Began reading some emails and some material received via the mail (thanks justsmartenough) and after the first few pages, it is a wow!
email from Templeton town administrator too Henry Kahn from April 2017.
"The senator and I played a bit of tag (I owed her the follow-up) concerning a possible pull out by MSBA. In addition to the wrinkle of getting our FY 2017 books settled, we stand a very real chance of losing the MSBA $$s if we can't get started. Over borrowing in the initial phase will present very real problems as well.
Over borrowing, wonder if that is like taking out a larger mortgage than you can really afford, which causes you financial issues down the road (like losing your home, maybe twice)
In many of these emails concerning financial moves mostly related to the school, there is the inclusion of the Town Auditor; seems to show our great financial team is perhaps just window dressing actually being backed up by the firm of Roselli, Clark and associates, CPAs (who just received a five year contract with the Town; payment for services rendered? Just a thought that should give you a warm fuzzy feeling.
Another email from Mary Carney of Southwest financial (division of Hilltop Securities):
All,
Attached you will find a tentative financing schedule for the school BAN's. Please review and let me know if there are any conflicts. The most important date is April 24, 2017 selectmen's meeting date. There must be a majority of selectmen, the treasurer, the Town Clerk and the Clerk of the BOS in attendance at the meeting to execute to closing documents. The posted agenda for the meeting should include an item titled "Approval of the award of the notes." We expect to issue $5,000,000.00 Bond Anticipation Notes - $500,000.00 against articles 6 & 2 of March 29, 2014 Town Meeting as amended at the March 21, 2016 Town Meeting (special town meeting) and $4,500,000.00 against article 1 od the November 9, 2015 special town meeting for the school feasibility study and elementary school construction. Let me know if you have questions.
Thanks;
Mary.
funny thing is Templeton town administrator, treasurer, town accountant Tony Roselli and Megan Hyland were CC but not the Town Clerk.
Templeton, Massachusetts tentative financing schedule;
General obligation Bond Anticipation Notes dated April 28, 2017
April 5, 2017 - Tentative financing schedule & draft of preliminary official statement (POS) sent to Town for review and minor updates (who did the review, as the finance team lacks experience/knowledge of municipal borrowing)
April 6, 2017 - First Southwest sends POS to bond counsel for review
April 7, 2017 - Last day for Town to provide POS updates and satisfy legal requirements.
April 13, 2017 - Distribute BAN POS.
April 20, 2017 - Competitive bids received on BANs.
April 24, 2017 - Board of Selectmen meeting to approve and sign BANs and closing documents (to be confirmed)
April 25, 2017 - Executed Bond paperwork must be returned to First Southwest.
April 28, 2017 - Dated and delivery date of BANs.
Gee, I thought you were supposed to change auditing firms every three years. Why did the "superior group" sigh us up with Roselli again, if that is the case ? No warm fuzzy feeling from me ! I sure hope things are not left out just to make things look right, so they can come back to bite us in a couple of years. So now I understand why the school is sitting right where it is today. Desperation pushed this project down the road to bad results ! That is your government working for you !
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