Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure Water Quality topic
No spam. Unsubscribe anytime.
Foxborough Select Board authorizes up to $14 million in bonds for PFAS treatment project
Summary
The board voted Oct. 22 to authorize issuance of bonds or interim loan notes not to exceed $14 million tied to a Massachusetts Clean Water Trust loan commitment for PFAS treatment; the vote ratified prior actions and allows the treasurer to execute financing documents, including electronic signatures.
On Oct. 22 the Foxborough Select Board voted to authorize the issuance of bonds or interim loan notes in an aggregate principal amount not to exceed $14 million to support a PFAS (per- and polyfluoroalkyl substances) treatment project, under loan commitment DWE EC-23 D118 from the Massachusetts Clean Water Trust.
The motion, read into the record as required by the loan documents, ratified prior town actions on the project and authorized the treasurer to issue interim loan notes, sell bonds to the trust, determine final maturities and interest rates (to be approved by a majority of the board and the treasurer), and execute the financing and project regulatory agreements with the Department of Environmental Protection. The board also approved that executed counterparts transmitted electronically and electronic signatures on those documents are to be treated as originals for legal purposes.
Chair (name not specified in the transcript) emphasized that the $14 million amount was previously appropriated by the town (May 8, 2023, Article 7) and that this vote is largely a technical step required by the state loan program. “This isn’t something new so people don’t freak out,” the Chair said, noting the appropriation had already taken place.
The authorization includes a ratification clause approving prior actions by town officials and grants the treasurer and other designated officials authority to take all actions necessary to carry out the financing, including executing and delivering the financing and project regulatory agreements. The board voted in favor; the motion carried.
Next steps: the treasurer will finalize the financing agreement with the Clean Water Trust and the town will execute the project regulatory agreement with the state Department of Environmental Protection as required by the loan commitment. Specific interest rates, exact maturities and the schedule for bond issuance were not specified at the meeting.
