February 7, 2006 - REGULAR
1. Call to Order
The Killingworth Board of Selectmen held a special meeting on Tuesday, February 7, 2006, at the Killingworth Town Office Building, 323 Route 81, Killingworth, Connecticut. In attendance were First Selectman Martin Klein, Selectman Fred Dudek and Selectman Edward Sipples. First Selectman Klein called the meeting to order at 7:00 PM.
2. To Consider and Vote on a Resolution to Appropriate and Authorize Bonds in the Amount of $100,000 for the purchase of a Roll-off Truck
First Selectman Klein noted this would be folded into the Wettish bonding and the notes from the Bosco property that are due in August. First Selectman Klein reviewed the advantages of rolling the $100,000 into this bonding. Selectman Sipples wished to confirm that this bonding issue will have nothing to do with the Wettish bonding and referendum. There was discussion as to what would happen if the referendum for the Wettish property failed. Richard Thiverge from William Blair & Company reviewed these details.
Motion by Selectman Dudek, second by Selectman Sipples, to adopt the following Resolution Re Appropriation and Bond Authorization of $100,000 for the purchase of a roll off truck –
WHEREAS, the Town of Killingworth's budget for fiscal year 2005-2006 (the "Budget") approved capital expenditures for a roll off truck in the amount of$150,000; and
WHEREAS, the Budget approved the spending of $50,000 for the cost of the roll off truck; and .
WHEREAS, the Board of, Selectmen wishes to finance the remainder of the cost of the roll off truck with bonds of the Town.
NOW THEREFORE, BE IT RESOLVED THAT,
(i) the Town appropriate the additional sum of $100,000 towards the cost of the purchase of the roll off truck, including temporary and permanent financing costs and all other costs associated therewith (the "Project"), and to meet said appropriation and in lieu of a tax therefore, bonds of the Town, be issued pursuant to Chapter 109 of the Connecticut General Statutes, the Town Charter or any other provision of law thereto enabling, in the maximum principal amount of $100,000 or so much thereof as may be necessary after deducting grants or others sources of funds available therefore; and
(ii) the First Selectman and the Treasurer be authorized to issue and sell bonds or temporary notes of the Town not to exceed $100,000 in anticipation of the receipt of the proceeds from the sale of such bonds and to determine the amount, date, date of maturity, interest rate; form and other details of such bonds or notes, pursuant to Chapter 109 of the Connecticut General Statutes, and the Town Charter or any other provisions of law thereto enabling, provided that the proceeds from the sale of such bonds or notes shall be used for said purpose; and
(ill) the First Selectman and the Treasurer of the Town shall sign the bonds or notes by their manual or facsimile signatures and that the law firm of Pullman & Comley, LLC is designated as bond counsel to approve the legality of the bonds or notes; and
(iv) the First Selectman and the Treasurer, or either of them, be authorized to designate a bank or trust company to be the certifying bank, registrar, transfer agent and paying agent for the bonds or notes; to sell the bonds or notes at public or private sale; to deliver the bonds or notes; and to perform all other acts which are necessary to appropriate to issue the bonds or notes. If the bonds or notes authorized by this resolution are issued on a tax-exempt basis, the First Selectman and the Treasurer, or either of them, are authorized to bind the Town pursuant to such representations and covenants as they deem necessary or advisable in order to maintain the continued exemption from federal income taxation of interest on the bonds or notes, including covenants to pay rebates of investment earnings to the United States in future years.
BE IT FURTHER RESOLVED, that the Board of Selectmen hereby recommends to the Board of Finance that it approve the appropriation for $100,000 for the Project.
BE IT FURTHER RESOLVED, that, provided the Board of Finance approves the above- recommended appropriation, the Town convene a Special Town Meeting to be held on March 27, 2006 at 8:00 p.m. at Killingworth Elementary School, Route 81, Killingworth, Connecticut to vote upon the resolution authorizing the appropriation and financing for the roll off truck referenced above.
BE IT FURTHER RESOLVED, that the Town reasonably expects to incur expenditures (the "Expenditures") in connection with the capital project for which a general functional description is provided in the resolution above. The Town reasonably expects to reimburse itself for the cost of the Expenditures and the proceeds of general obligation bonds and notes of the Town described above. The maximum principal amount of such debt (both bonds and notes) is not expected to exceed $100,000. This declaration of official intent is a declaration of official intent made pursuant to Treasury Regulation Section 1.150-2.
Voting in favor – Sipples, Dudek, Klein. Opposed – none. Motion Carried.
3. Wettish Property Purchase
Selectman Sipples reviewed the protocol for the following Town Meeting regarding the Wettish property. First Selectman Klein reviewed those persons who would be seated at the head table. He also reviewed the other items that were on the Call of the Town Meeting. Mr. Klein asked if all these items could be voted on in one motion. First Selectman Klein again reviewed the segments of discussion of the Wettish property purchase. There was discussion regarding who the moderator would be for the Town Meeting.
4. Adjournment to Town Meeting
Motion by Selectman Dudek, second by Selectman Sipples, to adjourn at 7:21 PM. Voting in favor – Dudek, Sipples, Klein. Opposed – none. Motion Carried.
The Killingworth Board of Selectmen held a special meeting on Tuesday, February 7, 2006, at the Killingworth Town Office Building, 323 Route 81, Killingworth, Connecticut. In attendance were First Selectman Martin Klein, Selectman Fred Dudek and Selectman Edward Sipples. First Selectman Klein called the meeting to order at 7:00 PM.
2. To Consider and Vote on a Resolution to Appropriate and Authorize Bonds in the Amount of $100,000 for the purchase of a Roll-off Truck
First Selectman Klein noted this would be folded into the Wettish bonding and the notes from the Bosco property that are due in August. First Selectman Klein reviewed the advantages of rolling the $100,000 into this bonding. Selectman Sipples wished to confirm that this bonding issue will have nothing to do with the Wettish bonding and referendum. There was discussion as to what would happen if the referendum for the Wettish property failed. Richard Thiverge from William Blair & Company reviewed these details.
Motion by Selectman Dudek, second by Selectman Sipples, to adopt the following Resolution Re Appropriation and Bond Authorization of $100,000 for the purchase of a roll off truck –
WHEREAS, the Town of Killingworth's budget for fiscal year 2005-2006 (the "Budget") approved capital expenditures for a roll off truck in the amount of$150,000; and
WHEREAS, the Budget approved the spending of $50,000 for the cost of the roll off truck; and .
WHEREAS, the Board of, Selectmen wishes to finance the remainder of the cost of the roll off truck with bonds of the Town.
NOW THEREFORE, BE IT RESOLVED THAT,
(i) the Town appropriate the additional sum of $100,000 towards the cost of the purchase of the roll off truck, including temporary and permanent financing costs and all other costs associated therewith (the "Project"), and to meet said appropriation and in lieu of a tax therefore, bonds of the Town, be issued pursuant to Chapter 109 of the Connecticut General Statutes, the Town Charter or any other provision of law thereto enabling, in the maximum principal amount of $100,000 or so much thereof as may be necessary after deducting grants or others sources of funds available therefore; and
(ii) the First Selectman and the Treasurer be authorized to issue and sell bonds or temporary notes of the Town not to exceed $100,000 in anticipation of the receipt of the proceeds from the sale of such bonds and to determine the amount, date, date of maturity, interest rate; form and other details of such bonds or notes, pursuant to Chapter 109 of the Connecticut General Statutes, and the Town Charter or any other provisions of law thereto enabling, provided that the proceeds from the sale of such bonds or notes shall be used for said purpose; and
(ill) the First Selectman and the Treasurer of the Town shall sign the bonds or notes by their manual or facsimile signatures and that the law firm of Pullman & Comley, LLC is designated as bond counsel to approve the legality of the bonds or notes; and
(iv) the First Selectman and the Treasurer, or either of them, be authorized to designate a bank or trust company to be the certifying bank, registrar, transfer agent and paying agent for the bonds or notes; to sell the bonds or notes at public or private sale; to deliver the bonds or notes; and to perform all other acts which are necessary to appropriate to issue the bonds or notes. If the bonds or notes authorized by this resolution are issued on a tax-exempt basis, the First Selectman and the Treasurer, or either of them, are authorized to bind the Town pursuant to such representations and covenants as they deem necessary or advisable in order to maintain the continued exemption from federal income taxation of interest on the bonds or notes, including covenants to pay rebates of investment earnings to the United States in future years.
BE IT FURTHER RESOLVED, that the Board of Selectmen hereby recommends to the Board of Finance that it approve the appropriation for $100,000 for the Project.
BE IT FURTHER RESOLVED, that, provided the Board of Finance approves the above- recommended appropriation, the Town convene a Special Town Meeting to be held on March 27, 2006 at 8:00 p.m. at Killingworth Elementary School, Route 81, Killingworth, Connecticut to vote upon the resolution authorizing the appropriation and financing for the roll off truck referenced above.
BE IT FURTHER RESOLVED, that the Town reasonably expects to incur expenditures (the "Expenditures") in connection with the capital project for which a general functional description is provided in the resolution above. The Town reasonably expects to reimburse itself for the cost of the Expenditures and the proceeds of general obligation bonds and notes of the Town described above. The maximum principal amount of such debt (both bonds and notes) is not expected to exceed $100,000. This declaration of official intent is a declaration of official intent made pursuant to Treasury Regulation Section 1.150-2.
Voting in favor – Sipples, Dudek, Klein. Opposed – none. Motion Carried.
3. Wettish Property Purchase
Selectman Sipples reviewed the protocol for the following Town Meeting regarding the Wettish property. First Selectman Klein reviewed those persons who would be seated at the head table. He also reviewed the other items that were on the Call of the Town Meeting. Mr. Klein asked if all these items could be voted on in one motion. First Selectman Klein again reviewed the segments of discussion of the Wettish property purchase. There was discussion regarding who the moderator would be for the Town Meeting.
4. Adjournment to Town Meeting
Motion by Selectman Dudek, second by Selectman Sipples, to adjourn at 7:21 PM. Voting in favor – Dudek, Sipples, Klein. Opposed – none. Motion Carried.
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