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10 <br /> Board of Selectmen <br /> Minutes <br /> August 27, 2018 <br /> Discussion of Implementing a Water Quality Improvement Plan: (continued) <br /> It was also recommended the October 2018 Town Meeting include a HOME Rule Petition to establish a Sewer <br /> Construction and Water Quality Maintenance Fund and a vote to direct staff to fund the new Sewer <br /> Construction Fund upon its legislative approval. Action would direct the Town Manager to develop a <br /> recommendation on the most favorable method to manage this project which would include the filing of the <br /> Sewer Administrator's position or incorporating this function into the Town Engineer position. And, to seek <br /> guidance from the Water District on matters the town would consider with respect to the operation of a <br /> public utility which would include shared and contractual services as required. <br /> The Town Manager's Financial Team was present to provide input on the wastewater implementation plan. <br /> Dawn Thayer, the Finance Director, Craig Mayen, the Treasurer/Tax Collector and Jason Streebel, the Town <br /> Assessor offered comment on the financial aspects of the proposal. <br /> As noted, in May of 2013, the petition to create a Water/Sewer District passed and the vote remains valid. <br /> Therefore, the Board of Selectmen has the ability to move forward with this process if they chose to do so. <br /> With regards to the 0% SRF loans and 25% principal forgiveness, the Clean Water Trust Fund treasurer has <br /> advised to not rely on SRF or principal forgiveness loans. Mashpee is in the top tier with the least amount of <br /> need for forgiveness. The 25% principal forgiveness has never been issued. The highest rate of forgiveness <br /> was 14% for an economically depressed city. <br /> With regards to bond authorization on a project of this magnitude, there is concern with the town reaching its <br /> debt ceiling, which would limit any further borrowing and create an impact on the town's bond rating. <br /> Creating an additional departmental operating budget would require a substantial override causing massive <br /> budget reductions. It is imperative that voters become aware of the financial reality of incorporating a new <br /> public utility as a town department. <br /> It was agreed this is a major concern on Cape Cod and in Mashpee. It is estimated that 75% of Cape towns <br /> have implemented similar processes, and it is now time for the voters need to make their decision. This issue <br /> is time sensitive in terms of the legislative session. It was suggested the Town Manager's Financial Team <br /> focus on analyzing the financial state of the town and develop funding scenarios to place the information into <br /> perspective for the voter's determination. <br /> It was agreed the Board would defer action on this matter to a full voting quorum. <br /> Motion made by Selectman Gottlieb to delay consideration of the Wastewater Implementation proposal <br /> to the September 11, 2018 Board of Selectmen Meeting; and to consider an article for the October 2018 <br /> Town Meeting warrant to create a Sewer Construction and Water Quality Maintenance Fund. <br /> Motion seconded by Selectman Cotton. <br /> VOTE: Unanimous. 4-0. <br /> Roll Call Vote: <br /> Selectman Sherman,yes Selectman Gottlieb, yes Selectman O'Hara,yes <br /> Selectman Cotton,yes Opposed, none <br />