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15 <br />Board of Selectmen <br />Minutes <br />December 18, 2017 <br />NEW BUSINESS <br />Update on Cie Cod Technical High School Project Bonding Process, Craig Mayen: (continued) <br />It is anticipated the bond would be ranked as AA rating upon issuance. As a result of the interest fees <br />incurred with borrowing costs associated to a 30 -year bond, this option was removed from discussions. <br />Mr. Mayen indicated it is not feasible to budget for a FYI payment without an authorized debt <br />exclusion. <br />The second and most favorable option is to borrow a $7,000,000 BAN in February of 2018, and <br />then borrow $75,000,000 in November of 2018. Repayment would begin in FY20 in November of <br />2019. Option 2 also gives a town that does not have the project voted as a debt exclusion time to do so. <br />Mr. Mayen indicated he favors the 20 -year BAN, but requested that an additional schedule for Option 2 <br />to be considered under the 25 year payment proposal with a fixed principal payment schedule. <br />In the 3rd Option a $7,000,000 BAN would be borrowed in February of 2018 with $40,000,000 to be <br />borrowed in February 2019, and $75,000,000 borrowed in May of 2020. The first repayment would <br />begin in FY21 in November 2020. <br />It is expected the towns would revisit this matter in the spring or early summer as discussions are <br />preliminary. At this time, interest rates would be further reviewed. Mr. Mayen was requested to bring <br />forth discussions for a lesser borrowing term to save on interest payments. <br />Actual construction costs have not been determined to date, and in the regional program costs are <br />dependent upon student enrollment which may increase with the new school construction. The <br />majority vote of the participating school district consortium will select the preferred option to finance <br />this project. It was agreed the Town of Mashpee would move forward with a debt exclusion question <br />on the May 2018 ballot. <br />Approval of Request to Waive Tent Permit Fee, Homeless for the Holidays, Mashpee Firefighters: <br />Correspondence was received from Lt. Nicole Stanley, Mashpee Permanent Firefighters Local 2519 <br />dated December 15, 2017 requesting the Board waive the tent fee for the Sheriff's tent utilized during <br />the Homeless for the Holidays charity event held earlier this month at the Mashpee Rotary. <br />Motion made by Selectman Gottlieb to waive the tent permit fee for the Mashpee Firefighters <br />Homeless for the Holidays charity event. <br />Motion seconded by Selectman Cotton. <br />VOTE: Unanimous. 5-0. <br />Roll Call Vote: <br />Selectman O'Hara, yes Selectman Cotton, yes Selectman Sherman, yes <br />Selectman Cabalane, yes Selectman Gottlieb, yes Opposed, none <br />