Town Council - Ways & Means Committee

MEMBERS Braintree Town Council Thomas Bowes, Chairman Committee of Ways & Means Shannon Hume, Vice-Chair One JFK Memorial Drive Stephen C. O’Brien, Member Braintree, Massachusetts 02184 Timothy Carey, Member Thomas Whalen, Member MINUTES June18, 2019 A meeting of the Committee of Ways & Means was held in the Cahill Auditorium, Braintree Town Hall, on Tuesday, June 18, 2019 at 7:00p.m. Councilor Bowes was in the Chair. The Clerk of the Council conducted the roll call. Present: Thomas Bowes, Chairman Shannon Hume, Vice-Chair Stephen C. O’Brien, Member Timothy Carey, Member Thomas Whalen, Member Also Present: Edward Spellman, Director of Municipal Finance The meeting was opened with the pledge of allegiance to the flag followed by a moment of silence for all those serving in our armed services, past and present. Approval of Minutes • None New Business • 19 018 Mayor: Rescind prior Borrowing Authorizations or take up any action relative thereto Motion made by Councilor Hume to Refer Order 19 018 items (1), (2) and (3) to the full Council for favorable recommendation. MOTION read by Councilor Hume: That the Town of Braintree rescinds the following authorized but unissued borrowing amounts that are no longer needed to pay costs of the projects for which they were initially approved: June 18, 2019 Ways & Means Committee 1 of 3  1. $100,000 of the authorized but unissued balance of the $100,000 which was authorized to be borrowed under Article 31 of the Warrant at the Annual Town Meeting held on May 10, 2006 to pay costs of purchasing water meters. Motion: by Councilor Hume to Refer Order 19 018 (1) to the full Council for favorable recommendation Second: by Councilor Carey Vote: For (5– Bowes, Carey, Hume, O’Brien, Whalen), Against (0), Absent (0), Abstain (0) 2. $310.63 of the authorized but unissued balance of the $652,277.28 authorized to be borrowed pursuant to Loan Order 14-065 which was approved by this Council on November 5, 2014, to pay costs of Great Pond dam repairs. Motion: by Councilor Hume to Refer Order 19 018 (2) to the full Council for favorable recommendation Second: by Councilor Carey Vote: For (5– Bowes, Carey, Hume, O’Brien, Whalen), Against (0), Absent (0), Abstain (0) 3. $3,000,000 of the authorized but unissued balance of the $3,000,000 authorized to be borrowed pursuant to Loan Order 18-024 which was approved by this Council on April 30, 2018, to pay costs of roof replacement at the Ross Elementary and South Middle Schools. Motion: by Councilor Hume to Refer Order 19 018 (3) to the full Council for favorable recommendation Second: by Councilor Carey Vote: For (5– Bowes, Carey, Hume, O’Brien, Whalen), Against (0), Absent (0), Abstain (0) • 19 019 Mayor: Bond Refunding Authorization or take up any action relative thereto (Public Hearing) Motion made by Councilor Hume to Refer Order 19 019 to the full Council for favorable recommendation. MOTION read by Councilor Hume: That in order to reduce interest costs, the Treasurer, with the approval of the Mayor, is authorized to provide for the sale and issuance of refunding bonds under G.L. c. 44, §21A to refund all or any portion of the remaining principal of and redemption premium and interest on any of the Town’s general obligation bonds outstanding as of the date of this vote. Motion: by Councilor Hume to Refer Order 19 019 to the full Council for favorable recommendation Second: by Councilor Carey Vote: For (5– Bowes, Carey, Hume, O’Brien, Whalen), Against (0), Absent (0), Abstain (0) June 18, 2019 Ways & Means Committee 2 of 3 Old Business • None It was unanimously voted to adjourn the meeting at 7:09p.m. Respectfully submitted, Susan M. Cimino Clerk of the Council Documents provided for Meeting • 19 018 Mayor: Rescind prior Borrowing Authorizations or take up any action relative thereto • 19 019 Mayor: Bond Refunding Authorization or take up any action relative thereto (Public Hearing) June 18, 2019 Ways & Means Committee 3 of 3