Present: First Selectman Woody Bliss; Selectman; Finance Director/Assistant Town Administrator Richard Darling; Administrative Assistant Judy DeVito; Treasurer Diane Hartman; Bond Counsel Bruce Chudwick and Mark Chapman from IBIC.

 

 

 

Mr. Bliss called the meeting to order at 11:18am.

 

 

Discussion/decision regarding bids for the Town’s 3 million dollar bond anticipation note sale. Bruce Chudwick said they had prepared a resolution for the Selectmen and the Treasurer to act upon under the Town Meeting Resolutions for the school project and requires the Board of Selectmen and the Treasurer to award Bond Anticipation Notes based on the competitive sale. He said the bids were received over the last 30 to 45 minutes.

 

Rick Darling said this is the $3,000,000 note that they have been rolling over which was to cover the projected shortfall and state reimbursements on the school projects. This is the second time that we have rolled it over and anticipate that it will be the last time. We will have the Town Meeting coming up soon to vote on the Middle School Auditorium funds and those will be reallocated. We plan on permanently bonding the $3,000,000 along with the $2,500,000 or so that is projected to be for the High School Roof.

 

We received nine bids and the low bidder was from Fairfield County Saving which was 3.55% which is a little less than the two prior note sales that we have had.

 

Bruce Chudwick said the resolution that was prepared says the Board of Selectmen and the Treasurer have proceeded to soliciting, review and accept proposals from prospective purchasers of the Town’s $3,000,000 note dated February 22, 2007 maturing May 22, 2007.

 

NOW, THEREFORE, BE IT RESOLVED, that the proposal of Fairfield County Bank to purchase all of the Notes at 3.55% interest rate no premiums so the percent net interest cost is 3.55% and all of the other eight bids are hereby rejected because they were higher.

 

Mr. Major asked if there were any prepayments. Mr. Chudwick said no these notes can not be prepaid by the Town. Mr. Major asked when the Town Meeting was scheduled. Mr. Chudwick said he believed it was March 22^nd.  He said the bids are coming in on the 26^th of February and then they will go through Board of Selectman, Board of Finance and Board of Education. He said the idea was to have a joint meeting with all three boards to approve it and send it out to a Town Meeting on or about March 22^nd. Mr. Bliss said that there would be time for a Public Hearing. Mr. Major said he was concerned that if we do not get the approvals that we anticipate then three months is not enough time. Mr. Chudwick said we could always roll the notes again. Mr. Bliss said we would target for the Weston Forum for March 1^st.

 

Mr. Major made a motion to approve the document that was sitting in front of him as presented. Mr. Miller seconded and the motion passed unanimously.

 

Adjournment: At 11:27am Mr. Miller made a motion to adjourn the meeting. Mr. Major seconded and the motion passed unanimously.

 

Respectfully Submitted

Judy M. DeVito

Administrative Assistant.

Approved 5/17/07