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Yarmouth approves $32.5 million general‑obligation bond sale to fund town projects
Summary
The Select Board unanimously approved the sale and details of a $32,545,000 general‑obligation municipal bond series, authorizing treasurer and board to execute closing and disclosure documents and directing post‑issuance tax‑compliance steps.
The Town of Yarmouth Select Board voted unanimously April 7 to approve the sale and details of a $32,545,000 general‑obligation municipal bond issue to finance a package of capital projects. Finance Director Jennifer Mullen told the board the bonds sold with a net interest cost of 3.416 percent and that the town applied premium proceeds to principal and borrowing costs.
Mark Forest, acting clerk for the meeting, read the formal certification of votes required by law and identified the statutory authority for setting useful life determinations, referring to General Laws Chapter 44, Section 7, Subsection 1. The board adopted motions authorizing the treasurer and select board to execute continuing disclosure undertakings in compliance with SEC Rule 15c2‑12 and to establish post‑issuance federal tax‑compliance procedures to maintain the bonds’ tax‑exempt status.
Board members asked procedural clarifying questions and were told the town had distributed a final official statement dated March 31, 2026. After the clerk read the required language into the record, a motion to ratify and confirm the sale was moved, seconded, and passed unanimously.
The board authorized the treasurer to finalize closing documents and to take any administrative steps needed to complete the transaction. No vote tallies beyond a unanimous approval were recorded in the minutes. The board’s vote authorizes the town to move forward with project financing; the projects themselves and timing were described in the bond materials included in the board packet.
The clerk’s reading and the board’s motion are part of the official record; the select board will monitor closing and disclosure filings as the bonds are delivered.
