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Judy made a motion that the Board recommend indefinite <br /> postponement of the article. Louise seconded the motion. All <br /> Board members were in favor. 4-o . <br /> DISCUSSION <br /> Springhill Estates <br /> Mr. Ron McGaffigan was present. <br /> Judy discussed the letter which the Board sent to him regarding <br /> Letters of Credit. She said the Board would like to know when <br /> they plan to finish the roads? <br /> Mr. McGaffigan responded shortly, 60 days at the most. They are <br /> having the hot top done by Tilcon. It should be completed by <br /> June 30th, hopefully sooner. <br /> Judy stated that the Board will be insisting that the work is <br /> comp l e t ed- by -that- time. I-f not they will have to act on the <br /> Letter of Credit. <br /> Mr, McGaffigan stated that they have until August on the Letter <br /> of - Credit. <br /> Judy responded that the Letter of Credit is mearly an expiration <br /> date and has no signif icance as to when the work is going to be <br /> completed. ou have said it would be done by the 30th of June and <br /> we will use that date or we will cash the Letter of Credit. <br /> Mr. McGaffigan responded that he understood but he wished they <br /> had told him that he was making a solid commitment in advance . <br /> Tony told him to think about it, the Board is not tring to push <br /> him into anything. <br /> Mr. McGaffigan stated he just picked June 30th to give them a <br /> date - however he does not see a problem with it. He stated that <br /> Cape Bank is on a to watch but he has an FDIC insured account. <br /> He has made sure his funds will be available, it is actual funds <br /> on' deposit '. Two "days ago he was 'told by the Bank that' they are <br /> solvent and have no problems. <br /> He is confident that his money is available to draw upon. He <br /> wanted to explain the background to the Board. He wants to start <br /> work immediately to eat the money up. He has an arrangement to <br /> start the work in 2 weeks. <br /> Tony explained that he should notify the Town when the work is <br /> completed so Charlie Rowley can inspect it. <br /> If there is a future need to secure other work in the subdivision <br /> Letters of Credit will not be accepted. <br /> Tom stated that Anne Shaw, Town Treasurer told him that Mr. <br /> Kirrane gave her a passbook for the water monitoring account. It <br /> was from a credit union and by law she cannot accept one from a <br /> credit union. If there are going to be any passbooks set up she <br /> wants to personally set it up. <br /> 4 <br />