I. Council Action Requested.
Title
To award a contract for Bonding Agent services to Moors & Cabot in the amount of $43,520, said amount to be paid from TM-2021-003, for various approved capital expenditures, and to authorize the Town Manager to execute a contract and to take any other necessary action related thereto.
Body
II. Basis for Council Action.
Council approval of this item is required because;
a. The Council has the authority to enter into contracts as the legislative body of the Town pursuant to Article II, Section 3(I) of the Charter, and
b. At the June 13, 2020 Town Meeting voters authorized the issuance of $4,960,554 in bonds for various capital expenditures, with the details of such borrowing to be determined by Council.
III. Issue Summary.
The Moors & Cabot bid is $2,000 higher, but upon examination of prior bond issuances and past experiences with, Moors & Cabot’s, they would provide the best solution for this issuance. Both firms have excellent reputations. After further analysis, I am recommending Moors & Cabot as our provider.
At the town meeting of June 13, 2020, voters approved the Town Council’s authorization of $4,960,554 to finance the costs of:
Police & Fire Station improvement design/expansion $3,600,000
Route 35 sidewalk improvement and repair $ 105,000
Fire-Rescue New Ambulance $ 201,554
Brand Road repair, improvement & repaving $ 480,000
Public Works Dump Truck & Pickup Truck $ 215,000
Traffic light acquisition, installation & improvement $ 359,000
The Town received two proposals ranging from $41,500 to $43,520. The attached proposals detail the level of services to be provided.