On Tuesday, June 11, 2019, the Town sold $4,539,627 of Bond Anticipation Notes, which will come due on February 14, 2020. The notes were issued to fund multiple municipal and school projects that will be under construction this summer and into the fall, including the Center Track construction, Visitor Center construction, School Technology purchases and various road, sidewalk and sewer construction projects.  A full list of purposes and dollar amounts is attached.

Six bids were submitted for the notes. The bids, based on a calculation of the net interest cost (NIC), which takes into consideration the amount of the issue, coupon rates and offering premium, ranged from a high of 2.16% to a low of 1.51%. The low bidder was Piper Jaffray & Company, whose NIC of 1.51% included a premium of $14,072.84. 

I move: to approve the sale of a $4,539,627 2.00 percent General Obligation Bond Anticipation Note (the “Notes”) of the Town dated June 26, 2019 and payable February 14, 2020 to Piper Jaffray and Company at par and accrued interest plus a premium of $14,072.84.

And further:  that in connection with the marketing and sale of the Notes, the preparation and distribution of a Notice of Sale and Preliminary Official Statement dated June 5, 2019, and a final Official Statement dated June 11, 2019, each in such form as may be approved by the Town Treasurer, be and hereby are ratified, confirmed, approved and adopted.

And further: that the Town Treasurer and the Board of Selectmen be, and hereby are, authorized to execute and deliver a significant events disclosure undertaking in compliance with SEC Rule 15c2-12 in such form as may be approved by bond counsel to the Town, which undertaking shall be incorporated by reference in the Notes for the benefit of the holders of the Notes from time to time.

And further: that we authorize and direct the Town Treasurer to establish post issuance federal tax compliance procedures and continuing disclosure procedures in such forms as the Town Treasurer and bond counsel deem sufficient, or if such procedures are currently in place, to review and update said procedures, in order to monitor and maintain the tax-exempt status of the Notes and to comply with relevant securities laws.

And further:  that each member of the Board of Selectmen, the Town Clerk and the Town Treasurer be and hereby are, authorized to take any and all such actions, and execute and deliver such certificates, receipts or other documents as may be determined by them, or any of them, to be necessary or convenient to carry into effect the provisions of the foregoing votes.

DATE AND APPROXIMATE TIME ON AGENDA:

6/13/2019                            5:55 p.m.