Town of Buxton
Minutes for August 22, 2007 Selectmen’s Meeting
Business Meeting Agenda
1. Call to Order.
The Meeting was called to order at 7:00 p.m.
Open Bids - General Obligation Bond – 2 bids
1) Key Bank 1.8 M 20 year equal term annual principal payments of $90,000
Interest rate of 4.83 based on the 5 year US Treasury and the following formula. Interest rate will reset on September 6, 2012 for the next 5 fiscal years and will reset on the 10th and 15th anniversaries of the loan.
Yield – August 20, 2007 sale 5 year US Treasury Notes: 4.35%
Base Rate: 2.8275%
Plus Add On 2.00%
Reset Rate 4.8275
Rounded Rate 4.83
Rates are calculated on actual/365 day basis – no prepayment penalty.
2) Sanford Institute for Savings 1.8M 20 year level annual installments of Principal and Interest in the amount of $135,775.98 beginning one year from the date of closing. This amount may adjust as the rate adjusts every fifth year.
The rate of interest on the note will be 4.22% for the initial 5-year period based on an actual/360 day year. Thereafter, the rate shall be adjusted every 5th year to a tax equivalent rate of 100 basis points over the then 5-year Treasury index until maturity. This rate is dependant upon the fact that the Town of Buxton is eligible to receive tax-exempt financing, and that the Bank is able to rely upon the full faith, credit and taxing power of the Town of Buxton for repayment.
The loan is unsecured and may be prepaid at any time without penalty.
2. Approval of Prior Meeting Minutes.
Selectmen’s Meeting Minutes August 15, 2007. Approved 5-0.
3. Discussion held between 5:00 & 7:00 p.m.
4:00 p.m. – 5:20 p.m. Executive session with the Town Attorney regarding legal rights and duties
5:30 p.m. – Krystal Dyer & Fred Farnham regarding 2010 census update
4. Review of Correspondence.
· Email from Saco River Cable Committee – Re: Franchise agreement and questionnaire upcoming for public input
· Email from Chris Lockwood, Maine Municipal Association – Re: Maine Emergency Management Agency is looking for a municipal official to serve on the State Emergency Response Commission
· Email from Joyce Kelley, York County Emergency Management Agency – Re: Each community should designate an individual to handle accounting and one individual for technical responsibilities to handle FEMA records
· Letter from Joan Sylvester, York County Shelter Programs, Inc. – Re: Food pantry
· Letter from Howard K. Dearborn – Re: Saco River Water quality and removal of large quantities of water from local aquifers
5. Review of Projects and Issues.
Selectman Libby is preparing the Maine Valuation Return which consists of 10 pages of numbers.
Selectman Emery reported that he had attended the Eleven Town Meeting last Monday night. The major discussion centered on the County Budget. The budget appears to be on track, with one person laid off and some refinancing extension. The County will be hiring a Finance Director.
Selectman Harmon reported that she had attended a meeting Wednesday morning (Aug. 22) with Bob Bohman, York County Emergency Management, the Fire Chief, Public Works Director and the Town’s Emergency Management Director to go over issues that need to be handled before another storm season.
Selectman Pulsoni reported that this was the first session she had attended with the Town’s attorney and found it very interesting.
6. Old Business.
7. New Business.
Selectman Collomy reported that he had met with one of the Selectmen at the Town of Limington and they would like the old dump truck that the Town of Buxton will be disposing of when the new truck comes in. Selectman Collomy would like to give the truck to Limington, but the Town’s Charter does not allow the Town to do so. The Selectmen will discuss and make a decision.
8. Executive Orders.
9. Executive Orders by Initiative.
E.O.070808028 – An order to approve 6 hours of Compensating Time for Anne Robishaw. Approved 5-0.
10. Accounts Payable and Payroll Warrants.
E.O.070808025 – An order approving expenditures as documented in Accounts Payable Warrant #60-07. Approved 5-0.
E.O.070808026 -- An order approving expenditures as documented in Accounts Payable Warrant #08-08. Approved 5-0.
E.O.070808027-- An order approving expenditures as documented in Payroll Warrant
#08-08. Approved 5-0.
11. Next Meeting of the Board.
Planning Board Meeting Monday, August 27, 2007 at 7:30 p.m.
Selectmen’s Meeting Wednesday, August 29, 2007 at 7:00 p.m.
12. Other Business.
13. Public Comments and Questions.
Keith Emery reported that the Planning Board By-Laws are being reviewed and one of the items that may be changed is the time of the Meetings. If the change is approved, the Meeting time will change from 7:30 p.m. to 7:00 p.m.
Motion made and seconded to adjourn the Meeting at 7:21 p.m. Approved 5-0.