Council authorizes chair or designee to accept bond award for landfill solar project

The Bedford Town Council authorized Council Chair Lori Radke, or her designee, to accept the award of bond bids on July 9 for a bond that will fund completion of the solar array at the Bedford Transfer Station (closed landfill).

Town Manager Rick Sawyer and Finance Director Matt Menino briefed the council on the process: voters previously authorized a warrant article to bond for the work, and the council’s current action delegates to the chair (or a designee) the authority to accept the winning bid when bids are opened on July 9. Sawyer said the financial adviser and bond counsel will coordinate the virtual bid process and staff will review bids to select the best option for the town.

Councilors asked about the town’s current bond rating; Sawyer said Moody’s is conducting a review and Bedford’s prior rating was AAA. He noted Moody’s new scorecard process and that the town’s unassigned fund balance has declined from earlier years, but staff expect to present materials to Moody’s and to seek to retain a high rating. Councilors also asked whether the electric trash compactors included in an earlier warrant article are part of this bond; Sawyer said those compactors are not included because there is no designed project to bid.

Councilor Bill Carter moved that the council authorize the council chair or her designee to accept bond awards on July 9; Councilor Michael Strand seconded. The council voted aye 7–0.

Staff said Moody’s will complete its review in late June and that final bond details will be set during the July 9 award process.