Board of Finance recommends $7 million borrowing package, approves 10‑year capital plan and $22,000 bond‑counsel fee

At its March 31 special meeting the Sharon Board of Finance reviewed the Board of Selectmen’s 10‑Year Capital Projects Plan, compiled by Ms. Flaton, Ms. Clare, Road Foreman Reid and First Selectman Flanagan. The plan lists estimated costs for immediate and longer-term projects; some items will be funded by grants or Undesignated Funds, while larger projects will require outside financing.

Flanagan reported that the town solicited lender proposals and received three viable offers; he explained loan terms to the BOF and noted that the Town would not incur borrowing costs until funds are actually drawn. The BOF requested ongoing project reporting that would include current phase, costs, and completion status for each project once work begins.

Ms. Flaton moved that the BOF approve the 10‑Year Capital Projects Plan as presented; Mrs. Pastre seconded and the motion passed unanimously. Mr. Hecht then moved that the BOF approve and recommend to Town Meeting funding of $7,000,000 with NBT Bank; Ms. Clare seconded and the motion passed unanimously. The BOF reviewed and approved the resolution recommending appropriation of up to $7,000,000 for capital projects and authorizing the issuance of bonds or notes to finance the appropriation, reduced by any grants or other funds received.

The meeting record notes Connecticut Statute 7‑369, which requires bond counsel to prepare a transcript of proceedings for municipal bonds. Pullman & Comley (Glenn G. Rybacki) quoted a $22,000 fee for bond counsel services. Mr. Hecht moved that the $22,000 fee be charged to the Roads/Bridges Construction Account; Mrs. Pastre seconded and the motion passed unanimously. The BOF then adjourned at 6:56 p.m.