Town readies two-question bond plan; board schedules July 28 special meeting before fall referendum

Town staff presented a tentative schedule for two bond questions and asked the Board of Finance to prepare for multiple review sessions this summer. The plan calls for an initial board presentation at a special finance meeting on July 28, followed by a vote by the board in early August (dates discussed included Aug. 4 or Aug. 18 depending on member availability). The board manager said the town would aim to present the bonds at a town meeting the week after Labor Day and send questions to referendum on Sept. 22 or Sept. 29.

Staff explained the reasoning for separating the financing into two distinct questions because the projects are materially different and voters may prefer to vote on them separately. One question would fund a new public works/garage project; the other would fund work at the Kate (a cultural/municipal facility discussed by staff). Staff said the towns financial advisor and bond counsel are involved and that Moodys and other steps remain part of the underwriting timeline.

Board members reviewed their summer availability and agreed to cancel the July 7 and July 21 regular meetings and hold a single special meeting on July 28 for the initial bond presentation. Members discussed potential follow-up meeting dates in August and the practical need to have preliminary POS (preliminary official statement) materials available later in August/September for Moodys and final scheduling.

No final bond authorization was taken at the meeting; staff said they would provide preliminary surplus estimates and working financial papers in advance of the July 28 meeting and return with a recommended amount for each question.