Police Station Debt award

Post date: May 30, 2018 5:50:15 PM

Summary of debt award - total borrowing $4,835,000; part of this comes from a higher premium than expected - $262,513 (premium is used to cover issuance costs; balance over that is used to reprice total offer to align with total funding need of $5 million). True interest cost is 3.08%, which is less than anticipated - so annual debt service will be closer to $340,000 than $350,000.

Accepted bid was Fidelity Capital Markets.

For additional information, including bond rating review see Police Station Bond Offer

Treasurer will be in to discuss and walk through the items in noted in the vote of the Board attachment below.

This includes that the sale of bonds in the amount of $4,835,000 is approved and confirmed, the notice of sale and preliminary official statement are ratified, the bonds are subject to redemption at the option of the town, the Treasurer and Select Board are authorized to execute necessary disclosures, the Treasurer is to establish issues to maintain tax exempt status of bonds, and the members of the Board, Town Clerk and Treasurer authorized to take all necessary actions related to the foregoing items.

Motion of the Board to Vote in the affirmative all items listed in the attachment 6908049_1-Selectmen Vote Bonds - 6_18 presented for "Vote of the Board of Selectmen"