BOARD OF SELECTMEN
Natick High School
April 15, 2004
7:00 p.m.
The meeting was called to order by Chairman John Ciccariello at 7:05 p.m.
PRESENT: John Ciccariello, Charles M. Hughes, Paul R. McKinley. Absent: Jay H. Ball and John Connolly
ALSO PRESENT: Philip E. Lemnios, Town Administrator; Stephen Lisauskas, Deputy Town Administrator; Robert Palmer, Treasurer/Collector
AWARD BOND ANTICIPATION NOTES AND GENERAL OBLIGATION BONDS
Treasurer/Collector Robert Palmer made a presentation to the Board regarding the award of bond anticipation notes in the amount of $14,900,000. The low bidder provided a rate of 1.1% with a one-year premium. Mr. Hughes asked how much of the $14.9 million was related to the construction of the Wilson middle school. Mr. Palmer indicated that $14.7 million was being bonded in bond anticipation notes and that represented the state’s share of the cost of the construction of the Wilson middle school. $200,000 was for the high school plans. Mr. Ciccariello asked a question concerning the premium paid. Mr. Palmer indicated it was a premium for the one-year bond anticipation.
Mr. Palmer made a presentation regarding the award of general obligation bonds in the amount of $12,640,000. The low bidder on the general obligation bonds provided a rate of 4.0798%. This was against the original estimate of 5.5%. There was a premium of $207,361. Mr. Palmer indicated an estimated savings on the interest rate to be approximately $1.8 million. The premium would be paid to the town and put into the stabilization fund. The $12,640,000 in general obligation bonds was allocated to the following projects:
Wilson School construction - $11,150,000
Kennedy School Renovations - 1,000,000
Water Meter Equipment - 350,000
Roads/Curbing - 140,000
Upon a motion by Mr. Hughes, seconded by Mr. McKinley, the Board unanimously voted to award $14.9 million in bond anticipation notes to the low bidder Commerce Capital and to award $12.64 million in general obligation bonds to the low bidder Corby Capital Markets.
REQUEST TO USE COMMON – Robert Centamore
Robert Centamore of 12 Oakridge Avenue, Natick appeared before the Board to request the use of the common. His purpose in using the common was to have a gathering of the Article Eight Committee.
Upon motion by Mr. McKinley, seconded by Mr. Hughes, the Board voted to allow the use of the common subject to receipt of the certificate of insurance and that there be no objections from the Police Chief.
Upon motion by Mr. Hughes, seconded by Mr. McKinley, the meeting was adjourned at 7:25 p.m.
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Charles M. Hughes, Clerk
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