TOWN OF REDDING
BOARD OF FINANCE SPECIAL MEETING
MONDAY, 6/1/2020 7:00PM
Click here for recording of meeting. Access Password: 2m$18p?2
Filed subject to approval.
Dr. Kimberly Yonkers, Chair; Ward Mazzucco, Chair; Jenifer Wyss; Jamie Barickman; Rob Dean (7:12PM); Ed Miller, Absent
Peg O’Donnell, Selectwoman; Members of the Public
Chair Yonkers called the meeting to order at 7:00PM.
1. Prepare and approve motion for the July 2020 Bond
Chair Yonkers said the BOF is meeting tonight because there has not been discussion about the length of the bond.
Mr. Mazzucco made a motion to approve a 15-year Bond in the amount of $5,150,000 to fund the Town’s 4 Year Road Plan and Communications Upgrade, which have previously been approved at referendum. Should the cost of the two projects be less than the amount approved, the remaining funds will be used to pay the costs associated with the bond. Mr. Barickman seconded the motion. Discussion followed.
Mr. Barickman said there was a small difference in interest costs between the 15 and 20-year bonds.
Mr. Mazzucco said the useful life of the Communications Equipment will most likely not extend past 15 years.
Ms. Wyss agreed with Mr. Mazzucco’s statement. She asked if the Town could pay off the Communications Upgrade before paying off the roads.
Ms. Wyss asked about the debt policy for the Town. Mr. Mazzucco said the policy created in 2010 is still current.
Ms. Wyss asked what a typical bond for roadwork is. Selectwoman O’Donnell said 20-year bonds were typical for the Town of Redding.
Chair Yonkers asked the BOF if a 15-year bond is ok. Discussion followed concerning costs.
Ms. Wyss asked Mr. Mazzucco about the length of the Road Reconstruction plan. Mr. Mazzucco said it is four years. Ms. Wyss said the referendum motion used 3-years. Discussion followed concerning how bonds for roadwork sometimes are rolled over one year if funds are leftover.
Rob Dean joined the meeting at 7:12PM.
Mr. Mazzucco made a motion to approve a 15-year Bond in the amount of $5,150,000 to fund the Town’s 4 Year Road Plan and Communications Upgrade, which have previously been approved at referendum. Should the cost of the two projects be less than the amount approved, the remaining funds will be used to pay the costs associated with the bond. Mr. Barickman seconded the motion. Discussion followed. There were five yes votes (Yonkers, Mazzucco, Barickman, Dean, and Wyss) and one absent (Miller). The motion carried.
2. Public Comment
Chair Yonkers opened the floor to public comment.
Mike D’Agostino asked for clarification about the bond amount. Mr. Mazzucco said the bond is $5,150,000. Mr. D’Agostino asked if this amount is for roadwork and communications infrastructure and would not cover the radios. Chair Yonkers said this is correct and that the radios would be purchased with LoCIP (Local Capital Improvement Projects) funding.
Chair Yonkers adjourned the meeting at 7:17PM.