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Town officials set bond and referendum timeline for two capital projects
Summary
Officials reviewed a bond timetable tied to two planned capital projects and told the Board of Finance a referendum is targeted for late summer; members flagged the short window between referendum and bond sale as a potential issue if voters reject the measures.
Town officials outlined a schedule for issuing bonds to fund two major capital projects and explained the public steps required before borrowing proceeds.
The chair summarized the process: selectmen recommend project language, the Board of Finance reviews the financing, a town meeting is called and the measures proceed to referendum. "We're shooting for referendum on September 29th," a board speaker said during the meeting, while staff warned the timetable between referendum and bond sale was tight.
Officials emphasized the requirement to identify the projects when authorizing debt. Board members asked whether additional projects could be included; staff said projects must be identified in the ballot language and that some projects (for example Clark Park) were not yet at a stage to be listed. The presentation noted a roughly $2.1 million balance in the capital non-recurring fund as a possible supplement to bonding, and staff said bond counsel will draft resolutions and the preliminary official statement.
Board members expressed concern about the short period between referendum and potential bond sale and discussed options if voters approve one project and not the other. Staff said dates would shift if a referendum failed and that the financial advisor would work with the town on timing and maturities.
Next steps: staff will bring proposed borrowing numbers to the board before the summer, finalize the preliminary official statement, and coordinate with bond counsel and the financial advisor on dates for town meeting and referendum.
