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Select Board ratifies Series A and B bond‑anticipation notes and related documents
Summary
The Select Board approved sale documents and ratified signatures for Series A and Series B bond‑anticipation notes relating to a fire engine and the water treatment plant; the Clerk read the formal certification and the board authorized treasurer and other officers to execute closing and disclosure documents.
The Select Board on July 14 approved resolutions to authorize and ratify the sale and documentation for Series A and Series B bond‑anticipation notes (BANs), including execution of continuing disclosure and tax‑compliance procedures necessary for the offering.
Treasury staff explained BANs are short‑term borrowing instruments used to fund capital projects (for example, a fire engine and a water treatment plant). The board discussed strategy — using shorter BAN terms in some cases to allow pay‑down with certified free cash or to time longer‑term debt conversions to favorable market conditions — and asked for an overall long‑term capital planning policy to be developed.
The Town Clerk read the formal certification of votes authorizing the Series A note (the Clerk’s reading included detailed terms and premiums) and the Series B note and related disclosure procedures. The board ratified the clerk’s read motion and authorized the Town Treasurer, Town Clerk and Select Board members to take actions necessary to carry the votes into effect.
Officials said the approvals reflected routine municipal financing practice consistent with the town’s bond rating and with advice from municipal advisors and bond counsel; closing documents will be finalized by the Treasurer and counsel.
