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Article 11 <br /> To see if the Town will vote to appropriate and transfer the sum of $34,000 from the Interest <br /> Outside 2 1/2 account to the Principal Outside 2 1/2 account and further appropriate and transfer <br /> $36,000 from the Interest Inside 2 1/2 account to the Principal Inside 2 1/2 account, or take any <br /> other action relating thereto. <br /> Submitted by the Tax Collector/Treasurer <br /> Explanation: This article is for the purpose of distributing the funds in the proper accounts from <br /> an advance refunding completed in April 2016. These funds could not be appropriated in annual <br /> Town meeting as the Advance refunding was completed after warrant article submission. The <br /> advance refunding will save the Town money in interest on the 2006 & 2008 bond issues as the <br /> borrowing interest rate is lower over the last 10 years remaining on the life of the bonds. The <br /> present value of the savings over 10 years is $599,000. <br /> The Board of Selectmen recommend approval of Article 11 by a vote of 5-0 <br /> The Finance Committee recommend approval of Article 11 by a vote of 6-0 <br /> Motion made by Selectman Thomas O'Hara. <br /> Motion: I move the Town vote to appropriate and transfer the sum of$34,000 from the Interest <br /> Outside 2 1/2 account to the Principal Outside 2 1/2 account and further appropriate and transfer <br /> $36,000 from the Interest Inside 2 1/2 account to the Principal Inside 2 1/2 account. <br /> Motion passes unanimously at 7:25 PM. <br /> Special Town Meeting adjourned at 7:25 PM. <br /> 8 <br />