Good Day:
As an FYI;
- We received bids on our $5M Bond Anticipation Notes (BANs). We had three bidders ranging from 1.5% to 2.25% gross and, after application of the bond premium, 1.05% o 1.84% net. This positions us just where we wanted to be for the fall bond rating and bond offering for the school project. You will now need to take a formal vote to award the placement of the Bond to Eastern Bank. As planned, this erases the deficit in the capital accounts and fully funds the work of Colliers and SMMA to prepare for the fall bidding of the School project. I expect the BoS to award the BAN bid tonite.
- I will need to request two transfers and they will be in your box tomorrow a.m. The first is for $1.5k+/- from the emergency reserve to cover an unexpected expense in the group insurance program. You buy a high deductible ($30,000) insurance coverage for your 111F (Police & Fire) medical expenses [These are not covered by the typical Workers Compensation coverage.] . You normally budget for a single infusion of $5k during the course of the year into the insurer’s pool on those deductibles that you might incur. You have exceeded that pool coverage and now need to make a second infusion of $5k. The second is for $3.5k+/- from an internal transfer of unused monies in the TA Salary account to cover the out-of-class pay and staff shortages in the Treasurer/Collector’s Office while the T/C used up leave time in the run-up to her resignation and during the upcoming recruitment process. This goes to the BoS this evening for their initiation to you. The request will have more detail when it comes along.
Do kindly let me have the contact info for your new members that I might include them in future transmissions.
Many Thanks
Carter Terenzini
Interim Town Administrator
Town of Templeton
Wonder what happened to that "Do not spend it" advice from the Auditor and DOR?
posted by Jeff Bennett
what don't the selectmen understand about a BAN it is a note to borrow money in Anticipation of getting a bond later. it is not a bond nor will it ever be a bond until a much later time when it will hopefully change into a bond.
ReplyDeleteI also read the "do not spend it" part, from the Auditor. Do the BOF's (board of fools aka/selectmen), have a way out of this mess if the DOR and state officials stop us from this project, or if we continue it ? Who would give us a bond with the financial state we are now in ? I do believe that the people in this town have been deceived in the worse possible way. For one, they have been lied to, about the financial state we are in, and what it will cost us to build a school, when we will not have enough kids left in town to fill it. If you think I am exaggerating, think again ! This mess will place a burden on not only the young people, but the elderly. A large number of people who want what they want, when they want it, have no roots in this community. They do not care about the people who have faithfully paid their taxes, and contributed to this town for their whole lives. People who could have stood up for the people who can not speak for them selves, have allowed for this to happen. There was a time when town officials could have been trusted to do what was best for the whole community, but I am afraid those days are gone. Bev.
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