CAPITAL OUTLAY COMMITTEE

                                                    OCTOBER 21, 2010

                                                            MINUTES

The meeting of the Capital Outlay Committee was held at 7:00 pm in the Selectmen's Meeting room and was called to order at 7:05 p.m. by Chair Paul Linehan.

Members Present:

Chair:                           Paul Linehan

Board of Selectmen:   Walter "Joe" Roach, Richard Powell (Alternate)  

Finance Committee:    Gordon Gladstone, Josh Kiernan

School Committee:       Emily Smith-Lee, Jeffrey Cruzan

Planning Board:            Anne Bingham, David Milowe

Members not Present:

Selectmen:  William Heitin

Others Present:

Finance Director:          Bill Fowler (ex-officio)

Town Administrator:     Benjamin E. Puritz (ex-officio)

1.  Administrative Items

Chair Paul Linehan requested that the Capital Outlay Committee members introduce themselves.

2.  Brief Review of Capital Outlay Committee Mission, borrowing criteria 

and definitions

a.  Chair Linehan read to the Committee the Mission Statement and     

presented the COC the policies and procedures;

b.  P. Linehan discussed the Debt Reduction Plan – Direct Purchase vs. 

     Borrowing and the Budget Guidelines;                 

c.  Also discussed were the definitions of the following:

· COC Request Minimum Qualifications - $10,000 value, 5-year term;

· Debt service as percentage of operating budget;

· Inside, non-exempt debt (capital borrowing);

· Excluded debt;

· 5, 10 & 20 year borrowing;

· Bond rating;

·  Bundling.

Finance Director Bill Fowler explained to the Committee the Debt Schedule of the Town of Sharon.

3.  Other Items

a.  Finance Bill Fowler referred to the five-year plan given to the  

                Committee and explained its contents;

            b.  Town Administrator Ben Puritz stated that the Selectmen         

sector of the Town Budgets will be presented to the

                 Selectmen at upcoming meetings;

            c.  Posting of the Capital Outlay Committee minutes will be                                     posted on the Sharon Town Website.

            d.  Not all Capital Outlay Requests are in yet.

4. Next Meeting  - Thursdays – December 9 and 16, 2010 and

          January 6, 2011 at 7:00 p.m. at the Selectmen’s

          Meeting Room (2^nd floor),

MOTION:  To adjourn the meeting at 7:50 p.m. – (Roach/Milowe)  unanimous