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Explanation: If approved this article will establish a Trust Fund that would set forth a plan to <br /> meet the Town's potential obligation under what is known as GASB 45. <br /> The Board of Selectmen recommends approval by a vote of 5-0. <br /> Finance Committee recommends approval by a vote of 5-0, 2 absent. <br /> Motion made by Selectman Michael Richardson. <br /> Motion: I move the Town vote to accept the provisions of General Laws Chapter 32B, Section <br /> 20 and establish an Irrevocable Trust Fund for the purpose of funding future potential liabilities <br /> for Other Post Employment Benefits, and further, that the Town vote to appropriate and transfer <br /> from available funds $250,000 to said Irrevocable Trust Fund for said purpose. <br /> Motion passes unanimously at 7:50 PM. <br /> Article 8 <br /> To see if the Town will vote to borrow or transfer from available funds $474,188 to provide for <br /> road improvement projects under the Chapter 90 program, or take any other action relating thereto. <br /> Submitted by the Board of Selectmen <br /> Explanation: This article authorizes use of funds which will be 100% reimbursed by the <br /> Commonwealth of Massachusetts. The budget approved each fiscal year by the Legislature and <br /> Governor establishes the total funding available for Chapter 90 local transportation aid for that <br /> year. These funds are then apportioned to the 351 Massachusetts towns and cities. <br /> The funding authorized by this article is the maximum anticipated Town's share of the FY13 <br /> Chapter 90 program. <br /> The Board of Selectmen recommends approval by a vote of 5-0. <br /> Finance Committee recommends approval by a vote of 5-0, 2 absent. <br /> Motion made by Selectman Carol Sherman. <br /> Motion: I move the Town vote to appropriate $474,188 to provide for road improvement projects <br /> in and for the Town, in accordance with the provisions of Chapter 90 of the Massachusetts General <br /> Laws and to authorize the Treasurer, with the approval of the Board of Selectmen, to borrow the <br /> sum of $474,188 under and pursuant to the provisions of G.L. c. 44 sec. 7 & 8, or any other <br /> enabling authority, and to issue bonds and notes of the Town therefor. <br /> Motion passes unanimously at 7:51 PM. <br /> 12 <br />