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Board of Selectmen <br />Minutes <br />April 11, 2016 <br />APPOINTMENTS & HEARINGS: <br />Shannon Jarbeau - Hieh Water Mark Proiect. Memorandum of Understandine: (continued) <br />Motion made by Selectman Gottlieb to move forward to participate in the High Water Mark <br />Initiative, and execute the Memorandum of Understanding for this program. <br />Motion seconded by Selectman Sherman. <br />VOTE: Unanimous. 5-0. <br />Roll Call Vote: <br />Selectman Cahalan, yes Selectman Sherman, yes Selectman Gottlieb, yes <br />Selectman O'Hara, yes Selectman Cotton, yes Opposed, none <br />Accentance of Refunded Bonds. Treasurer/Collector: <br />Craig Mayen, Treasurer/Tax Collector was in attendance with Maureen Pacella, Financial Advisor <br />from Eastern Bank to discuss the refunding of the Town's (i) $8,810,000 General Obligation Bonds <br />dated September 15, 2006 maturing on and after September 15, 2017, and (ii) $4,865,000 General <br />Obligation Municipal Purpose Loan of 2008 Bonds dated August 15, 2008 maturing on and after <br />August 15, 2019 collectively referred to as the Refunded Bonds, and that the proceeds of any refunding <br />bonds issued shall be used to pay the principal, redemption premium and interest on the refunded <br />bonds and costs of issuance for the refunding bonds. <br />And further, approve the sale of the $5,305,000 General Obligation Refunding Bonds of the Town <br />dated April 20, 2016 to UBS Financial Services, Inc. at the price of $5,531,101.30 with confirmed <br />accrued interest. <br />Mr. Mayen indicated the Town of Mashpee has again received a Triple A rating from Standard & <br />Poor's. Reasons for the Triple A rating include financial soundness, strong management and a young <br />infrastructure. While the Triple A rating is quite an achievement, Mr. Mayen state the real savings is <br />the lower interest rates the Town receives when borrowing money which realizes a savings to the <br />taxpayers, a goal of Town management. <br />Initially a $390,000 savings was projected in refunding the bonds. Mr. Mayen reported the actual net <br />savings will be $599,000 over ten years. Rodney C. Collins, Town Manger expressed appreciation to <br />his Financial Team, a management group the Town should be extremely thankful and proud of. <br />In accordance with the Open Meeting Law, the vote taken by the full Board of Selectmen was read <br />aloud into the record. (Attachment to official Town Clerk copy of minutes) <br />Motion made by Selectman Gottlieb to authorize the Refunding Bonds as read into the record. <br />Motion seconded by Selectman O'Hara. <br />VOTE: Unanimous. 5-0. <br />Roll Call Vote: <br />Selectman Cahalan, yes Selectman Sherman, yes Selectman Gottlieb, yes <br />Selectman O'Hara, yes Selectman Cotton, yes Opposed, none <br />