from the Massachusetts division of local services;

Typical Chronology
 After city council or town meeting grants the authority to raise money through debt, the actual note or bond issuance may occur months or even years later. For this reason, it is good practice for local finance officials to meet periodically to review borrowings that have been authorized but not issued to make sure that the debt position of the community is understood by all. Once the structure of a borrowing has been determined, a preliminary official statement (POS) is developed under direction of the treasurer and disseminated to the bond market community. The POS will also be used by rating agencies in their analyses of credit worthiness. The POS and the final Official Statement (OS) are documents prepared for potential investors containing information about a prospective bond or note issue, as well as financial data about the city or town. The OS is sometimes referred to as an offering circular or prospectus. After all the preliminary work has been done and the various experts (e.g., bond counsel, rating agencies) have weighed in on the sale, the bonds or notes are sold to underwriters or broker syndicates, and ultimately to investors. Once payment on the purchase has been made, the community has the funds for the specified capital improvement or operating expenditures. To minimize interest costs or more efficiently assemble borrowing packages, treasurers should always communicate with the department head who will oversee a project or purchase to better understand when the funds will be needed. By taking a deliberate and thoughtful approach toward debt, cities and towns can optimize their borrowing practices to better maintain capital assets and minimize costs. Having a basic understanding of the process and making use of the knowledge of investment professionals improves the community’s odds of success.

an email from Templeton Town Treasurer:

Hi Jeff,

I don’t not have any paperwork on the new school.  Maybe the selectmen’s office or the school.  If you are looking for general ledger information that would be Kelli.

Kate Myers

Town of Templeton

Treasurer/Collector

PH 978.894.2764

FAX 978.894.2790

I hope this bothers others as much as it does me, how can a Town approach a 47 million dollar debt issue when the Town Treasurer states they do not have any paperwork on it?

posted by Jeff Bennett