Selectmen weigh timing of next $2M bond as police station nears completion

Lakeville selectmen reviewed the latest budget update for the town’s new police station, discussed recent change orders and scheduled a selectmen/building-committee walkthrough, and directed the treasurer to prepare the next $2 million bond to maintain construction cash flow.

Selectmen said the station remains on track for an April completion date pending remaining general construction work. The board noted several approved change orders and said the only major outstanding uncertainty involves communications equipment and associated costs, which have not been finalized and could affect the overall capital plan.

Because of cash-flow needs, selectmen agreed the treasurer should arrange the next $2,000,000 bond; the meeting record shows that would bring the town’s borrowing for the project to about $6,000,000 in staged issuance. Selectmen asked staff to contact Treasurer Lynn Foster to confirm timelines and to have bond pricing ready for the next meeting so the board could decide whether to proceed.

Selectmen also asked staff to clarify how transfers from enterprise funds (notably the Water Stabilization Fund) have been applied so the town avoids borrowing amounts already covered by other funds. The meeting record references a $124,001.20 transfer from the Water Enterprise Fund that selectmen said should be subtracted from the outstanding balance when calculating the bond amount needed.

Why this matters: the police station is a major capital project for Lakeville and decisions about bonding, contingency draws and communications equipment will affect the town’s capital planning and possible future borrowing.

What’s next: building-committee/selectmen station walkthrough scheduled and treasurer to be contacted about bond timing and pricing for action at an upcoming meeting.