At tonight's Board of Selectmen meeting, we will consider a Declaration of Official Intent to Bond Bridge Expenditures. This is NOT a resolution to issue a bond or a note or to borrow money. That would require a town meeting, and we currently do NOT intend to borrow money for the bridge or anything else.
The Declaration is only a placeholder, in the event, which I hope is unlikely, that we need to borrow money in the future to cover some or all of the $750,000 we placed into the Declared Emergency Fund on 9/27, most of which was spent on renting the emergency bridge and purchasing and installing the long-term temporary bridge, both on Brook Rd.
The way this works is that in order for the town to issue a bond, we have to act within 60 days of the expenditures the bond is going to pay for. The clock started ticking yesterday, with the issuing of payments to the bridge companies. So long as we have declared the intent to do so, the 60-day requirement is met. Once that has been approved, and IF the BOS determines it is necessary, and IF the Town Meeting approves, we can issue a bond or purchase a note or take out a bank loan as needed. But we don't have to. I am seeking approval of this Declaration is ONLY to keep our options open.
The incoming Board of Selectmen will determine if it is necessary to issue a bond or otherwise borrow money. Final approval of any borrowing rests with the Town Meeting. In the meantime, I continue to appeal to our legislators, the Governor, and Congressman Joe Courtney for funds to cover the emergency appropriation. I will help the new administration pursue any and all avenues that would allow us to replenish our reserves, and see to the renovation of Town Hall, without borrowing money.
The Declaration is only a placeholder, in the event, which I hope is unlikely, that we need to borrow money in the future to cover some or all of the $750,000 we placed into the Declared Emergency Fund on 9/27, most of which was spent on renting the emergency bridge and purchasing and installing the long-term temporary bridge, both on Brook Rd.
The way this works is that in order for the town to issue a bond, we have to act within 60 days of the expenditures the bond is going to pay for. The clock started ticking yesterday, with the issuing of payments to the bridge companies. So long as we have declared the intent to do so, the 60-day requirement is met. Once that has been approved, and IF the BOS determines it is necessary, and IF the Town Meeting approves, we can issue a bond or purchase a note or take out a bank loan as needed. But we don't have to. I am seeking approval of this Declaration is ONLY to keep our options open.
The incoming Board of Selectmen will determine if it is necessary to issue a bond or otherwise borrow money. Final approval of any borrowing rests with the Town Meeting. In the meantime, I continue to appeal to our legislators, the Governor, and Congressman Joe Courtney for funds to cover the emergency appropriation. I will help the new administration pursue any and all avenues that would allow us to replenish our reserves, and see to the renovation of Town Hall, without borrowing money.