07/12/1989 FINANCE COMMITTEE Minutes

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Finance Committee Minutes July 12, 1989 Page 4. Article 2 - This article is concerned with the reconstruction of portions of Great Oak Road. Murphy explained that a lawyer named Kerrigan had purchased lots and he is unable to get building permits because the town has a road on his land. The town will put the road back on town property. Murphy noted that this article seeks the authority to borrow the money and pay it off in November out of free Cash. He noted that the money will not be borrowed just seeking the authority, and do the work in November when the money is available. Murphy noted that you can't really "encumber Free Cash." Article 3 - This article is to purchase a parcel of land north of Ashument Pond. The cost of $950,000 is $25,000 less than the average of the two appraisals the town received. A debt exclusion vote will be held the Saturday following the Special. Murphy noted that $80,750 reflects the first year cost. This will all .be outside 22. Article 4 - Murphy noted that there is no figure yet on this land purchase article. He noted that the Town Planner is acting as the town's negotiating agent. Murphy noted that this particular purchase was previously approved at.Town Meeting but was rejected at the election by 1 vote and it was felt that this was attributable to a highly inflated - price reported by the newspapers. Article 5 - There is no figure as yet available on this parcel of land which abuts the land in article 4 and would form a block of land with egress on to 3 main roads. This would provide land for a school site or a North Mashpec fire station. Article 6 - There are three'. components to this article and it is to transfer money around. He noted that this must be dealt with within the existing 'levy limit and he believes that the estimated receipts will cover it. Chairman Dolan cited the need for another meeting prior to the Special. He also stated that the Town Accountant would like to meet with the Finance Committee to discuss a new accounting system. The next meeting was set to be held at 7 p.m. August 15th. The Board Secretary was asked to amend the minutes of March 1, pg. _2, par. 2, . "Chet also explained the need for radios due to the new Waterways Patrol and jet ski regulations." This clause . was recommended by Ed, seconded by Tony and members were in unanimous agreement. The meeting adjourned at 9:30 p.m. �07 ail McNabb Board Secretary.