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Select Board approves $2.27 million bond anticipation notes to cover capital spending
Summary
The Select Board authorized the sale of $2,272,963 in short-term bond anticipation notes to cover spending on previously approved capital projects; the vote included interest terms and post-issuance compliance steps.
The Select Board authorized the sale of $2,272,963 in general obligation bond anticipation notes on Sept. 18 to cover previously approved capital projects, including track and field, boilers, gym floor work and playground improvements.
The clerk read a formal vote that included an amount cited for the Walters Middle School boiler replacement project ($1,993,947) and specified that the notes be issued dated Sept. 26, 2024 and payable Sept. 26, 2025. The reading noted an interest rate described in the transcript as "400 basis points" and a premium of $15,228.85. The board carried the vote unanimously 5-0 and authorized the town treasurer and select board to execute required disclosure and tax compliance procedures.
Town staff said the BANs are intended to cover expenditures already made on projects approved in prior votes and that staff will carry out post-issuance disclosure and tax-compliance steps with bond counsel.
