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HomeMy WebLinkAboutMinutes - City Council - 05/18/1965BOARD OF SELECTMEN EXECUTIVE MEETING May 18, 1965 The Board of Selectmen for the Town of South Burlington held an Executive meeting on Tuesday, May 18, 1965 at 9:15 p.m. at the Town Municipal Building, 555 Dorset Street, South Burlington, Vermont. MEMBERS PRESENT Vincent J. D'Acuti, Chairman, Ralph Goodrich, Augustus T. Stannard, Stephen Whittlesey, and Robert K. Ashley. OTHERS PRESENT Irving L. Douglas, Town Manager, and Town Attorney, William Mikell. REVIEW OF WARNING, AND APPROVAL OF BOND ISSUE The Town Manager reviewed for the Board of Selectmen the possibilities for financing the proposed Sewerage System. The Town could advertise for a Special Town Meeting to bond for one million, seven hundred and fifty thousand ($1,750,000.00) dollars, and General Bond Obligation for 25 years for one million, one hundred thousand ($1,100,000.00) dollars. A second Bond issue for six hundred fifty thousand ($650,000.00) dollars would be financed through Revenue, known as the User Sewer Charge, for 15 years. The Board of Selectmen could call a Special Meeting properly advertised for an Improvement District to finance one million, three hundred and sixty thousand ($1,360,000.00) dollars for footage charge. The footage charge would be paid to the Town not later than the year 1968 or 1969, and this would be financed by the individual through his own personal account or financed through the bank by increasing the property owner's mortgage. In previous conversations that the Town Manager has had with the Burlington Savings Bank, and the Burlington Federal Savings and Loan Bank, it has been their opinion that an increase on the mortgages could be negotiated to pay for the footage charge, and the house connection charge. In this way the Town would not be a Financing Agency, and it is believed that the financing in this manner the Credit Rating of the Town would be much improved rather than bonding for three million, one hundred thousand ($3,100,000.00) dollars. If the Town takes on the total obligation of three million, one hundred thousand ($3,100,000.00) dollars, it would mean serious trouble in the Double "A" Credit Rating that the Town now enjoys. Mr. Mikell questioned as to whether the Town could have an Improvement District to help finance the Sewerage System as the Town Charter does not specifically state that an Improvement District can be set-up without future legislation. The Town Manager was instructed, to contact Goldman, and Sachs Company by telephone on Wednesday, May 19th, to get further information should the Town vote to bond for three million, one hundred thousand ($3,100,000.00) dollars, and information as to how this total amount would affect the Credit Rating of this Town. Executive meeting adjourned at 9:45 p.m., and the regular meeting of the Board of Selectmen reconvened. APPROVED Published by ClerkBase ©2019 by Clerkbase. No Claim to Original Government Works.