I. Council Action Requested.
Title
To authorize the expenditure of up to $815,601 for preliminary costs ("Original Expenditures") related to the purchase of the solar system (TM-2026-009) located at the Town's landfill on Enterprise Drive (the "Project"); and to declare the Town's official intent within the meaning of Treasury Regulation 1.150-2 to reimburse Town funds from the proceeds of bonds to be issued in the future in an amount not to exceed $815,601 for the Original Expenditures related to the Project.
Body
II. Basis for Council Action.
Council approval of this item is required because;
a. At the June 14, 2025 Annual Town Meeting, voters authorized the issuance of bonds (and notes in anticipation thereof) in a total sum not to exceed $7,815,601 and appropriation of the proceeds thereof to pay for various projects as set forth in the respective warrant articles, with the details of such borrowing to be determined by the Town Council; and
b. Of the total authorized amount of bonds to be issued, the voters approved the sum of $832,414 to be borrowed for the Project as set forth in this Order and as further described in Article 30 of the June 14, 2025 Annual Town Meeting warrant; and
c. The Council has the authority to exercise all the legislative, financial, borrowing and other powers now or hereafter given by statute to inhabitants of towns acting in Town Meeting pursuant to Article II, Section 3(I) of the Charter; and
d. The Council expects to authorize the issuance of the Town's General Obligation Bonds in the total aggregate amount of $7,815,601 and to appropriate the proceeds thereof to finance the costs of the various projects as authorized by the Annual Town Meeting vote on June 14, 2025.
e. In anticipation of the authorization of the Bonds, the Council desires to appropriate up to $815,601 to fund preliminary costs in connection with the Project prior to the issuance of the Bonds, and is required under by federal regulations related to the issuanc...
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