Finance, Bd of

May 7, 2007

Ms. Quailey currently Ridgefield and New Canaan use the program. She said the program does receive some private funding. Dr. Pierson supports an outside service as opposed to school staff counselors due to privacy issues of both students and possibly other family members. The Board also discussed the current services offered by the town, Children and Youth and our Social Worker. Chairman Sargent suggested a one year trial with a year-end assessment and further discussion at that time. Chairman Sargent also mentioned future discussions prioritizing the allocation of our resources. Ms. Quailey stated there will be on-going reporting and a year-end assessment report.

Mr. Muller made a motion to approve $65,000.supplemental appropriation to fund Kid In Crisis program. Motion seconded by Mr. O’Brien, motion carries.

Finance, Bd of

May 7, 2007

Bruce Chudwick gave an overview of the 6M bond issue which includes the newly reallocated 2,890,000. from the Middle School fund for the repair of the High School roof and the High School auditorium. He outlined the resolution which states the approval of the First Selectman and Treasurer, sealed bids for the Bonds to be received on or about May 8, 2007, interest and principal payment dates and amounts, redemption provisions and other procedural information. US Bank National Association shall act as paying agent for the Bonds.

TOWN OF WESTON, CONNECTICUT

CERTIFICATE OF DETERMINATION OF THE BOARD OF FINANCE

$6,000,000 GENERAL OBLIGATION BONDS, ISSUE OF 2007

WHEREAS, the Town of Weston, Connecticut (the "Town") has duly authorized the issuance of bonds or notes of the Town for the following projects in the following amounts and now desires to issue bonds for the following amounts:

Finance, Bd of

May 7, 2007

FURTHER RESOLVED, that:

1. The Notes. The Notes shall be retired with the proceeds of the Bonds.

2. Notice of Sale. The Notice of Sale has been approved by the First Selectman and Treasurer subject to the terms of this Certificate of Determination and the terms of the resolutions approved by the voters at the Town Meetings and Referendum authorizing the issuance of the Bonds.

3. Award of Bonds. The Bonds will be offered for sale to the public in accordance with the Notice of Sale dated April 24, 2007. Sealed bids for the Bonds will be received on or about May 8, 2007. The Board of Selectmen and Treasurer shall accept the bids and award the Bonds, subject to the terms of this Certificate of Determination and the terms of the resolutions approved by the voters at the Town Meetings and Referendum authorizing the issuance of the Bonds. The Board of Finance shall receive a report on the details of the bids received and the award of the Bonds at its next regularly scheduled meeting.

4. Dated Date and Interest Payment Dates. The Bonds shall be dated May 15, 2007, with interest payable on November 15, 2007 and thereafter semiannually on each May 15^{th and November 15th .}

5. Principal Payment Dates and Amounts. The principal of the Bonds shall be due and payable in annual installments on May 15th in each year as follows:

6. Redemption Provisions. Bonds maturing on or before May 15, 2012 are not subject to redemption prior to maturity. Bonds maturing on May 15, 2013 and thereafter are subject to redemption prior to maturity, at the option of the Town, on or after May 15, 2012, at any time in whole or in part and by lot within a maturity, in such amounts and in such order of maturity as the Town may determine, at the following redemption price (expressed as a percentage of the principal amount of Bonds to be redeemed), plus accrued interest to the date set for redemption:

Finance, Bd of

May 7, 2007

8. Execution and Seal. The Bonds shall be signed on behalf of the Town by the First Selectman and Treasurer, by their manual or facsimile signatures. The seal of the Town shall be impressed, or a facsimile thereof printed, on the Bonds. In case any one or more of the officers of the Town who shall have signed any of the Bonds shall cease to be such officer, or in case the office of the officers of the Town who shall have signed any of the Bonds shall be changed or eliminated before the Bonds so signed have been authenticated and delivered upon original issuance or upon the transfer or exchange thereof, the Bonds may nevertheless be authenticated and delivered with the signatures of such persons and with such offices on the Bonds. In case the seal of the Town shall be changed or eliminated before the Bonds so sealed shall have been authenticated and delivered upon original issuance or upon the transfer or exchange thereof, the Bonds may nevertheless be authenticated and delivered with such seal on the Bonds.

9. Bond Form. The form and text of the Bonds, with appropriate numbers, payment dates, interest rates, names of registered owners and principal amounts, shall be approved by the First Selectman and Treasurer.

10. Closing Documents. The First Selectman and Treasurer are authorized to enter into, execute and deliver the Official Statement dated May 8, 2007, a Signature and No Litigation Certificate, a Certificate Related to Information in the Official Statement, a Continuing Disclosure Agreement, a Tax Certificate, a Tax Compliance Agreement and such other closing documents which may be necessary or desirable to effect the delivery of the Bonds.

11. Appointment of Bank Agent. U.S. Bank National Association shall perform the duties as certifying agent, registrar and transfer agent and paying agent ("Bank Agent") for the Bonds. The Town shall pay the Bank Agent its reasonable fees and expenses for such services in accordance with the separate fee schedule submitted to the Town. The Bank Agent shall signify in writing the acceptance of the duties imposed on them by the provisions of this Certificate of Determination. The Town may enter into a separate agreement further describing the duties and obligations of the Town and the Bank Agent.

12. Duties of the Bank Agent. The Bank Agent shall be responsible for its representations contained in its certificate of authentication on the Bonds. The Bank Agent shall be responsible for any funds entrusted to them by the Town for the payment of principal of and interest on the Bonds, but shall not be responsible for the validity of the Bonds, the recitals of the Town therein, or the obligation of the Town to provide funds sufficient to pay the principal of and interest on the Bonds when due. The Bank Agent shall not be liable in the performance of its other duties hereunder except for its own willful misconduct, negligence, bad faith or default.

13. Registration Books. The Bank Agent shall maintain the registration books of the Town for the Bonds, and shall note in such books the name and address of each registered owner of the Bonds, and the dated date, principal payment date, interest rate, CUSIP identification number, principal amount, number and other information pertaining to the issuance of each of the Bonds. The registration books shall be maintained at the principal office of the Bank Agent.

14. Bond Numbers. The Bank Agent shall number separately each certificate representing each of the Bonds of this issue.

15. Authentication. No bond shall be valid or become obligatory upon the Town until authenticated by the certificate of the Bank Agent endorsed by the manual signature of a duly authorized officer or official of the Bank Agent.

Finance, Bd of

May 7, 2007

16. Designation of Bonds as "Qualified Tax-Exempt Obligations". The Bonds will be designated as "qualified tax-exempt obligations" in accordance with the provisions of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended.

17. Further Actions. The Board of Selectmen, Board of Finance, Treasurer and other proper officers of the Town are authorized to execute any certificates and documents and take any other action which may be necessary or desirable to effect the issuance, sale and delivery of the Bonds.

7 MAY 2007

Municipality

CT

NEW YORK, May 7, 2007 -- Moody's Investors Service has assigned a Aaa rating to the Town of Weston's

(CT) $6 million General Obligation Bonds. Concurrently, Moody's has affirmed the outstanding Aaa rating on

the town's parity debt, affecting $70.8 million. The bonds are secured by the town's general obligation

unlimited tax pledge and will fund school projects. The highest quality long term rating reflects the town's very

high wealth indices, modest debt levels, and strong financial operations marked by healthy reserve levels.

STRONG ECONOMIC BASE WITH HIGH WEALTH INDICES

Moody's believes that the town's sizable $3.9 billion tax base will continue to derive strength from its

extremely wealthy residential sector and its location in proximity to the New York City (A1, stable outlook)

metropolitan area. Weston's prime location, 50 miles from mid-town Manhattan, makes it attractive for

commuters to the metropolitan employment centers and fosters significant expansion of the town's residential

sector. Excluding the fiscal year 2003 revaluation, tax base growth has averaged 1.9% annually in recent

years, indicative of the mature nature of this residential community. The town's wealth indices and housing

values far exceed state and national levels, as reflected in the very strong full values per capita ($386,737).

Median family income was an impressive $162,032 which equaled 247.3% of the state-wide median and

three times the national level. Median housing values are even higher at 379.8% of the state average and

530% of national levels. The town's unemployment rate has remained consistently below the state's rate and

was a low 2.2% in February 2007.

SOUND FINANCIAL OPERATIONS

The Town of Weston exemplifies sound financial operations given healthy reserve levels and management's

utilization of a number of fiscal policies including conservative budget estimates and long-term financial and

debt planning. In fiscal 2006, the town generated its fifth consecutive operating surplus boosting General

Fund balance to $8.9 million (a healthy 15.3% of revenues), of which $8.1 million (13.9% of revenues) is

undesignated.

Finance, Bd of

May 7, 2007

The town's $1.2 million operating surplus that includes the appropriated transfer of $1.8 million to the town's Special Revenue fund, resulted primarily from better than anticipated investment income, property tax receipts, building permit fees and conveyance tax receipts. Currently, management reports that revenues, specifically investment income and building permit receipts are exceeding budget and that

expenditures are closely tracking appropriations which should allow the town to generate its sixth

consecutive operating surplus. Further, financial flexibility is augmented by the town's commitment to

financing a large portion of its capital program through operations with a healthy $1.3 million budgeted for

capital spending in both fiscal 2007 and 2008. Moody's looks favorably upon this practice given the town's

ability to divert these funds if needed for operating purposes

The adopted fiscal 2008 budget increased $2.8 million (of which $1.6 million is related to education costs)

over the prior year, due to health insurance, debt service, salary, and pension costs. These additional

expenses are expected to be covered through increased property tax revenues. Of additional note,

management has demonstrated a proactive approach to addressing its unfunded OPEB liability ($12.1

million), and is in discussion of financing options. Current property tax collection rates remain strong at 99.2% and account for 89.8% of revenues in fiscal 2006, offering a steady and dependable revenue stream.

General Obligation Bonds, Series of 2007 Aaa

MANAGEABLE DEBT POSITION

Moody's expects Weston's 1.9% overall debt burden to remain manageable given steadily tax base growth

and continued practice of pay-as-you-go for capital purchases and improvements. The town currently has no

long-term borrowing plans; however, a town-wide facilities study is currently underway. Payoff of existing

principal is below the state median with 57.7% amortized within ten years (vs. state median 73%).

KEY STATISTICS

2005 Population: 10,276

2006 Full Valuation: $3.9 billion

2006 Full Valuation Per Capita: $386,737

1999 Per Capita Income as % state level: 260.1%

1999 Median Family Income as % state level: 247.3%

Overall Debt Burden: 1.9%

Payout of Principal (10 years): 57.7%

FY06 General Fund Balance: $8.9 million (15.3% of General Fund revenues)

FY05 Undesignated General Fund Balance: $8.1 million (13.9% of General Fund revenues)

Post-sale parity debt outstanding: $76.8 million

Alexandra J. Lerma

Analyst

Public Finance Group

Moody's Investors Service

Catie Y. Tsao

Backup Analyst

Public Finance Group

Moody's Investors Service

Edith Behr

Senior Credit Officer

Public Finance Group

Moody's Investors Service

Journalists: (212) 553-0376

Research Clients: (212) 553-1653

© Copyright 2007, Moody's Investors Service, Inc. and/or its licensors including Moody's Assurance Company, Inc.

Finance, Bd of

May 7, 2007

Mr. Nichols made a motion to approve the terms and conditions of the proposed Bond issue. Mr. O’Brien seconded the motion.

There was discussion regarding the possible bonding for OPEB liabilities which currently is not allowed by the State. Chairman Sargent stated the goal should be that all options are on the table by June (including the bonding issue) so over the summer there will be a plan prior to the budget process. The plan will also include any new legislation on bonding, the ruling on the conveyance tax and any other high end costs which will influence the final decision on the OPEB liability. The Board discussed the OPEB models and the impact of the expected payments. Chairman Sargent suggested creating three different scenarios to be discussed in June and invite Dr. Keating.

OPEB Models attached.

Mr. Muller made a motion to approve the minutes of March 15, 2007 as submitted, Mr. Carter seconded, motion passes unanimously.

Mr. Muller made a motion to adjourn, Mr. Carter seconded, meeting adjourned at 10:36PM.

Respectfully submitted

Donna M. Anastasia, Secretary