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HomeMy WebLinkAbout2025-12-09 Select Board Packet (PDF) Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Select Board Date: 2025-12-09Time: 7:00PM Building: Reading Town Hall Location: Select Board Meeting Room Address: 16 Lowell StreetAgenda: Purpose:General Business Meeting Called By:Madeleine Baptisteon behalf of ChairChris Haley Notices and agendas are to be posted 48 hours in advance of the meetings excluding operation and make necessary arrangements to be sure your posting is made in an adequate amount of time. A listing of topics that the chair reasonably anticipates will be discussed at the meeting must be on the agenda. All Meeting Postings must be submitted in typed format; handwritten notices will notbe accepted. Topics of Discussion: \\~~{ B†s~|¯PAGE # Join Zoom Meeting https://us06web.zoom.us/j/86545875829 Meeting γD: 865 4587 5829 Dial by your location ¤¯ Pledge of Allegiance Department Budget Presentations from: Library Facilities ¤¯¢ Public Services/Administrative Services Finance Shared Costs Budget Summary Discuss and Vote on Extension of Deadlines for Town Manager ¦¯ Review and Notification of Contract Renewal ¦¯ž Vote to Approve Bond Issuanceof $68,915,000 This Agenda has been prepared in advance and represents a listing of topics that the chair reasonably anticipates will be discussed at the meeting. However the agenda does not necessarily include all matters which may be taken up at this meeting. Page | 1 2 Public Services: Divisions Responsibilities include:Noteworthy: Future Goals: k r e l C n w o T Town Clerk FY27 Budget Impact: Links clicked in posts, driving people insurance + 0 2 Managed Worked across ALL Town Sfmfbtf!tdifevmft<!Tqfdjgjdt<!Spmft<!Sfqpsujoh<!Cvehfujoh Wetland and Resource Area Impact Long Term Visioning & Planning Without extra election costs (salaries and expenses) it would be a 1.97% increase 3.50%3.00%2.00%2.00% Town of Reading Budget Summary One YrOne YrOne YrOne Yr 12/4/25 11:55 AMProjectedChngProjectedChngProjectedChngProjectedChng No.FY26FY26FY27FY27FY28FY28FY29FY29 Revenues A1Total Property Taxes90,382,7482.0%98,668,1539.2%105,974,3187.4%109,538,5463.4% A2Total Other Local Revenues11,608,5006.0%12,796,75010.2%13,243,6743.5%13,768,8424.0% A3Total Intergov't Revenues16,688,0643.7%17,105,2662.5%17,532,8972.5%17,971,2202.5% A4Total Transfers & Available4,316,9820.5%4,407,2222.1%4,485,8661.8%4,566,0831.8% A98Revs before Free Cash$ 122,996,294 2.52%$ 132,977,391 8.11%$ 141,236,756 6.21%$ 145,844,692 3.26% A5Free Cash6,305,00077.1%6,550,0003.9%7,800,00019.1%8,200,0005.1% A6Extra for Capital0-100%0-100%0-100%0-100% A99Net Available Revenues$ 129,301,294 4.08%$ 139,527,391 7.91%$ 149,036,756 6.82%$ 154,044,692 3.36% Accommodated Costs B Benefits25,009,63311.9%27,781,90511.1%29,996,0748.0%32,176,0227.3% C Capital4,096,0008.2%2,961,500-27.7%3,890,00031.4%4,424,00013.7% Debt (inside levy)2,353,475-16.5%3,059,25030.0%2,965,700-3.1%2,707,031-8.7% D Debt (excluded)0-100.0%5,195,8379,315,1949,612,944 E Energy2,592,0011.1%2,500,904-3.5%2,659,3386.3%2,721,5112.3% F Financial1,336,3680.4%1,341,6520.4%1,367,5691.9%1,394,1331.9% G Education - Out of district6,311,7164.6%5,848,828-7.3%6,047,4823.4%6,259,1443.5% H Education - Vocational1,557,43540.2%1,603,2612.9%1,663,0513.7%1,703,4472.4% J Miscellaneous3,750,5621.3%4,641,11823.7%4,816,9893.8%5,001,0923.8% K Community Priorities150,0000.0%80,0000.0%00.0%00.0% L1Accommodated Costs$ 47,157,190 4.50%$ 55,014,254 16.66%$ 62,721,396 14.01%$ 65,999,325 5.23% L2Net Accommodated Costs$ 47,157,190 4.50%$ 55,014,254 16.66%$ 62,721,396 14.01%$ 65,999,325 5.23% $ 120,017$ 8,928$ 41,067$ 45,589 Operating Costs OC1Municipal Gov't Operating 28,589,220 3.50% 29,513,847 3.00% 29,894,4122.00% 30,573,900 2.00% adjustments 65,000 (205,600) 80,000 adjustments (EF+RF) 1,339,9913.50% 1,380,1913.00% 1,407,7952.00% 1,435,9512.00% TOTAL Muni Govt OPER 29,994,211 3.72% 30,688,438 2.31% 31,382,2072.26% 32,009,851 2.00% OC2School Operating 51,879,875 3.50% 53,590,771 3.00% 54,892,0862.00% 55,989,928 2.00% adjustments 150,000 225,000 - - TOTAL School OPER 52,029,875 3.80% 53,815,771 3.43% 54,892,0862.00% 55,989,928 2.00% OC4Operating Budgets$ 82,024,086 3.77%$ 84,504,209 3.02%$ 86,274,293 2.09%$ 87,999,779 2.00% Municipal Gov't Operating36.6%36.3%36.4%36.4% School Operating63.4%63.7%63.6%63.6% TOTAL SPENDING$ 129,181,276 4.04%$ 139,518,463 8.00%$ 148,995,689 6.79%$ 153,999,103 3.36% Muni Govt OPER$ 29,994,211 3.72%$ 30,688,438 2.31%$ 31,382, 2072.26%$ 32,009, 8512.00% Muni Govt ACCOM$ 6,603,4102.13%$ 7,386,26511.86%$ 7,724,051 4.57%$ 7,973,8963.23% Muni Govt TOTAL$ 36,597,622 3.43%$ 38,074,702 4.04%$ 39,106,257 2.71%$ 39,983,746 2.24% School OPER$ 52,029,875 3.80%$ 53,815,771 3.43%$ 54,892,086 2.00%$ 55,989,928 2.00% School ACCOM$ 6,311,7164.58%$ 5,848,828-7.33%$ 6,047,482 3.40%$ 6,259,1443.50% School TOTAL$ 58,341,591 3.88%$ 59,664,599 2.27%$ 60,939,568 2.14%$ 62,249,072 2.15% 66 ATown of ReadingOne YrOne YrOne YrOne Yr Revenues - Details ProjectedChngProjectedChngProjectedChngProjectedChng No.12/4/25 11:55 AMFY26FY26FY27FY26FY28FY28FY29FY29 Property Taxes Tax levy (within levy limit)90,315,2493.3%93,429,0103.4%96,615,4853.4%99,902,1223.4% New Growth835,00420.5%830,000-0.6%850,0002.4%850,0000.0% Tax levy (debt exclusion) --100.0% 5,195,837 9,315,194 79.3% 9,612,944 3.2% Abatements and exemptions(767,506)2.5%(786,693)2.5%(806,361)2.5%(826,520)2.5% A1Total Property Taxes90,382,7482.0%98,668,1539.2%105,974,3187.4%109,538,5463.4% Other Local Revenues Motor Vehicle Excise4,515,0004.3%4,750,0005.2%5,000,0005.3%5,285,0005.7% Meals and Room Tax672,000-3.9%706,0005.1%740,0004.8%765,0003.4% Penalties/interest on taxes390,0003.2%405,6004.0%421,8244.0%438,6974.0% Payments in lieu of taxes478,0004.8%495,0003.6%509,8503.0%525,1463.0% Charges for services2,523,0003.7%2,705,1507.2%2,850,0005.4%3,020,0006.0% Licenses & permits165,500-4.3%175,0005.7%182,0004.0%190,0004.4% Fines85,000-24.8%90,0005.9%95,0005.6%100,0005.3% Interest Earnings2,650,00018.0%3,300,00024.5%3,270,000-0.9%3,270,0000.0% Medicaid Reimbursement130,0008.3%170,00030.8%175,0002.9%175,0000.0% A2Total Other Local Revenues11,608,5006.0%12,796,75010.2%13,243,6743.5%13,768,8424.0% Intergovernmental Revenue State Aid16,688,0643.7%17,105,2662.5%17,532,8972.5%17,971,2202.5% A3Total Intergov't Revenues16,688,0643.7%17,105,2662.5%17,532,8972.5%17,971,2202.5% Operating Transfers and Available Funds Cemetery sale of lots25,0000.0%25,0000.0%25,0000.0%25,0000.0% RMLD payment2,501,991-0.8%2,552,0312.0%2,603,0712.0%2,655,1332.0% Enterprise Fund Support1,339,9913.5%1,380,1913.0%1,407,7952.0%1,435,9512.0% School Revolving Funds100,0000.0%100,0000.0%100,0000.0%100,0000.0% Premiums Reserve for Debt0-100%0#DIV/0!0#DIV/0!0#DIV/0! Overlay surplus350,0000.0%350,0000.0%350,0000.0%350,0000.0% A4Total Transfers & Available4,316,9820.5%4,407,2222.1%4,485,8661.8%4,566,0831.8% OPERATING REVENUES122,996,2942.52%132,977,3918.11%141,236,7566.21%145,844,6923.26% A5Free Cash6,305,00048.0%6,550,0003.9%7,800,00019.1%8,200,0005.1% TOTAL REVENUES129,301,2944.08%139,527,3917.91%149,036,7566.82%154,044,6923.36% Town of Reading Acc. Costs - Summary One YrOne YrOne YrOne Yr 12/4/25 11:55 AMProjectedChngProjectedChngProjectedChngProjectedChng No.FY26FY26FY27FY27FY28FY28FY29FY28 BBenefits 25,009,633 11.9% 27,781,905 11.1% 29,996,074 8.0% 32,176,022 7.3% CCapital 4,096,000 2,961,500 3,890,000 4,424,000 Debt (inside levy) 2,353,475-2.4% 3,059,250-6.6% 2,959,450 13.8% 2,696,450 4.0% DDebt (excluded) --100.0% 5,195,837 9,315,194 79.3% 9,612,944 3.2% EEnergy 2,592,001 1.1% 2,500,904-3.5% 2,659,338 6.3% 2,721,511 2.3% FFinancial 1,336,368 0.4% 1,341,652 0.4% 1,367,569 1.9% 1,394,133 1.9% GEducation - Out of district 6,311,716 4.6% 5,848,828-7.3% 6,047,482 3.4% 6,259,144 3.5% HEducation - Vocational 1,557,435 40.2% 1,603,261 2.9% 1,663,051 3.7% 1,703,447 2.4% JMiscellaneous 3,750,562 1.3% 4,641,118 23.7% 4,816,989 3.8% 5,001,092 3.8% KCommunity Priorities$ 150,000$ 80,000 TOTAL Accomm. COSTS$ 47,157,190 4.5%$ 55,014,254 16.7%$ 62,715,146 14.0%$ 65,988,744 5.2% 67 Town of ReadingOne YrOne YrOne YrOne Yr Acc. Costs - Details ProjectedChngProjectedChngProjectedChngProjectedChng BFY26FY26FY27FY27FY28FY28FY29FY29 B1Contributory Retirement7,768,8608.4%8,158,8475.0%8,628,9815.8%9,146,7206.0% B3OBRA fees & OPEB study40,0000.0%70,00075.0%70,0000.0%70,0000.0% B4OPEB contribution200,0000.0%300,00050.0%500,00066.7%500,0000.0% B5Workers Compensation314,320-21.4%326,8924.0%339,9684.0%353,5674.0% B6Unemployment Benefits80,0006.7%130,00062.5%135,0003.8%135,0000.0% B7Group Health / Life Ins.15,415,65415.9%17,573,84614.0%19,067,6228.5%20,688,3708.5% B8Medicare / Social Security1,060,8002.0%1,087,3202.5%1,114,5032.5%1,142,3662.5% B9Police / Fire Indemnification130,0004.0%135,0003.8%140,0003.7%140,0000.0% B99Acc. Costs - Benefits$ 25,009,633 11.9%$ 27,781,905 11.1%$ 29,996,074 8.0%$ 32,176,022 7.3% C99Acc. Costs - Capital$ 4,096,000 8.2%$ 2,961,500 -27.7%$ 3,890,00031.4%$ 4,424,000 13.7% D1Debt Service - Principal 1,790,000-48.7% 3,649,500103.9% 6,647,50082.1% 6,692,5000.7% D2Debt Service - Interest 563,475-7.3% 4,605,587717.4% 5,627,14422.2% 5,616,894-0.2% D3Excluded debt --100.0% (5,195, 837)0.0% (9,315,194) 79.3% (9,612,944) 0.0% Total Included Debt$ 2,353,475-16.5%$ 3,059,25030.0%$ 2,959,450 -3.3%$ 2,696,450-8.9% Premiums for general fund$ -0%$ -#DIV/0!$ -#DIV/0!$ -#DIV/0! D99Acc. Costs -Debt$ 2,353,475-42.6%$ 8,255,087250.8%$ 12,274,644 48.7%$ 12,309,394 0.3% E1Street Lighting (DPW)135,0000.0%135,0000.0%135,0000.0%140,0003.7% E2Electricty (FacCORE)1,095,0000.0%971,600-11.3%991,0322.0%1,010,8532.0% E3Natl Gas (FacCORE)896,3762.0%914,3042.0%1,042,30614.0%1,068,3642.5% E4Water/Sewer (FacCORE)230,6252.5%240,0004.1%246,0002.5%252,1502.5% E6Fuel - vehicles (DPW)235,0002.2%240,0002.1%245,0002.1%250,1452.1% E99Acc. Costs - Energy$ 2,592,0011.1%$ 2,500,904-3.5%$ 2,659,338 6.3%$ 2,721,5112.3% F1Casualty Ins (AD SVC)1,011,3682.5%1,036,6522.5%1,062,5692.5%1,089,1332.5% F2Vet's Assistance (PUB SVC)$ 125,000-13.8%$ 105,000-16.0%$ 105,0000.0%$ 105,0000.0% F3FINCOM Reserve Fund200,0000.0%200,0000.0%200,0000.0%200,0000.0% F99Acc. Costs - Financial$ 1,336,3680.4%$ 1,341,6520.4%$ 1,367,569 1.9%$ 1,394,1331.9% G1SPED transp OOD (Sch)1,253,63612.0%1,341,6817.0%1,388,6403.5%1,437,2423.5% G2aSPED tuition OOD (Sch)5,804,636-3.7%6,328,4889.0%6,549,9853.5%6,779,2353.5% G2bSPED contingency1,190,046134.1%600,607-49.5%621,6283.5%643,3853.5% G3SPED offsets OOD (Sch)(1,936,602)19.4%(2,421,948)25.1%(2,512,771)3.8%(2,600,718)3.5% G99Acc. Costs - OOD SPED$ 6,311,7164.6%$ 5,848,828-7.3%$ 6,047,482 3.4%$ 6,259,1443.5% H1Voc School - NERMVS959,91236.7%998,3084.0%1,038,2414.0%1,079,7704.0% Voc School - NERMVS Capital339,615112.3%337,560-0.6%347,5743.0%336,225-3.3% H2Voc School - Minute Man55,4322.5%56,8182.5%58,2382.5%59,6942.5% Voc School - Essex North202,4764.0%210,5754.0%218,9984.0%227,7574.0% H99Acc. Costs - Vocational$ 1,557,43540.2%$ 1,603,2612.9%$ 1,663,051 3.7%$ 1,703,4472.4% J1Rubbish (DPW) 2,200,0415.0% 3,068,70939.5% 3,222,1445.0% 3,383,2525.0% J2Snow and Ice Control (DPW) 675,0000.0% 675,0000.0% 675,0000.0% 675,0000.0% J3State Assessments875,521-5.9%897,4092.5%919,8442.5%942,8402.5% Cemetery (DPW) J99Acc. Costs - Misc.$ 3,750,5621.3%$ 4,641,11823.7%$ 4,816,989 3.8%$ 5,001,0923.8% 68 83 From:Kraunelis, Matthew To:Reading - Selectboard Cc:Ivria Fried; Ethan Dively; Wellman, Jayne Subject:Town Manager Review Deadline Extension Date:Wednesday, December 3, 2025 5:58:11 PM Board Members, As discussed at your meeting last night, I am agreeing to an extension of the deadline to complete my yearly review until February 10, 2025. I also agree to extend the deadline to inform me as to whether my contract will be renewed until February 16, 2025. This extension is to avoid the review being done over the holidays and school vacation when many people participating th may be off or away. I will add this matter to your December 9 meeting for a vote after the budget presentations are completed. Thank you, Matt Matthew A. Kraunelis, Esq. Town Manager Town of Reading 16 Lowell Street Reading, MA 01867 781-942-9043 mkraunelis@readingma.gov www.readingma.gov 84 R-1 $1,820,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2026755417K35December 18, 2025 PRINCIPAL AMOUNT: ONE MILLION EIGHT HUNDRED TWENTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 85 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 October 15, 2034, which are not subject to redemption prior to maturity) are redeemable prior to maturity on or after October 15, 2034, 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. The bonds of this issue maturing on October 15, 2043 and October 15, 2045 (the “Term Bonds”), unless called for earlier redemption as provided above, shall be retired in part prior to maturity by mandatory serial redemptions in the principal amounts specified below, at a price equal to the principal amount to be redeemed (without premium) plus accrued interest to the redemption date: Term Bond due October 15, 2043_ DatePrincipal Amount October 15, 2042$3,060,000 October 15, 2043 (maturity)3,185,000 86 Term Bond due October 15, 2045 DatePrincipal Amount October 15, 2044$3,310,000 October 15, 2045 (maturity)3,445,000 The Town may purchase all or any portion of the Term Bonds from any available funds at a price not exceeding par and accrued interest. Any principal amount of the Term Bond purchased and surrendered to the Paying Agent prior to August 15 in a year in which mandatory redemption is required for the Term Bond (unless previously applied as a credit against a mandatory redemption requirement) shall be credited against the principal amount required to be called and prepaid or paid on the following October 15. 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. 87 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 READING, MASSACHUSETTS By:______________________ Treasurer Countersigned: _________________________ _________________________ _________________________ _________________________ _________________________ Select Board (TOWN SEAL) \[Signature page to Bond\] 88 LEGAL OPINION The following opinion is based on facts and the law existing on the date of original delivery of the bonds described therein. TROUTMAN PEPPER LOCKE LLP 111 Huntington Avenue Boston, Massachusetts Diane Morabito, Treasurer Town of Reading Reading, Massachusetts $68,915,000 Town of Reading, Massachusetts General Obligation Municipal Purpose Loan of 2025 Bonds Dated December 18, 2025 We have acted as bond counsel to the Town of Reading, 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 21C 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. 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 89 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/T ROUTMAN P EPPER L OCKE LLP 250468931v1 90 R-2 $2,865,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2027755417K43December 18, 2025 PRINCIPAL AMOUNT: TWO MILLION EIGHT HUNDRED SIXTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 91 R-3 $2,980,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2028755417K50December 18, 2025 PRINCIPAL AMOUNT: TWO MILLION NINE HUNDRED EIGHTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 92 R-4 $3,105,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2029755417K68December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION ONE HUNDRED FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 93 R-5 $3,240,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2030755417K76December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION TWO HUNDRED FORTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 94 R-6 $3,380,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2031755417K84December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION THREE HUNDRED EIGHTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 95 R-7 $3,525,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2032755417K92December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION FIVE HUNDRED TWENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 96 R-8 $3,680,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2033755417L26December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION SIX HUNDRED EIGHTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 97 R-9 $3,845,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2034755417L34December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION EIGHT HUNDRED FORTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 98 R-10 $4,010,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2035755417L42December 18, 2025 PRINCIPAL AMOUNT: FOUR MILLION TEN THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 99 R-11 $3,720,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2036755417L59December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION SEVEN HUNDRED TWENTY THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 100 R-12 $3,910,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2037755417L67December 18, 2025 PRINCIPAL AMOUNT: THREE MILLION NINE HUNDRED TEN THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 101 R-13 $4,115,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 5.00%October 15, 2038755417L75December 18, 2025 PRINCIPAL AMOUNT: FOUR MILLION ONE HUNDRED FIFTEEN THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 102 R-14 $4,300,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 4.00%October 15, 2039755417L83December 18, 2025 PRINCIPAL AMOUNT: FOUR MILLION THREE HUNDRED THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 103 R-15 $4,475,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 4.00%October 15, 2040755417L91December 18, 2025 PRINCIPAL AMOUNT: FOUR MILLION FOUR HUNDRED SEVENTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 104 R-16 $2,945,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 4.00%October 15, 2041755417M25December 18, 2025 PRINCIPAL AMOUNT: TWO MILLION NINE HUNDRED FORTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 105 R-17 $6,245,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 3.875%October 15, 2043755417M41December 18, 2025 PRINCIPAL AMOUNT: SIX MILLION TWO HUNDRED FORTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 106 R-18 $6,755,000 United States of America The Commonwealth of Massachusetts TOWN OF READING GENERAL OBLIGATION MUNICIPAL PURPOSE LOAN OF 2025 BOND Interest Maturity Original Rate Date CUSIP Issue Date 4.00%October 15, 2045755417M66December 18, 2025 PRINCIPAL AMOUNT: SIX MILLION SEVEN HUNDRED FIFTY-FIVE THOUSAND DOLLARS REGISTERED OWNER: CEDE & CO. REGISTRATION DATE: DECEMBER 18, 2025 REGISTRAR AND PAYING AGENT: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION The Town of Reading, 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 October 15, 2026 and semiannually thereafter on April 15 and October 15 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 shall be the last business day of the month preceding an interest payment date. This bond is one of an issue of $68,915,000 aggregate principal amount issued by the Town pursuant to Chapters 44 and 70B of the General Laws as amended for school, community center and recreation 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. 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 176