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3 <br /> Finance Committee <br /> Minutes <br /> March 25, 2021 <br /> Address Town Warrant articles on which the committee has not yet voted or drafted its <br /> explanation: <br /> The Finance Committee continued their review of the May 3,2021 Town Meeting warrant <br /> taking action to finalize their recommendations on the articles of the warrant for the Finance <br /> Committee Report. <br /> Special Town Meeting Warrant: <br /> Article 1: To deficit spend the Snow&Ice Account- $59,2t8.29 <br /> Motion made by Mr. Brady to recommend Article 1 of the Special Town Meeting warrant <br /> as presented. <br /> Motion seconded by Mrs. Furbush. <br /> VOTE: Unanimous. 6-0. <br /> Roll Call Vote: <br /> Mr. Pettengill,yes Mr. McKelvey, yes Mrs. Furbush,yes Mr. Miller, yes <br /> Mr. Brady,yes Mr. Carrier, yes Opposed, none <br /> Annual Town Meeting Warrant: <br /> Article 6: To implement and construct Phase I of the Wastewater Plan- $54,000,000 <br /> Motion made by Mr. McKelvey to recommend Article 6 as presented. <br /> Motion seconded by Mr. Miller. <br /> VOTE: Unanimous. 6-0. <br /> Roll Call Vote: <br /> Mr. Pettengill, yes Mr. McKelvey, yes Mrs. Furbush,yes Mr.Miller, yes <br /> Mr. Brady, yes Mr. Carrier,yes Opposed, none <br /> Discussion followed with regards to the debt exclusion required to qualify for the 0% interest <br /> loan from the State Revolving Fund(SRF). This is also a recommendation of the Finance Team <br /> for the debt to be outside of the levy limit. A debt exclusion would also safeguard the project <br /> from debt obligations if the identified funding sources are not as projected. The debt exclusion <br /> would also cover ineligible costs. The process is similar to a construction loan allowing the <br /> Town to borrow funds as necessary in anticipation of grant reimbursement associated to incurred <br /> eligible costs. <br /> Funds authorized by the debt exclusion can only be used for Phase I of the project proposal. The <br /> identified $54 million cannot be carried forward for any future plans and it cannot be used <br /> beyond the authorization of$54 million. <br />