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Nahant authorizes up to $9.06 million in Clean Water Trust financing for sewer project
Summary
The Board of Selectmen voted to authorize issuance of bonds or interim notes up to $9,057,858, approve sale to the Massachusetts Clean Water Trust and ratify prior actions related to a sewer and water pollution control infrastructure project; town officials were authorized to sign closing documents.
The Nahant Board of Selectmen on April 1 voted to authorize the issuance of bonds or notes in an aggregate principal amount not to exceed $9,057,858 to finance planning or construction of sewers and water pollution control infrastructure.
Under a multi‑part vote read into the record, the board authorized the treasurer to issue interim loan notes in anticipation of bonds, approved the terms of financing and regulatory agreements, and directed that bonds or notes be sold to the Massachusetts Clean Water Trust. The board also ratified prior actions taken to carry out the project and authorized appropriate town officials to execute all documents necessary to close the financing.
The vote was taken by roll call with the members present answering in the affirmative; the clerk and other officials were asked to come to town hall to sign closing documents the following day.
The authorization cites applicable statutory authorities and administrative procedures for public meetings and electronic signatures. Specific financing terms (interest rates, maturities) will be determined by the treasurer and approved by a majority of the Board of Selectmen and the treasurer when bonds/notes are executed.
