MINUTES
BOARD OF SELECTMEN
Monday, December 12, 2005, 6:30 p.m.
Town Hall Hearing Room,
PRESENT:
Subject: Meeting to authorize the sale of the $3,908,000 Municipal Purpose Loan of 2005 Bonds.
Meeting commenced at 6:30pm with Chairman John Claffey asking the Board of Selectman to vote to authorize the sale of the General Obligation Bonds. Pursuant to Massachusetts General Law Chapter 44, the Board of Selectmen prior to issuance must approve Section 22, all bonds and notes of a Town. The Selectmen approved the sale with a unanimous 3-0 vote.
The Board and Mr. Florence discussed the favorable rating as assigned by Moody’s Investor Service affirming an A1 rating for the Town’s long-tern debt. The agency cited the Town’s sizeable tax base and its manageable reserve and debt positions as positive credit factors. UBS Financial Services, Inc. was the winning bidder with an average interest rate of only 4.097%. The Town of East Longmeadow received three bids. The bonds were insured by Financial Security Assurance, which will enhance their credit rating to Aaa.
Mr. Florence also discussed a booklet, which he will get for the Board of Selectmen, which displays all Municipal Financial Data for each town in the Commonwealth comparing East Longmeadow with all other cities and towns.
The meeting adjourned at 6:38pm.
APPROVED: BOARD OF SELECTMEN MEETING, TUESDAY, DECEMBER
20, 2005.