Special Select Board Meeting
Town of Pittsford, Vermont
Minutes of Meeting/October 13, 2011
Present: T. Hank Pelkey; Allen Hitchcock; Linda Weeden; T. Hooker; Joseph Gagnon; John Haverstock; Helen McKinlay
Meeting opened at 6:30 p.m.
1. Public Comment
2. New Business
a. Application to Re-Finance Sewer Bond Debt
J. Haverstock explained that the Town had an opportunity to apply by October 14 for a re-finance of two existing sewer bonds at a lower interest rate, enabling the Town to save approximately $45,000 over the next 20 years of debt service.
Motion by A. Hitchcock to make the application and authorize Town Manager to sign. Seconded by Tom Hooker.
Passed unanimously 5-0.
b. Extension of Maturity Date on Interim Sewer Project Financing
J. Haverstock explained that, due to delays in construction, the Town’s interim financing Maturity Date needed to be extended 90 days until a permanent loan from USDA could close. Motion by T. Hooker to approve and execute Loan Modification Agreement. Seconded by Linda Weeden.
Passed unanimously 5-0, after which the Selectmen signed the Agreement.
The Select Board adjourned its meeting at 6:37 p.m.
T. Hank Pelkey, Chair
Allen Hitchcock, Vice Chair