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Minutes of Bond Public Hearing, 1/9/2018

January 18th, 2018

Carroll Board of Selectmen
Bond Public Hearing
Meeting Minutes
January 9, 2018

“These minutes of the Town of Carroll Select Board have been recorded by its Secretary. Though believed to be accurate and correct they are subject to additions, deletions and corrections by the Select Board at its next meeting when the Board votes its final approval of the minutes. They are being made available at this time to conform to the requirements of New Hampshire RSA 91-A:2.”

Minutes recorded by Maryclare H. Quigley, Secretary

Board members present: Brian Mycko, Paul Bussiere, David Scalley

Members of the public present: Janet Nelson, Michael Hogan, Michael Finn, Allan Clark, Imre Szauter, Susan Kraabel, Wayne Mycko, Patricia Mycko

Chairman Mycko opened the Bond Public Hearing for the Building Project at 6:04 p.m.

Pledge of Allegiance

Chairman Mycko asked Imre Szauter, Chair of the Building Committee, to speak about the issue. Mr. Szauter explained the purpose for the money is to construct buildings to house town administrative offices/town hall and public safety departments.

Mr. Szauter said the total amount for the project is $3,950,000 and noted the break-down by category on the sheets handed out. He said they had met with representatives from USDA
Rural to get an idea about costs, etc. and that right now the interest rate is 3.5%. He said there is also the NH Bond Bank for commercial financing. He went on to say depending on the vote, the Building Committee will make a recommendation to the Select Board about financing. The Committee is leaning toward a bank loan as there is good interest rate, less oversight thus not as cumbersome and there could conceivably be lower costs overall.

Mr. Szauter advised this is for a complete project, furnishings, equipment, insurance, moving, and so on, not just the buildings. He also said there could be re-use of certain materials or items if it’s possible to do so. He noted the built-in contingency which is typical on similar projects, as things can happen.

The question was asked about what happens to the money if it comes in under budget. Project Manager Allan Clark said that if he is retained as the Project Manager following Town Vote in March, he expects it to come in under as he has had all of his projects come in under budget. He explained they would most likely have a construction loan that will convert to permanent when that phase is complete and they are working toward getting an amount closer to $3.5 million with grants, etc. This being noted, Mr. Clark said they could pay down the note.

It was also asked who keeps track of all the money and expenditures during the project and Mr. Clark said his company reviews and approves every invoice. The documents will accompany all requests for payment by the Town. He said if it is a bank loan, there is no special requirement regarding auditors, but if it is a bond, we will be required to have an outside auditor. Mr. Clark reiterated that his company monitors all expenses and aspects of the project. The Secretary said we have an outside auditor and she had spoken with him. If the vote passes they will talk again and he will set up separate accounting lines for auditing purposes.

As there were no further questions and no further discussions, Chairman Mycko made a Motion to: Close the Public Hearing for the Bond. Selectman Bussiere seconded and it passed unanimously. Chairman Mycko declared it closed at 6:15 p.m.