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Select Board authorizes $3.829 million bond anticipation note to continue water system improvements
Summary
The Select Board voted unanimously to approve a $3,829,000 general obligation bond anticipation note dated June 26, 2026 to finance water system improvements — including meter procurement/installation and portions of Pleasant Street work — as a roll‑forward of prior borrowing.
The Manchester‑by‑the‑Sea Select Board voted unanimously to authorize issuance of the town’s $3,829,000 general obligation bond anticipation notes dated June 26, 2026 to pay costs of water system improvements authorized under Massachusetts General Laws, Chapter 44, Section 8 and by votes of town in April and May 2024.
Town staff described the borrowing as a roll‑forward of last year’s borrowing. Board materials and discussion indicate that the issuance will cover the ongoing meter replacement program (both purchase and installation), the town’s matching portion for an EPA grant design contract and portions of the Pleasant Street work. Select Board members said incoming meter revenues and prior capital receipts have reduced the borrowing need compared with the prior year.
A summary motion presented at the meeting stated the notes are "being issued to pay the costs of water system improvements authorized under General Law, Chapter 44, Section 8" and referenced the April 24 and May 21, 2024 town votes that authorized elements of the program. The motion was seconded and the board recorded unanimous 'yes' votes in roll call.
The Select Board discussed next steps: issuing the BAN now as an interim financing vehicle and returning to market for a permanent bond later in the year or within six months. Officials said the town is monitoring contractor schedules for remaining meter installations and noted that late adopters (residents who delay meter replacement) may face higher incremental costs if contractors return after the main installation contract concludes.
No additional project budgets or final construction schedules were adopted at the meeting; staff said further details will be presented as procurement and contractor scheduling solidify.
Ending: The board’s vote authorizes staff to proceed with the BAN. The town will bring future, permanent financing and more detailed project budgets back to the Board for further approval.
