Board of Selectmen Minutes

Present: First Selectman Woody Bliss; Selectman Richard Miller; Town Administrator Tom Landry; Administrative Assistant Judy DeVito; Finance Director Rick Darling; Treasurer Diane Hartman; Bond Counsel Bruce Chudwick; Mark Chapman and Mike McKinnon, IBIC

Discussion/decision regarding resolution for award of 6 million dollar obligation bonds, issue of 2007.

Rick Darling said we were issuing six million dollars in bonds and this represents the three million dollar note that we were rolling periodically over the last year or so. Also the new project that was approved at Town Meeting for the High School Auditorium and the High School Roof and some small balances cleaning up the Middle School Auditorium.

Mr. Darling said we received five bids today and the lowest bidder is Morgan Keegan & Company, Inc. at a true interest cost of 4.015 and they recommend the Selectmen approve that bidder for the six million dollars.

“Whereas, the Town of Weston, through its legislative process, has authorized the issuance of the Town’s general obligation bonds for school and recreation facilities improvements, a new elementary school, a new middle school auditorium and the high school roof and auditorium (the “Projects”), and

“Whereas, said authorizations provide that the Board of Selectmen and the Treasurer we authorized to accept bids and award the general obligation bonds on behalf of the Town, and

“Whereas, the Board of Selectmen and the Treasurer have solicited, accepted and reviewed bids from prospective purchasers of the Bonds on May 8, 2007, and

“Whereas, on May 8, 2007, the Board of Selectmen and the Treasurer have proceeded to sell the Town’s $6,000,000 General Obligation Bonds, Issue of 2007, dated May 15, 2007 (the “Bonds”) in accordance with the terms, details and particulars of the Bonds as provided in the Notice of Sale and Preliminary Official Statement for the bonds dated April 24, 2007 to finance the cost of the Projects.

“Be it resolved, that the bid of Morgan Keegan & Company, Inc. to purchase the Bonds at par plus a premium of $1,639.50, at interest rates that yield a True Interest Cost of 4.015198%, as detailed in the attached copy of the bid, together with accrued interest from the date of the Bonds to the date of delivery, is accepted and the Bonds are hereby awarded to said purchaser in accordance with the terms and conditions of the bid, and the interest rates on the Bonds shall be fixed as specified in said bid, and

Mr. Miller made a motion to approve the resolution for the award of six million dollars in general obligation bonds issue of 2007 to Morgan Keegan & Company. Mr. Major seconded and the motion passed unanimously.

Adjournment: At 11:35 am Mr. Miller made a motion to adjourn the meeting. Mr. Major seconded and the motion passed unanimously.