1/27/2014 BOARD OF SELECTMEN Minutes

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8 Board of Selectmen Minutes January 27, 2014 APPOINTMENTS & HEARINGS: Treasurer/Collector: Bond Issuance: Craig Mayen, Town Treasurer was in attendance to recommend the Board accept the sale of the $4,672,000 General Obligation Municipal Purpose Loan of 2014 Bonds of the Town of Mashpee dated January 31, 2014 to Financial Capital Markets (FTN) at the price of$5,025,257.94. Eastern Bank's municipal finance director Maureen Pacella was also present for discussion purposes. It was noted that eight bids were received ranging from a true interest cost of $2.13% to a true interest cost of$2.32%. The winning bid received from FTN includes a premium of$353,257.94, money paid to the Town over and above the principal amount of the Bond. The projects being financed include land takings and road improvements voted at Town Meeting which will be paid for by the betterment process. The fire truck and multiple small building improvements are also incorporated into the 15 year bond issue. Prior to the reading of the vote required for the bond issuance Mr. Mayen updated the Board on the Town of Mashpee Bond Rating upgraded to Triple A status by Standard & Poor's. Mr. Leary indicated the AAA rating is a substantial achievement, and savings will be realized through lower interest rates when the Town borrows money. This will result in a savings to the taxpayers and realize a goal of Town Management. It was noted that Standard & Poor's conducted a site review on January 15, 2014. Representatives of S & P cited strong budget flexibility as the Town's reserves have increased, and there are no expectations to draw upon those reserves. The Town has also budgeted conservatively over the years and the revenue outlook remains stable. with regards to the financial management assessment, Mashpee was noted to have strong management, and management policies and practices in place deemed "good"under S & P's methodology. The tour with S & P was conducted by the Town's Financial Management Team. The overview also consisted of the review of green initiative projects, conservation land, and the recreational uses of land. Mr. Mayen indicated the stable growth and financial soundness with strong management and a young infrastructure are some of the attributes of the Town of Mashpee to achieve the designated AAA rating.