HomeMy WebLinkAbout1996-07-02 Board of Selectmen Minutes Board of Selectmen Meeting
July 2, 1996
The meeting was convened at 7:15 p.m. at the Lecture Hall at Reading Memorial High School, 62
Oakland Road, Reading, Massachusetts. Present were Chairman George Hines, Vice Chairman
Camille Anthony, Selectmen Sally Hoyt and Dan Ensminger, Town Manager Peter
Hechenbleikner, Finance Director Beth Mepeis.
The Town Manager reviewed the bond sale, and Beth Klepeis had the necessary bond papers to
sign. On motion by Anthony seconded by Hoyt, the Board voted the following motion: That all
action taken by the Town Treasurer in advertising for public sale of the $9,680,000 Municipal
Purpose Loan of 1996, Bonds (the "Bonds") of the Town authorized by Chapter 645 of the
Massachusetts Acts of 1948, as amended and by Chapter 44, Sections 7, 8 and 16 of the
Massachusetts General laws, as amended and supplemented, and by votes of the Town duly
adopted as more fully described herein and, in that connection, preparing and distributing a
Preliminary Official Statement and Notice of Sale and a final Official Statement, be and hereby is
ratified, confirmed, approved and adopted;
That the Bonds shall be dated as of July 1, 1996, payable on July 1 in each of the years, $710,000
in 1997 to 2004, inclusive, $660,000 in 2005 and 2006, $335,000 in 2007 to 2013, inclusive,
$195,000 in 2014 shall be in the denomination of$5,000 or any authorized multiple thereof, and
shall be numbered consecutively; and subject to the provisions of this vote, the Bonds shall be in
such form as the Treasurer and a majority of the Selectmen shall determine or approve by their
execution of the Bonds,
That the Bonds maturing on and before July 1, 2006 shall not be subject to redemption prior to
their stated maturity dates, but the Bonds maturing on and after July 1, 2007 shall be subject to
redemption prior to their stated maturity dates, at the option of the town, on and after July 1,
2006, either in whole or in part, and by lot within a maturity on any interest payment date at the
following redemption prices (expressed as a percentage of the principal amount) plus interest
accrued to the date set for redemption.
Redemption Periods Redemption Prices
July 1, 2006 to
June 30, 2007 101%
July 1, 2007 to
June 30, 2008 100.5
July 1, 2008 and
thereafter 100
That the Bonds shall be a consolidated issue of Bonds comprised of (i) $6,230,000 School
Project Loan, Act of 1948 Bonds, being the unissued balance of the $6,346,000 authorized by
Chapter 645 of the Acts of 1948, as amended and supplemented, and by a vote of the Town duly
Board of Selectmen Meeting-July 2, 1996 - page 2
adopted under Article 13 at its 1993 Annual Town Meeting, maturing in the years and amounts as
shown in the Schedule A attached hereto ("Schedule A"), (ii) $2,978,000 Electric Light Plant
Expansion and Remodeling Bonds, being the unissued balance of the e$4,950,000 authorized
under Section 8(8) of Chapter 44 of the Massachusetts General Laws, as amended and
supplemented ("Chapter 44"), and by a vote of the Town Duly adopted under Article 22 at its
1992 Annual Town Meeting, maturing in the years and amounts as shown in Schedule A, (iii)
$300,000 School Roof Repairs Bonds (Reading Memorial High School), authorized by
Section 7(3A) of Chapter 44, and by a vote of the Town duly adopted under Article 10 at its 1994
Annual Town Meeting, maturing in the years and amounts as shown in Schedule A, (iv) $172,000
School Remodeling Bonds (Boilers) authorized by Section 7(3A) of Chapter 44, and by a vote
of the Town duly adopted under Article 11 at its 1994 Annual Town Meeting, maturing in the
years and amounts as shown in Schedule A.
That the bonds shall originally be issued by means of a book-entry system evidencing ownership
and transfer of the Bonds; and in the event of failure or termination of the book-entry system,
Fleet National Bank, in Boston, Massachusetts, shall issue replacement bonds in the form of fully
registered certificates;
That said Fleet National Bank shall certify the Bonds as to their genuineness and shall act as Bond
Registrar, Transfer Agent and Paying Agent, therefor;
That the Bonds maturing in each respective year shall bear interest payable on July 1 and January
1 in each year, commencing January 1, 1997, at the respective rates per annum as follows:
Principal Interest Principal Interest
Year Amount Rate Year Amount Rate
1997 $710,000 3.70% 2006 $660,000 6.00%
1998 710,000 4.20 2007 355,000 5.25
1999 710,000 4.40 2008 355,000 5.35
2000 710,000 4.60 2009 355,000 5.45
2001 710,000 4.70 2010 355,000 5.55
2002 710,000 5.50 2011 355,000 5.65
2003 710,000 4.90 2012 355,000 5.70
2004 710,000 5.00 2013 355,000 5.75
2005 660,000 5.05 2014 195,000 5.00
That the bid of Baybank, N.A. to purchase the Bonds at a price of 100.00 and interest accrued to
date of delivery, resulting in a true interest cost of $4,070,410.00 and a true interest rate of
5.2867% being the best bids received for the Bonds, bearing interest at the lowest true interest
cost, be and they hereby are accepted, and the Town Treasurer be and hereby is authorized to
deliver the Bonds to the aforesaid purchasers or order against payment therefor.
i
Board of Selectmen Meeting;-July 2 1996.- page 3
That the Board of Selectmen and the Treasurer be, and hereby are, authorized to execute and
deliver a Continuing Disclosure Certificate generally as described in the Official Statement relating
to the Bonds and to incorporate by reference thereto in each Bond such Certificate, both in such
form as the signatures may approve by their execution thereof, and the obligation of the Town
contained in such Certificate are hereby approved and confirmed.
That the Board of Selectmen, the Treasurer and the Town Clerk by and hereby are, and each of
them severally is, authorized to take such action, and to 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 vote.
We hereby certify that the foregoing is a true copy of the vote adopted at said meeting as
appearing in the minutes thereof, that the meeting was open to the public; that notice stating the
place, date and time of the meeting was filed with the Town Clerk of the Town of Reading and a
copy thereof was posted in the Town Clerk's office or on the principal official bulletin board of
the Town at least 48 hours, including Saturdays but not 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
decisions in connection with the vote were taken in executive session; and that the official record
of the meeting was made available to the public promptly and will remain available to the public,
all in accordance with the Chapter 39, Section 23B, of the General Laws, as amended (the "open
meeting law").
The Board of Selectmen agreed to meet with the Reading Municipal Light Department regarding
25 Haven Street on July 15, 1996. The Board also agreed to hold a public hearing on the Cable
Television franchise on July 30, 1996.
On motion by Anthony seconded by Hoyt, the Board voted to adjourn at 7:25 p.m. by a vote of
4-0-0.
Respectfully submitted,
Secretary