Thursday, September 9, 2010

AUGUST 30, 2010
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Board of Finance Attendance: Chairman Janet Brunwin, John Grabowski, Robert Brinton Jr., Sally Huyser, Chip Spear, Stephen Squinto

Board of Selectmen Attendance: First Selectwoman Derrylyn Gorski, Selectman Steven Thornquist, Selectman Donald Shea

Visitors: Larry Eisner, Town Treasurer, Attorney Kevin McSherry, Chris Martin

The combine meeting of the Board of Selectmen and Board of Finance was called to order at 7:32. The meeting was held in the Selectmen’s Conference Room of the Bethany Town Hall. The purpose of this meeting was to hear a presentation given by Chris Martin of Webster Bank, Governmental and Institutional Group on bonding and bond anticipation notes.

Mr. Martin began his presentation by discussing opportunities for savings on the bond issues of 2003 and 2006 since interest rates are much lower now. He explained various methods of refinance and the proposed financing for road repair by using either bond anticipation notes or bonding. Following Mr. Martin’s presentation Board of Finance and Board of Selectmen members discussed the various options. It seemed to be the consensus that bond anticipation notes would be the most economical method of finance as all the funds would not be taken at once, but rather over a period of time which would save interest. It was determined that the next step would be to contact Bond Counsel to get information on each scenario as presented to this meeting.

Adjournment was called at 8:50 p.m. after a motion was moved by Sally Huyser and seconded by Selectman Donald Shea. The vote taken was unanimous.

Respectfully submitted,

June G. Riley
Secretary, Board of Selectmen and Board of Finance