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` 1 <br /> Board of Selectmen <br /> Minutes <br /> March 22, 2010 <br /> Town Meeting arrant—Review&Execution:, eontm* ued <br /> Annual Town Meeting warrant <br /> Article 42 1: To appropriate $450,000 from the Stabilization Fund to the <br /> School Committee to offset budget reductions. � <br /> i <br /> the Board of Selectmen reiterated their concern to this <br /> article and the use of stabilization funds which'are <br /> traditionally used for extraordinary and unforeseen <br /> expenditures. As with previous boards of selectmen, the <br /> sun o $3.1 million was to be earmarked for stabilization <br /> for the referenced purposes. The d'own's bond rating is <br /> heavily reliant on the percentage of funds contained within <br /> stabilization. There was concern with regards to the new <br /> Library and the possibility of increased Merest rates if the <br /> stabilization fund were reduced. The burden of the debt <br /> over the next ten years was also discussed. <br /> To date,the School Committee has not itemized the <br /> intended use and purpose of the reed for the stabilization <br /> funds. <br /> It was agreed the Town Manager would draft an <br /> explanation of the ramifications to discuss prior to the <br /> article being moved on Town f leeting floor. <br /> In concern,the Finance Committee indicated they would <br /> also make a presentation prior to the moving of the article <br /> on Town fleeting floor. <br /> Motion made by Selectman Taylor to not su ort Petition Article#21 <br /> of the Annual Town Meeting Warrant. <br /> Motion seconded by Selectman Cool, <br /> VOTE: nan"mous. 5-0. <br /> The Finance Committee deferred action on Petition Article#21. <br /> - t <br />