HomeMy WebLinkAbout2000-01-12 Board of Selectmen Minutes Board of Selectmen Meeting
January 12, 2000
The meeting convened at 7:35 in the Finance Director's Office, 16 Lowell Street,
Reading, Massachusetts. Present were Chairman Sally Hoyt, Vice Chairman Matthew
Nestor, Secretary George Hines, Selectman Matthew Cummings and Finance Director
Elizabeth Klepeis.
Discussion/Action Items
Approval of BANS —Finance Director Beth Klepeis distributed material describing the
sale of Bond Anticipation Notes on January 5, 2000 from Fleet Securities, Inc., the
Town's Financial Advisor.
On motion by Cummings seconded by Hines, the Board of Selectman voted to accept the
sale of Bond Anticipation Notes as described:
That all action taken by the Town Treasurer in advertising for public
sale of the $14,350,000 Bond Anticipation Notes (termed Municipal
Purpose Loan of 2000 or the"Notes") of the Town authorized pursuant
to Chapter 44, Sections 7 and 16 of the Massachusetts General Laws,
as amended and supplemented, and by votes of the Town duly adopted
and in connection with the preparing and distributing of a Preliminary
Official Statement and Notice of Sale and a final Official Statement, be
and hereby is ratified, approved and adopted;
That the Notes shall be dated as of January 13, 2000, shall mature
on January 11, 2001, shall be numbered consecutively; and
That the Notes shall be issued by means of a book-entry system
evidencing ownership and transfer of the Notes; and
That State Street Bank and Trust Company shall act as Note
Registrar, Transfer Agent and Paying Agent therefor; and
That the Note shall bear interest and is hereby sold and awarded
as follows:
State Street Capital Markets, Note R-1 4.13% interest rate
LLC: 57,000,000 and $8,771.00 premium
Commerce Capital Markets: Note R-2 4.40% interest rate
$7,350,000 and $15,435 premium
That the Town Treasurer is authorized to deliver a Material Events
Disclosure Certificate and the Notes to purchasers; and
Board of Selectmen Meeting—January 12, 2000—Page 2
That the Board of Selectmen, the Treasurer and the Town Clerk be
and hereby are authorized to take such action. ---
The Selectmen expressed concern that the grant for Marion Woods would be received
only after certain tasks such as the building of a parking lot on the property were
completed. The Town is using cash to pay $250,000 to the State until the grant is
received, and will have to borrow in the Spring if it does not appear that we will receive
the money prior to June 30, 2000.
On motion by Cummings seconded by Nestor, the Board of Selectman voted to adjourn
their meeting of January 12, 2000 at 7:55 p.m. by a vote of 4-0-0.
Respectfully submitte
Secret