from the Massachusetts Division of Local Servies;

(one entity that John Columbus said we (the selectmen) do not need to talk with because we are doing what is needed)

Bond Counsel Another participant in the issuance phase is the community’s bond counsel. Bond counsel is an attorney or law firm engaged to review and submit an opinion on the legal aspects of a municipal bond or note issue. Bond counsel confirms that a borrowing has met all legal prerequisites before it is put to bid on the open market after examining required documentation (e.g., signed and sealed copies of city council or town meeting votes). If bond counsel determines that a debt issue does not meet legal sufficiency, corrective action must be taken by city or town officials. This may include going back to town meeting or city council for a debt authorization or other cumbersome, not to mention embarrassing, requirements. Therefore, it is helpful to consult bond counsel throughout the authorization phase and up to the point of issuance.

So when the town water department requested a town meeting so they could get town meeting approval to borrow money, was it in the best interest of the town to rely on a bond counsel that the water department said had approved  the process? Would it have been wiser and proper for the town to have it's bond counsel look it over first, before it was presented for a vote at town meeting?

Is it wise and in the best interest of the Town to allow the school district, a separate legal entity from the town, to have so much say in Town borrowing, which will affect the Town's financial picture for years to come. Remember, this borrowing does not affect the school district and when the district increases the Town's assessment, will this debt have an impact on the Town's ability to pay? The answer is of course yes, and without some planning and forethought, it will affect the Town's ability to save and to fund capital planning. I hope the selectmen have thought about this as well.

posted by Jeff Bennett