October 18, 2004
A special meeting of the Board of Selectmen was held at 6:00 P.M. in the Sharon High School Auditorium and then Room 604, Sharon High School Pond Street, with Chair Walter Joe Roach and Selectmen David I. Grasfield, and William A. Heitin
The meeting was called to order at 6:10 P.M.
Awarding of Bonds
R. Uyttebroek, Town Treasurer, was present to request that the Board vote to confirm the sale of General Obligation bonds. Selectman Heitin announced that the net interest rate of the bonds sold in the amount of $3,095,000.00 on October 14, 2004 will amount to 2.88% interest over a ten-year period, and that he believes this may be a Town record.
VOTED: (Grasfield/Heitin) Voted unanimously that the sale of the $3,095,000 Municipal Purpose Loan of 2004 Bonds of the Town dated October 15, 2004, to Corby Capital Markets, Inc. at the price of $3,141,754 and accrued interest is hereby confirmed. The bonds shall be payable on October 15 of the years and in the principal amounts and bear interest at the respective rates, as follows:
Year Amount Interest Year Amount Interest
Rate Rate
2005 $570,000 2.00% 2010 $135,000 4.00%
2006 470,000 2.00 2011 135,000 3.25
2007 470,000 2.00 2012 135,000 3.50
2008 470,000 2.875 2013 135,000 4.00
VOTED: (Grasfield/Heitin) Voted unanimously as further voted to confirm the provisions of the Bond Purchase Agreement dated October 13, 2004.
Selectman Grasfield read the following before signing as Clerk of the Board of Selectmen:
“I further certify that the votes were taken at a meeting open to the public, that no vote was taken by secret ballot, that notice stating the place, date and time of the meeting was filed with the Town Clerk and a copy thereof posted in the office of the Town Clerk or on the principal official bulletin board of the town at least 48 hours, including Saturdays but not Sundays and legal holidays, prior to the time of the meeting and remained so posted at the time of the meeting, that no deliberations or decision in connection with the sale of the bonds were taken in executive session, and that the official record of the meeting was made available to the public promptly and remains available to the public, all in accordance with G.L. c.39, s.23B as amended.”
The Board recessed at 6:25 P.M.
The Board reconvened in Room 604, Sharon High School at 6:30 P.M.
Positions on Special Town Meeting Warrant Articles
Article 17 - Bramble Lane Street Acceptance
The Board took a positive position on this article pending approval of Peter O’Cain, Assistant Town Engineer.
Article 1 - School Budget Transfer
The Board took a positive position on the removal of the $550,000 from the School Budget.
There was a discussion on the amount to transfer to the Stabilization fund and what the goal would be for what amount to be set aside within a Stabilization fund. Selectmen Heitin mentioned that the Town of Canton has approximately six million dollars in its Stabilization fund, and that the School Department’s contractual agreements may necessitate additional revenues. Selectman Heitin would recommend that $200,000 be placed within the Stabilization Fund. Selectman Grasfield suggested that the Stabilization Fund not be tied to this $550,000 and that the $200,000 come out of Free Cash. A commitment to annual allocations to the Stabilization Fund was also discussed. It was the consensus of the Board that they are all in favor of funding the Stabilization Fund.
The majority of the Board took a positive position on authorizing some of the $550,000 to fund the Stabilization Fund. Selectman Grasfield disagreed on the source of the funding of the Stabilization Fund. Selectman Heitin recommended that the Board would vote against the FINCOM recommendation which is to reduce the overall tax burden by up to $550,000 and then the Board would present another motion to put “some money” into the Stabilization Fund.
The majority of the Board took a positive position 2-1 (Grasfield opposed) to present a motion to transfer $200,000 of the $550,000 into the Stabilization Fund. Selectman Grasfield believes the $200,000 should come from Free Cash.
Article 2 - Community Center Repairs
The Board took a positive position that funds should be made available to stabilize the building for the winter and to do a feasibility study. The FINCOM’s motion for indefinite postponement was discussed.
Selectman Grasfield stated that the best functionality of the building could mean demolition (of the existing building and construction of an entirely new facility suited for the next 30 years). Selectman Heitin stated that the Board has the ability to drive this project working with STV (architects) to do programmatic study and then if needed come back with another Special Town Meeting before the Annual Town Meeting. The Board took a positive position with funding $123,000 for programmatic study and calling another Special Town Meeting for additional funding. The Board decided to discuss its position with members of FINCOM who were meeting in the next room at 6:45 P.M.
The Board returned to Room 604 at 6:50 P.M.
Executive Session
VOTED: (Grasfield/Heitin) Voted unanimously to enter into Executive Session for the purpose of discussion items of pending litigation and real property acquisition and at the conclusion thereof to adjourn the Selectmen’s Meeting to attend the Special Town Meeting.
Grasfield, aye; Heitin, aye; Roach, aye.
The Board adjourned to Executive Session at 6:50 P.M.
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