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5 <br /> Capital Improvement Program Committee <br /> Minutes <br /> January 23,2017 <br /> Review of Proposed Capital Building Bond&Use of Excess Bond Proceeds: (continued) <br /> In addition there are surplus funds,proceeds from the Fire Station renovation project available <br /> for appropriation for specific purposes. A proposed budget in the amount of$254,000 identified <br /> the following projects for funding utilizing excess bond proceeds; <br /> The replacement of the generator at the Main Fire Station <br /> HVAC controls upgrade at the Main Fire Station <br /> Replacement of the roof at the Police Station(two story addition) <br /> Reconstruction of the parking lot at the Police Station <br /> The disbursement of available funding through bond proceeds would be verified with the <br /> Finance Advisor. The use of surplus bonds necessitate a vote of Town Meeting and the surplus <br /> funds are required to be utilized within a three year period. The above referenced projects can be <br /> accomplished within the allotted time frame. <br /> A brief discussion followed with regards to the need for propagation storage and a work/garage <br /> to support the ongoing aquaculture program. It was agreed the CIP would reconvene to further <br /> review the projects proposed for the capital building bond, and to consider projects permissible <br /> with the use of excess bond proceeds. <br /> It is also the intention of the CIP to establish a Reserve Fund in FYI in the amount of$500,000 <br /> in year one for future and ongoing capital expenditures. <br /> An additional bond, separate from the proposed capital bond is also under consideration for the <br /> planned$8 trillion Quashnet School project. Currently, $500,000 in free cash which derived <br /> from the School Department budget has been earmarked for this project, and any reimbursement <br /> monies the Town may receive will offset costs associated to this bond. <br /> ADJOURNMENT <br /> Motion made by Mr. Gottlieb to adjourn at 3:34 p.m. <br /> Motion seconded by Mr. Gasior. <br /> VOTE: Unanimous. 4-0. <br /> Roll Call Vote: <br /> Mr. Collins,yes Mr. Gottlieb,yes Mrs. Thayer,yes <br /> Mr. Gasior,yes Opposed,none <br /> Respectfully submitted, <br /> Kathleen M. Soares <br /> CIP Committee Secretary <br />