or by email prf& tors
6:00 p.m. on June 21, 2171@'tM
townmanagerCaci.readina:tf 74
Ilk
By order of
Robert W. LeLacheur;;�:,!v
Town Manager
6.14.16
CJ
F -
FY 2017 TOWN OF READING CLASSIFICATION PLAN effecfive duly t, 2015
SclUetlule A -1
OSj�e,z
Parking Enforcement
A
Officer
Van Driver.
B
Clerk
LibroyAosmactIle ,
Adreiaisnalwe
Senior Library
C
Secretay
Associate
Administrative
Animal Control
RCASA Youm
Senior Center
D
Assisunl
Officer
Comdimuor
Diordimmr
Office Manager/PUbIic RCASA Outreach
Recreation Pmgmn
Regional Housing
Senior Administrative
E
Assismm T. Clerk
Case Manager
Computer Technician
Librarian
Services
Coorelismtor
Comdmmor
Services Cuordinmor
Asslstaet
Zoning Enforcement
Ins tm
Plmnbing/Gas
Vetemn'k Sevice
F
Assistant Assessor
Assisunt Collection
Assiaunt Mssuter
Heath lospicter
Sector Csse
Officer
Winn Ins for
Libra, Childretis
Library Information
Library Tainieal
Conservation
Head Public Safety
Human Resomus
Services Division
Library Circubedi
Services Division
Semoss Division
G
Ad.no,bnmr
Dispatcher
Genesalist
Had
Division Head
Heed
Head
Nurse Advocate
Public Health Nurse
Reentan n
Senior Computer
Weter Supply
Adenumbmor
Technician
Coordiwwr.
Eldes/Human Services
H
Adminiatrabr
Eaauiro Muafsat
GIS Admidisttmor
Assistant Library
1
Di ecor
RCASA Di.
Hedth April
T. Clerk
Psauremem Officer
Tmumer-
ArimasntFacilities
Business
Community
Commmity Services
HttmaoResouma
Collator /Assistant
1
Amsor
Diraier
Buildinghtsector
Admieistramr
Develo mmt Director DiaMa
Director
Finana Director
Aeslstaal DPW
K
Director
Assistant Firs Chief
De u Police Chief
TruMoto Director
Tors
Adminisebral
AaamtehUFYaence
L
Services Director
Uburry Director
Dircemr.
Asaiamnt Town
M
Man r
DPW Director
Failitles Dvrctm
F Chief
Police Chief
OSj�e,z
35.071
$ 35.12
$ 6.448
$ 33,117
FY2017 TOWN OF READING COMPENSATION PLAN
$ 38,121
$ 39,495
$ 60,285
1 61,031 S
61913
S 61,751 $
0.696
AM
$ 39.949
suKewb s+
$ 60.939
$ 61758
S 0,593
$ O,KS
$ .316
S 65,260 S
6UM
$ 47A6 $
63.67
62,436
(235NCrte9e ove.bvi61
$ 44.150
1 65.013
$ 65,936
1 All
5 .7,759
NOU6a
5 69.721 S
A716
$ $1,729 1
52.763
CLM
$ 67.613
S AW
$ AM
S 50.527
$ 52538
$ A.
G'MCI
...I
Stev 2
Sts]
Ssoo 6
SI S
Sle 6 U..7
III 6
HMI
SsM.0
.. ll
H 11
$ 58,982
A
136
16"
174,
1]39
17..
16,45 I6A1
All
M16
1956
19.93
033
$ K.I33 $
B
17.99
36.36
1171
19.09
19.67
19.01 HRS
7019[
1.7
SL69
1192
2236
3,251
C
0.78
70.19
3058
059
S1..
21M 1356
2L.
3119
MIS
3412
ISM
$ 6310 $
O
31.76
3210
11.66
330
SLS6
1043 3451
25.0
1530
2L.
..53
31,06
93.633
E
33.94
30.03
2491
250
2531
SEAS 26.96
1750
280
2161
MIS
2916
8
26.33
266
37.60
37.96
3830
19.7 MIS
30.25
1.,.
31.67
32.10-
3236
$ 302.052
0
3,497
3930
WIS
MN
3133
3193 An
33.27
3394
643
3531
-36,41
N
31.96
3250
3335
33.3
94M
3518 3$.88
36.60
3131
38.6
3816
1
350
3575
36,46
37.19
37.94
6,M W47
.16
0146
61M
6272
6.3
J
38SS
3932
4411
6091
St.
61.57 63.62
44.6
.,I,
M.
Qlq
0.96
K
KAI
016
K u
0500
KSO
4432 0,76
M71
69M
SOY
SL69
SI n
L
44.6
0.56
68.53
6950
50.69
5150 SIM
53S8
56.66
553$
56.6
so..
N
$131
5294
5339
56,45
ASS
6M 3279
1694
W.
6L33
ASS
f1.6
35.071
$ 35.12
$ 6.448
$ 33,117
$ 37.9.1
$ 38,121
$ 39,495
$ 60,285
1 61,031 S
61913
S 61,751 $
0.696
AM
$ 39.949
S 60,16
$ 60.939
$ 61758
S 0,593
$ O,KS
$ .316
S 65,260 S
6UM
$ 47A6 $
63.67
62,436
$ 63,286
$ 44.150
1 65.013
$ 65,936
1 All
5 .7,759
5 68.70
5 69.721 S
A716
$ $1,729 1
52.763
CLM
$ 67.613
S AW
$ AM
S 50.527
$ 52538
$ A.
5 53.621
$ 5401 $
A-
$ KM2 5
AsIl
51,30
$ SLIM
5 53,422
$ 56.4.
$ 55.1.
$ 56,691
$ 57A25
$ 58,982
S 60.161 $
61.365
$ 6 ;593 $
63.844
56.443
$ 53AI3
$ 50.366
$ 59.96
$ 61,136
$ 6L360
$ 65.W8
$ 66,8,41
$ K.I33 $
67,101
$ 68Y1 S
M.318
62,130
$ 6,373
$ 66.W0
$ 65.933
$ 0,251
$ 68.597
$ 69,96
$ 71368
$ 72.795 $
3,251
$ 35.336 5
77351
UMS
S AM
$ 72106
$ 72526
$ 73.973
S 73,156
S 76,65
$ 73305
S WADS $
BL676
$ 6310 $
94,90
75.177
$ 76.681
S 38,116
$ ,4,379
$ 8L374
$ BLM
$ 1
$ 86.355
$ 6.62 5
8S,.
$ 11.661 S
93.633
82AS
$ 6,369
86036
$ 8.737
5 AM
$ 9102
$ AI38
$ 94,61
$ 600 $
AM
miss 5:]02,435
$ 93.36
$ 94,09
$ 6.532
$ 6463
S 160,432
$ 102.441
S I...
$ 306,579 5
108,711
$ I10A5 S
113,403
9OA64
160.061
$ 302.052
S 106.03
S Miss
$ 108,303
$ IM175
$ JAUS
$ 114AN
$ II7P7 $
MBAs[
$ 31974 $
I3M23
37.449 $ 38,157 $ 38.920 5 39,66 $ 60,03 5 61301 1 62,128 $ 42,971 1 63 ,40 5 44,X7 $ 4S.WI 5 66,513
SLIM $ 01,973 $ 63,011 $ M.. $ 44,50 $ .,433 S 66.941 $ O1W $ 66213 $ 69,M S WA, $ SUN
95,265 5 66.1M $ OA3 S 66035 $ 44,96 $ 69.976 $ 50,I. $ 51,65 5 53.035 $ 16,4195 $ AIV $ 56.301
69,03 $ .1.1 S SLMC $ 52A. $ "A6 S 3.933 S AM $ VA. $ His. $ 336 5 60.66 $ 61,46'
507M 5 5506 S 56,983 $ 5U23 $ 59,285 $ 0A71 $ 61,6W 5 62,916 $ 3.172 $ 0,655 $ 66,765 $ %I.
60,30 S 61,453 $ 0.01 $ 63935 $ 6116 $ AM $ CIAM S W.MS S MAN $ 3LW3 $ 73,60 $ 7630
W272 S 67,597 $ 66949 $ Mill $ 71.735 $ M,IM $ 76,633 $ 76.126 $ 77.648 S A.IDI $ 60,765 $ 01441
73,43 S 74,67 S 75344 S 77,361 $ 78.96 $ WK7 $ MM S 83.73 $ MA13 $ 0,131 S NAN $ 6,31
W,189 $ 82, 713 $ 93.421 $ 85,037 $ I,M9 $ Nils $ 60.306 $ 92,112 $ 93A3 $ 91M3 $ 97,750 5 6.70$
8633 $ AM $ 9L772 $ ILW7 $ 9$A. $ AAN S 3337 $ 201,323 $ MCA50 $ MSAII S 10AL9 5 10,6'
97,029 $ 90,90 $ IW.90 $ ]OL9N $ 105.27 $ 107,1l8 $ 13.270 $ I11A6 $ [13,35 $ 115,93 5 118.378 $ 120.643
06,732 $ IN.N6 $ IILOM S 113.3. $ 113,5. S 11700 $ 120.]97 $ I2LW1 $ 13205S $ 137.594 $ 130,105 $ 'I'M
Legal Notice
TOWN OF READING
To the Inhabitants of the Town
of Reading:
Please take notice that the
Board of Selectmen of the
Town of Reading will hold a
public hearing on June 21,
2016 in -the `.Selectmen's
Meellii j' Rdoiti;�16 "Cowell "'
Street, Reading,
Massachusetts on the follow-
ing:
-Approve FY17 Non -Union
Classification and
Compensation Plans: 720 -
Increase the No Parking on
the easterly side in front of 75
Pearl Street from 100 feet to
285 feet: 7:35
-No bus access beyond
house number 230 on
Brancroft Avenue: 7:40
rI
.No parking on the northe" t}
side of Charles SV& 14
between Dana: 7:45 ` nl
Road and Boswell R'6a,
between 8:00 a.m. and13:3b"
p.m. on Monday — Friday. and
Enact - Article 5.4.4
Additional Time RestrictiiNY,b
Charles Street
A copy of the proposed 8Qct4,.
ment regarding this topptq,-
available in the Tpwg��
Manager's office, 16 L.. vefi.t
Street, Reading, MA, Rl -1i(fr
Thurs from 7:30 a.m. - 15:'515 1.
p.m., Tues from 7:30 aiAt'-r:
7:00 p.m. and is attachei:116
the hearing notice on-t1441`
website
www.readingmaTaov
Ad`lfterested parties -are' in0lt =r'
ad to attend the hearirfg or
may submit their eommenf v in
writing or by email prloi Wft
6:00 p.m. on June 21, 20!16%
townmanager @cixeadina -AywI ',
" 21., 1._
By order of r1 w
Robert W. LeLacheur i:,-ti•
Town Manager
6.14.16
to
Town of Reading
Amendment to the
i f Traffic and Parking Regulations f
b..
Amendment Number: 2016 -10
Date Filed: May 2514, 2016
Filed By: Traffic and Safety Officer David V. Savio
On Behalf of: Parking Traffic Transportation Task Force
Section 1:
Purpose of Amendment - Amendment of Article 12.1, Pearl Street
To address the narrowing of the roadway when people park
during field events.
Section 2:
Proposed Amendment - Pursuant to Article 12.1: parking on Pearl Street shall be
prohibited on the easterly side in front of 75 Pearl Street for approximately 285 feet.
The change in language is 100 feet to 285 feet.
Section 3:
Effective Date:
This act shall take effect upon its passage and the provisions above shall not expire.
Board of Selectmen: -
Date Signed:
Certification of Amendment:
The Town Clerk certifies that Amendment Number above was
by the Board of Selectmen of the Town of Reading through an official vote
occurring during a public hearing held on . The Amendment was
through a vote of in favor and opposed.
Town Clerk
�- Town Corporate Seal
1`
Legal Notice
TOWN OF READING
No parking on the norfhe o:
.
,
side of Charles Stre�t.�
between Dana: 7:45 `
' Road and Boswell R'6s..
between 8:00 a.m. and'3:36•"
_ p.m. on Monday — Friday. and
Enact Article 5.4.4
Additional Time Restrictiiii>
Charles Street -'
A copy of the proposed dpcLk.
ment regarding this toOgN",
available in the igwg;
To the Inhabitants of the Town I Manager's office, 16 L'pyfefJ.�
of Reading: Street, Reading, MA,
Please take notice that th
Board of Selectmen of the
Town of Reading will hold
public hearing on June 21
2016 in the'.Selectmen'
Meethi'y R'ooiii; !1'rewi
Street, Reading
Massachusetts on the follow-
ing:
-Approve FY17 Non-Union
Classification ' an
Compensation Plans: 7:20
-increase the No Parking on
the easterly side in front of 7
Pearl Street from 100 feet t
285 feet; 7:35
No bus access beyond
house number 230 on
Brancroft Avenue: 7:40
Thurs from 7:30 a.m. - '5:30
e p.m., Tues from 7:30 6Am . h'.
e 7 :00 p.m. and is attached0 "'
a
the hearing notice on=R'Vi'
website
s www.readingma gov
TI" All`fnterested parties- are'iMWJ
ad to attend the hearing lau.
may submit their commerl in
writing or by email prl& to'!�
6:00 p.m. on June 21, 20WId',
d townmanageroci readinA:n P!,
5 By order of v:
o Robert W. LeLacheur 'N-
Town Manager
6.14.16
•h
�a
Town of Reading
(401
z,
Amendment Number: 2016 -11
Date Filed: May 25r', 2016
Filed By: Traffic and Safety Officer David V. Savio
On Behalf of: Parking Traffic Transportation Task Force
Section 1:
Purpose of Amendment - Amendment of Article 12.1, Bancroft Avenue
To prevent buses from entering the end of Bancroft Avenue by
the tennis courts. Buses backing from this area create an unsafe
traffic condition.
Section 2:
Proposed Amendment -Pursuant to Article 12.1: Bancroft Avenue
There shall be no bus access beyond house number 230.
Section 3:
Effective Date: -
This act shall take effect upon Its passage and the provisions above shall not expire.
Board of Selectmen: '
Date Signed:
Certification of Amendment:
The Town Clerk certifies that Amendment Number above was
by the Board of Selectmen of the Town of Reading through an official vote
occurring during a public hearing held on . The Amendment was
through a vote of in favor and opposed.
Town Clerk
Town Corporate Seal
13
Legal Notice
TOWN OF READING
To the Inhabitants of the Town
of Reading:
Please take notice that the
Board of Selectmen of the
Town of Reading will hold. a
public hearing on June 2,
2016 in the Selectmen's
Meeftlii J`Rdom;" 16 "L'ovie'fP'
Street, Reading,
Massachusetts on the follow-
ing:
-Approve FY17 Non -Union
Classification and
Compensation Plans: 7:20
-increase the No Parking on
the easterly side in front of 75
Pearl Street from 100 feet to
285 feet: 7:35
-No bus access beyond
house number 230 an
Brancroft Avenue: 7:40
r
-.-No parking on the northe-
side of Charles Stied
between Dana:.7:45 ' `
Road and Boswell R`rjai
between 8:00 a.m. and'3:36""
p.m. on Monday — Friday and
Enact Article 5.4.4
Additional Time Restrictio ,r4x .
Charles Street -'
A copy of the proposed dgax ,
ment regarding this toplG!$ti:
available in the ?9v+8,_-
Manager's office, 16 Lpy,✓,4;IJ.t
Street, Reading, MA, 141 -
Thurs from 7:30 a.m. - 15:615°
p.m., Tues from 7:30 a.Ri` a'ft.'
7:00 p.m. and is attachedA "'
the %hearing notice on�AP:
website
www, readinama.aov
' AllIntemsted parties - are'inJW'r�
ed to attend the heartrq wl
may submit their commen{s'in
writing or by email prr&Ro'r�
6:00 p.m. on June 21, 204,616 1�
townmanager@ci.readi0yaftai:'f
By order of
Robert W. L.eLacheur ".Qv.
Town Manager
6.14.16
2
Town of Reading
Amendment to the
Traffic and Parking Regulations
Amendment Number: 2016 -09
Date Filed: May 18u, 2016
Filed By: Traffic and Safety Officer David V. Savio
On Behalf of: Parking Traffic Transportation Task Force
Section 1:
Purpose of Amendment - Amendment of Article 12 to replace 5.4.4D to 5.4.4K
Section 2:
Proposed Amendment - Pursuant to Article 5.4.4K, parking shall be prohibited on the
northerly side of Charles Street between Dana Road and Boswell Road between the hours of
B:OOam and 3:30pm on Monday through Friday.
Street to be amended: Charles Street
Location on Street: Northerly side between Dana Road and Boswell Road
Regulation: No Parking from 08:OOam- 3:30pm, Monday through Friday
Pursuant to Article: 5.4.4K
Section 3:
Effective Date:
This act shall take effect upon its passage and the provisions above shall not expire.
Board of Selectmen:
Date Signed:
Certification of Amendment:
The Town Clerk certifies that Amendment Number above was
by the Board of Selectmen of the Town of Reading through an official vote
occurring during a public hearing held on . The Amendment was
through a vote of in favor and opposed.
Town Clerk
Town Corporate Seal
15
Town of Reading _
Amendment to the
Traffic and Parking Regulations
Amendment Number: 2016 -08
Date Filed: May 18th, 2016
Filed By: Traffic and Safety Officer David V. Savio
On Behalf of: Parking Traffic Transportation Task Force
Section 1:
Purpose of Amendment - Enact Article 5.4.4K Additional Time Restriction
This is to extend the no parking In this section of Charles Street
to incorporate the V2 day kindergarten pick up.
Section 2:
Proposed Amendment - No Person shall park a vehicle from 8:00am to 3:30pm on Monday
through Friday on any of the streets or parts of the streets to which this Article has been
applied as listed under Article 12.
Section 3:
Effective Date:
This act shall take effect upon its passage and the provisions above shall not expire.
Board of Selectmen:
Date Signed:
Certification of Amendment:
The Town Clerk certifies that Amendment Number above was
by the Board of Selectmen of the Town of Reading through an official vote
occurring during a public hearing held on . The Amendment was
through a vote of in favor and opposed.
Town Clerk
Town Corporate Seal
IW
LEGAL NOTICE
Town of Reading
Please take notice that the
Board of Selectmen of the
Town of Reading will hold a
public hearing on June 21,
2016 at 7:50 p.m. in the
Selectmen's Meeting Room,
16 Lowell Street, Reading,
Massachusetts on an applica-
tion for an Alcohol Restaurant
Liquor License for Chipotle
Mexican Grill of Colorado,
LLC d/b /a Chipotle Mexican
Grill, 46 Walkers Brook Road,
Reading, Massachusetts.
A copy of the proposed docu-
ment regarding this topic is
available in the Town
Manager's office, 16 Lowell
Street, Reading, MA, M -W-
Thurs from 7:30 a.m. - 5:30
p.m., Tueg from 7:30 a.m. -
7:00'p.m. and is attached to
the hearing notice on the
website at
www.readingma.cov
All interested parties are invit-
ed to attend the hearing, or
may submit their comments in
writing or by email prior to
....6.O p.m:�n June 21, 2016 to
townmanaaer @cl readino ma
By order of
Robert W. LeLacheur
Town Manager
6.10.16
1�
READING POLICE DEPARTMENT
' 15 Union Street •_ R_ e_ading_ Massachusetts _01_867__
Emergency Only: 911 • All Other Calls: (781) 944 -1212 • Fax: (781) 944 -2893
EXECUTIVE SUMMARY 'n( ,
New Liquor License — Chinotle Mexican Grill. Inc �'✓O
June 16, 2016
Chief Mark D. Segalla
Reading Police Department
15 Union Street
Reading, MA 01867
Chief Segalla,
As directed by your Office and in accordance with Reading Police Department Policy and
Procedures, I have placed together an executive summary of the application for a New Liquor
License for Chipotle Mexican Grill, Inc which is located at 46 Walkers Brook Drive. This
application will be going before the Board of Selectmen at their meeting on June 21, 2016.
Owner: Chipotle Mexican Grill, Inc 100%
LLC Managers:
1) M. Steven Ells
2) Montgomery F. Morgan
Manaaer on Record: Shane Wilson
Criminal History:
• Board of Probation checks and In -house history checks were run on the above named parties
listed above.
• The above named parties have not been convicted of violating any Massachusetts
state laws.
• The above named parties have no relevant in -house involvement in our system.
Liquor License History:
Chipotle Mexican Grill, Inc is a national chain with numerous locations that currently have
liquor licenses.
I find no reason why this license application should not go forward.
Respectfully Submitte ,
Richard Abate
Criminal Division Commander
i
VOTE OF THE BOARD OF SELECTMEN
I, the Clerk of the Board of Selectmen of the Town of Reading, Massachusetts (the
"Town "), certify that at a meeting of the board held June 21, 2016, of which meeting all
members of the board were duly notified and at which a quorum was present, the following votes
were unanimously passed, all of which appear upon the official record of the board in my
custody:
Voted: That in order to reduce interest costs, the Treasurer is authorized to issue
refunding bonds, at one time or from time to time, pursuant to Chapter 44, Section 21A
of the General Laws, or pursuant to any other enabling authority, to refund all or a
portion of the Town's $9,535,000 General Obligation Municipal Purpose Loan of 2007
Bonds dated November 1, 2007 maturing on and after November 1, 2018 (collectively,
the "Refunded Bonds ") and that the proceeds of any refunding bonds issued pursuant to
this vote shall be used to pay the principal, redemption premium, if any, and interest on
the Refunded Bonds and to pay costs of issuance of the refunding bonds.
Further Voted: that the sale of the $8,680,000 General Obligation Municipal
Purpose Loan of 2016 Bonds of the Town dated June 28, 2016 (the "Bonds"), to FTN
Financial Capital Markets at the price of $9,785,514.62 and accrued interest, if any, is
hereby approved and confirmed. The Bonds shall be payable on November 1 of the years
and in the principal amounts and bear interest at the respective rates, as follows:
Interest Interest
Year Amount Rate Year Amount Rate
2016 $705,000 3.00% 2022 $860,000 4.00%
2017 605,000 4.00 2023 860,000 4.00
2018 970,000 4.00 2024 710,000 4.00
2019 965,000 4.00 2025 475,000 4.00
2020 965,000 4.00 2026 355,000 3.00
2021 860,000 4.00 2027 350,000 3.00
Further Voted: 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
June 14, 2016, and a final Official Statement dated June 21, 2016 (the "Official
Statement "), each in such form as may be approved by the Town Treasurer, be and
hereby are ratified, confirmed, approved and adopted.
Further Voted: to authorize the execution and delivery of a Refunding Escrow
Agreement to be dated June 28, 2016, between the Town and U.S. Bank National
Association, as Refunding Escrow Agent and Paying Agent.
19
Flasher Voted: that the Town Treasurer and the Board of Selectmen be, and
hereby are, authorized to execute and deliver a continuing disclosure undertaking in
compliance with SEC Rule 15c2 -12 in such form as may be approved by bond counsel to
the Town, which undertaking shall be incorporated by reference in the Bonds for the
benefit of the holders of the Bonds from time to time.
Further Voted: that we authorize and direct the Treasurer to review and update
the Town's post - issuance federal tax compliance procedures with such changes, if any, m
the Treasurer and bond counsel deem necessary in order to monitor and maintain the tax -
exempt status of the Bonds.
Further Voted: that each member of the Board of Selectmen, 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.
I further certify that the votes were taken at a meeting open to the public, that no vote was
taken by secret ballot, that a notice stating the place, date, time and agenda for the meeting
(which agenda included the adoption of the above votes) was filed with the Town Clerk and a
copy thereof posted in a manner conspicuously visible to the public at all hours in or on the
municipal building that the office of the Town Clerk is located 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), at least 48 hours, not including Saturdays, Sundays and legal holidays,
prior to the time of the meeting and remained so posted at the time of the meeting, that no
deliberations or decision in connection with the sale of the Bonds were taken in executive
session, all in accordance with G.L. c.30A, § §18 -25, as amended.
Dated: June 21, 2016
Clerk of the Board of Selectmen
"581]3224.1
M
S &P Global
Ratings
RatingsDirecto
Summary:
Reading, Massachusetts; General
Obligation
Primary Credit Analyst:
Belle We, Centennial (303)721 -9325; bege.W @spglobal.com
secondary Contact:
Anthony Polanco, Boston 617 -530 -8239; anthony.polanco@spglobal.com
Table Of Contents
.............................................................................. ...............................
Rationale
Outlook
Related Criteria And Research
WWW. STANDARDANDPOORS .COM /RATINGSDIRECT JANE 19,0016 1 �`
1659156 1 302336318
Summary:
Reading, Massachusetts; General Obligation
US$9.915 mil GO mo n pure loan brads ser 2016 due 11/01/2027
Long Term Rating AAA /Stable New
Reading GO
Long Term Rating AAA /Stable Affirmed
Reading GO
UnenhancedRaang AAA(SPUR) /Stable Affirmed
Many issues are enhanced by bond insurance.
Rationale
S &P Global Ratings assigned its 'AAA' rating and stable outlook to Reading, Mass.' series 2016 general obligation (GO)
municipal- purpose loan bonds and affirmed its 'AAA' rating, with a stable outlook, on the town's existing GO debt.
Reading's GO bonds are eligible to be rated above the sovereign because we believe the town can maintain better
credit characteristics than the nation in a stress scenario. Under our criteria, titled "Ratings Above The Sovereign:
Corporate And Government Ratings — Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect,
U.S. local governments are considered to have moderate sensitivity to country risk Reading's GO pledge is the
primary source of security on the debt; this severely limits the possibility of negative sovereign intervention in the
payment of the debt or operations of the town. The institutional framework in the nation is predictable for local
governments, allowing them significant autonomy, independent treasury management, and no history of government
intervention. Reading has considerable financial flexibility, as demonstrated by the very high general fund balance as a
percent of expenditures, as well as very strong liquidity.
Reading pledges its full faith and credit, within the limitations of Proposition 2 1/2, to secure the bonds. Officials
intend to use series 2016 bond proceeds to fund various municipal purposes and advance refund a portion of the
town's 2007 GO bonds.
The following factors for the town were assessed when determining the rating:
• Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA);
• Strong management, with good financial policies and practices under our Financial Management Assessment (FMA)
methodology;
• Strong budgetary performance, with balanced operating results in the general fund and a slight operating surplus at
the total governmental fund level in fiscal 2015;
• Very strong budgetary flexibility, with an available fund balance in fiscal 2015 of 20% of operating expenditures;
• Very strong liquidity, with total government available cash at 34.4% of total governmental fund expenditures and
10.5x governmental debt service, and access to external liquidity we consider strong;
WWW. STANDARDANDPOORS .COM /RATINGSDIRECT 1UN917, 2019 S O
1659156 1 302334318 ��
Summary: Reading, Massachusetts; General Obligation
• Very strong debt and contingent liability position, with debt service carrying charges at 3.3% of expenditures and
net direct debt that is 40% of total governmental fund revenue, as well as low overall net debt at less than 3% of
market value and rapid amortization, with 96.60/a of debt scheduled to be retired within 10 years, but a large pension
and other postemployment benefit (OPEB) obligation; and
• Strong institutional framework score.
Very strong economy
We consider Reading's economy very strong The town, with an estimated population of 26,302, is located in
Middlesex County in the Boston - Cambridge - Newton MSA, which we consider broad and diverse. The town has a
projected per capita effective buying income of 161°/ of the national level and per capita market value of $163,855.
Overall, the town's market value grew by 7.89/o over the past year to $4.3 billion in 2016. The county unemployment
rate was 4% in 2015.
Reading is about 10 miles north of Boston in northeastern Massachusetts. The town retains an established economy
with steady growth. Despite no major developments currently, smaller projects continue to build within the town.
Officials also mentioned that Reading has recently hired an economic development planner to assist with the
improvement of its community and that they expect significant new growth beyond the next five years.
Strong management
We view the town's management as strong, with good financial policies and practices under our FMA methodology,
indicating financial practices exist in most areas, but that governance officials might not formalize or monitor all of
them on a regular basis. Due to the lack of a comprehensive debt policy, as well as no official reporting requirements
�j on the town's investment activity, we revised the FMA score to good from strong.
Key management practices include detailed budgetary assumptions, consistent budget monitoring, and long -term
planning. Management analyzes five years of past trends and incorporates current and future forecasts when
determining the town's revenue and expenditure assumptions. Budget- to-actual performance is reported monthly to
each department and quarterly to the town board. The town maintains a 10 -year capital improvement plan that
outlines specific projects and funding sources. The town also keeps a long -term financial plan that forecasts 12 years of
revenue and expenditures.
Sound financial policies for the town include formal investment and reserve policies. The town has adopted
commonwealth guidelines for its investment management policy. Holdings and earnings on investments are monitored
and filed monthly; however, there are no official reporting requirements. The town's reserve policy requires at least
cash reserve be maintained at a level of, at least, 5% of the current budget. While the town has a formal debt and
capital policy, in our opinion, it lacks comprehensive guidelines pertaining to the issuance of debt.
Strong budgetary performance
Reading's budgetary performance is strong in our opinion. The town had balanced operating results in the general fund
of 0% of expenditures, and slight surplus results across all governmental funds of 1% of expenditures in fiscal 2015.
General fund operating results of the town have been stable over the past three years, with a result of 1.9% of
expenditures in 2014 and 0.1% of expenditures in 2013.
The final budget for fiscal 2015 totaled $85.4 million and included $3.4 million of appropriated funds. Fiscal 2015
WWW. STANDARDANDPOORS .COM /RATINOSDIRECT NNE 17, 6016 S
1659156 1 392334318 b
Summary: Reading, Massachusetts; General Obligation
ended with positive budgetary performances with revenue exceeding the budget by $1.6 million and expenditures
coming underbudget by $1.4 million. According to management, approximately $2.8 million of revenue surplus was
used with a large portion funding unexpected large snow -and -ice costs incurred due to a harsh winter.
For fiscal 2016. management reports positive budgetary results with revenue exceeding the budget and expenditures
performing below budgeted figures. Management does not currently expect to use appropriated funds, and it expects
to end fiscal 2016 with a slight surplus.
Management reports a budget of approximately $90.2 million for fiscal 2017. The budget increased by 2.9% from the
previous year, and it includes approximately $2.2 million of appropriated funds.
Very strong budgetary Ilexibility
Reading's budgetary flexibility is very strong, in our view, with an available fund balance in fiscal 2015 of 20% of
operating expenditures, or $16.4 million.
The town has consistently maintained a healthy fund balance with steady increases over the past three fiscal years.
Although the town has relied on the use of fund balance to balance its budget each year, it typically generates enough
revenue so the use of appropriated funds is not necessary. Management states that there are no plans to spend down
reserves and that it expects to at least maintain, if not grow, fund balance. Therefore, we expect Reading to preserve
its very strong budgetary flexibility.
Very strong liquidity
In our opinion, Reading's liquidity is very strong, with total government available cash at 34.4% of total governmental
fund expenditures and 10.5x governmental debt service in 2015. In our view, the town has strong access to external
liquidity if necessary.
We expect Reading's liquidity profile to remain very strong as there is no expectation of significant deterioration of
cash balances. The town also maintains strong access to external liquidity by frequently issuing debt for any capital
project needs. In addition, we do not consider the town's use of investments aggressive. Reading does not have any
variable -rate or direct - purchase debt, reducing the town's exposure to any contingent liquidity risks.
Very strong debt and contingent liability profile
((f _ In our view. Reading's debt and contingent liability profile is very strong. Total governmental fund debt service is 3.3%
F of total governmental fund ezpendimres, and net direct debt is 40 % o(total governmental fund revenue. Overall net
debt is low at 0.8% of market value, and approximately 96.6% of the direct debt is scheduled to be repaid within 10
years, which are, in our view, positive credit factors.
Following this issuance, Reading will have approximately $43.2 million in total direct debt with about $6.6 million
considered self - supporting debt. The town also expects to issue about $3 million of additional debt for roof repairs
within the next two years.
We also note the town is currently involved with ongoi tigations arding the past construction of its high school.
4 The town originally planned to use reserves from its construction fund, which currently has a balance of approximately
$750,000, to cover any settlement costs; however, in light of recent court decisions, management reports the balance
WWW. STANDARDANDPOORS .COM /RATINGSDIRECT JUNE 17, 5016 4 �/�/
1659156 1 302339318 V
Summary: Reading, Massachusetts; General Obligation
will not be enough. Depending on the outcome, management reports it might need to borrow, funds to help cover
settlement costs. Although much is still uncertain, management expects to have a resolution by calendar yew -end.
In our opinion, a credit weakness is Reading's large pension and OPEB obligation. Reading's combined required
pension and actual OPEB contribution totaled 9.6% of total governmental it expenditures in fiscal 2015. Of that
Uamount, 5.3% represented required contributions to pension obligations, and 4.3% represented OPEB payments. The
town made its full annual required pension contribution in fiscal 2015. The funded ratio of the largest pension plan is
79.9 %.
The town participates in the Reading Retirement System and expects to have the liability fully funded by fiscal 2029.
The town's required pension contribution is its actuarially determined contribution, which is calculated at the
commonwealth level, based on an actuary study. Using updated reporting standards in accordance with Governmental
Accountin d s Board (GASB) Statement No. 67, the town's net pension liability was measured, as of Dec. 31,
2014, a 25.8 ' ton. The pension currently has a funded level of 79.9 %, using the plan's fiduciary net position as a
perce a total pension liability. (For additional details on GASB Nos. 67 and 68, please see our report, titled
"Incorporating GASB 67 And 68: Evaluating Pension /OPEB Obligations Under Standard & Poor's U.S. Local
Government GO Criteria," published Sept. 2, 2015, on RatingsDirect.)
Reading also offers OPEB to retirees, which it funds on a pay -as- you -go basis. Based a-*
ost ecent actuarial
valuation completed, as of June 30, 2014, the unfunded actuarial accrued liability wt$63.4 ' on. The town is
establishing an OPEB trust fund to fund the liability for the long term.
Currently, we believe the town's pension and OPEB costs are manageable; however, due to the county retirement
system's below - average funded ratio, we believe this will likely remain a growing challenge.
Strong institutional framework
The institutional framework score for Massachusetts municipalities is strong.
Outlook
The stable outlook reflects Reading's overall financial and managerial strengths, supported further by its healthy and
diverse economy; therefore, we do not expect to change the rating within our two -year outlook period. However, we
could lower the rating if operating performance were to weaken, leading to a significant decline in reserves, and if the
town were to fail to adhere to its current management practices and financial policies.
Related Criteria And Research
Related Criteria
• USPF Criteria: Local Government GO Ratings Methodology And Assumptions, Sept. 12, 2013
• USPF Criteria: Financial Management Assessment, June 27, 2006
• USPF Criteria: Debt Statement Analysis, Aug. 22, 2006
• USPF Criteria: Limited -Tax GO Debt, Jan. 10, 2002
• USPF Criteria: Assigning Issue Credit Ratings Of Operating Entities, May 20, 2015
WW . STANDARDANDPOORS .COM /"TINGSDIRECT Nlra 17,2016 5
1659156 1 36333431E a/'
Summary: Reading, Massachusetts; General Obligation
• Ratings Above The Sovereign: Corporate And Government Ratings — Methodology And Assumptions, Nov. 19, 2013
• Criteria: Use of CreditWatch And Outlooks, Sept. 14, 2009
Related Research
• S &P Public Finance Local GO Criteria: How We Adjust Data For Analytic Consistency, Sept. 12, 2013
• Incorporating GASB 67 And 66: Evaluating Pension /OPEB Obligations Under Standard & Paces U.S. Local
Government GO Criteria, Sept. 2, 2015
• 2015 Update Of Institutional Framework For U.S. Local Governments
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors,
have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.
Please see Ratings Criteria at www.standardandpooracom for further information. Complete ratings information is
available to subscribers of RatingsDirect at www.globalcreditportal.com. All ratings affected by this rating action can
be found on the S &P Global Ratings public website at wwwritandardandpoors.com. Use the Ratings search box
located in the left column.
WWW. STANDARDANDPOORS .COM /RATINGSDIRECT JUNE 11,2016 6 O
1559156 � 30433i31N ��
Copyright 0 2016 by Standard & Pool's Financial Services LLC. All rights reserved.
No content (including ratings, credit - related analyses and data, valuations, model, software or other application or output therefrom) or any part
thereof (Content) may be modified, reverse engineered repmduced or dismbuted in any form by any means, or gored in a database or retrieval
system, without the prior written permission of Standard & Prices Financial Services LLC or its affiliates (collectively, S &P). The Content shall not be
used for any unlawful in unauthorized purposes. S &P and any thud -party Providers, as well as their directors, oficen., shareholders, employees or
agents (collectively S &P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S &P Parties are not
responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use ofthe Consent, or for
the actually or maintenance of any data input by the user. The Content is provided on an 'as is' basis. S &P PARTIES DISCLAIM ANY AND ALL
EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING
WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no
event shell S &P Parties be liable to any party for any dired, indirect, incidental, exemplary. compensatory, punitive, special or consequenfid
damages, costs, expenses, legal fees, or losses (including, without limitation, log income or log profits and opportunity costs or losses caused by
negligence) in connection with any use of the Content even 9ativtsed of the possibility, of such damages.
Credirrelated and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and
not statements of fact. S &P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase,
hold or sell any securities or to make any investment deddow, and do not address the suitability of any security. S &P wsumw no obligation to
update the Content following publication in any form or format. The Content should not be relied an and is not a substitute for the skill. judgment
and experience of the user, its management, employees, advisors and /or clients when making investment and other business decisions. S &P does
not ad w a fiduciary or an investment advisor except where registered as such While S &P has obtained WOrmation from sources it believes to be
reliable, S &P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.
To the agent that regulatory authorities allow a mmig agency to acknowledge N one jlalsdlction a rating Issued N another jurisdiction for certain
regulatory proposes, S &P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion S &P
Parties disclaim any duty wbatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any
damage alleged to have been suffered on account thereof
S &P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective
activities. As a result, certain business units of S &P may have information that is not available to other S &P business units. S &P has established
policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each andytical process.
S &P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S &P
reserves the right to disseminate its opinions and analyses. S &P's public ratings and analyses are made available on its Web sites,
www.garlderdandpaors.com (free of charge), and www.ratingsdvectcom and www.glol ddedit0orcal.com ( subscription) and www.spcapitah,com
(subscription) and may be distributed through other means, including via S &P publications and third -party redistrlbutors. Additional information
about our ratings fees is available at wwww andardandpoors.comyuirsampfees.
STANDARD & POOR'S. S &P and RATINGSDIRECT are registered nademarla of Standard & Poor's Financial Services LLC,
WWW. STANDARDANDPOORS .COM /RATINGSDIRECT I@l81$1010 T �\
1659156 1302334318
a
AMENDMENTTO
EMPLOYMENT AGREEMENT
BETWEEN
TOWN OF READING
AND
ROBERTLELACHEUR
FOR SERVICES AS
TOWN MANAGER
FOR NOMINAL CONSIDERATION and such other consideration as reflected in the
promises made below, the receipt and sufficiency of which are hereby acknowledged, the
Town of Reading (the "Town ") acting by and through its Board of Selectmen and Robert
LeLacheur (the "Employee "), pursuant to MG.L. c. 41, § 108N and General Provision E
of the Employment Agreement for Services between the Town and Robert LeLacheur for
Services as Town Manager dated May 21, 2013 (the "Agreement'), hereby agree to
amend the Agreement as follows:
WHEREAS the Town wishes to extend the Agreement to retain the services of
the Employee in the position of Town Manager, for time sufficient to permit the parties to
negotiate and execute a new Agreement;
AND WHEREAS the Employee is willing to continue to perform the duties of
Town Manager during the period of negotiation;.
Now, THEREFOR, the Town and the Employee hereby agree to amend the
Agreement.
il4 16 0IU 001 DI"
Term
The term of the Agreement is extended effective immediately until and
through July 31, 2016.
All other provisions of the Agreement remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the Town of Reading, Massachusetts, has caused this
Amendment to be signed and executed on its behalf by its Board of Selectmen and duly
attested by its Town Clerk, and the Town Manager has signed and executed this
Agreement, both in duplicate.
TOWN OF READING TOWN MANAGER
Acting by and through
Its Board of Selectmen
Chairman, Board of Selectmen
DATE:
Attest to Signature:
Town Clerk
Robert LeLacheur
DATE:
0
Robert LeLacheur:
You are suppose to be the Town Manager. It is apparent that you do not know the
first think about managing a town. All anyone. has to do is took at the dis ustio
chaos that is ping on at the present time.
Depending on where you want to go, or better yet, try to get back home, just drive
around the streets, if you can find one that does not say "road closed" or "detour."
You spend more time trying to find your way out of the absolute mess that this town
is going through. YOU ARE TO BLAME!!!
There was a nice little park on Hopkins & Summer Ave for people to sit and enjoy
the fresh air and sunshine while maybe reading a book, letting their dog run tree,
having a neighborly chat with someone and just enjoying the atmosphere. YOU
have made this ark into an outra eous ni htm re. "bulldozers,aequipm equipment, etc. did
center for Woburn and Reading. With all the pipes,
it ever occur to you that your so- called management might be bonging down [he
value of houses that have to look at the horror show, on a daily basis, that to going
on? Do you even care? On top of that, look at the money the police are raking in on this
their details ..... at the tax payers expe�nse..In ad^ es decide to stick the tow' is for
You and your so-called board should be throw ,and neither are immediately. You are
not worth the disgusting salary You are
members. If you and your cronies had any brains, which is doubtful, you would
resign!!!!
TOTALLY FEDUP AND DISGUSTED
RESIDENT WHO PAYS TAXES THAT
a NOT Y'7r•*'• THE CHARGES BY
INCOMPETENT PEOPLE
j£00 0awr9101
a