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Select Board approves $1.06 million bond anticipation note for middle–high feasibility study and PFAS well 3
Summary
The Millis Select Board voted unanimously to issue a one‑year bond anticipation note of $1,062,485 at 4% to fund the middle–high school feasibility study and capital work on PFAS well 3; Treasurer Jennifer Scannell said the sale produced a $7,596.77 premium.
The Millis Select Board voted unanimously May 19 to issue a one‑year bond anticipation note (BAN) of $1,062,485 at an interest rate of 4% to pay capital costs tied to the Millis middle–high school feasibility study and work related to PFAS well 3.
Treasurer‑Collector Jennifer Scannell briefed the board on the financing. “The amount of the issue is $1,062,485 and it is a one‑year note with an interest rate of 4%,” she said, and added the town received a premium of $7,596.77 on the sale. Scannell said the proceeds will pay capital expenditures for the feasibility work and PFAS‑well costs.
The board approved the vote as prepared by the town’s bond counsel. The motion to adopt the bond counsel’s language was moved, seconded and passed unanimously.
The BAN is a short‑term financing tool; Scannell and bond counsel prepared standard motion language and sale documents for the board’s signature. The documents were signed later in the meeting by the board clerk as part of the ministerial closing steps.
No board member requested changes to the terms on the floor. The vote authorizes the town to complete the sale of the May 2025 bond anticipation notes under the terms presented.
