MINUTES OF THE SPECIAL TOWN MEETING

MAY 28, 2005

 

The location of the meeting was the Community Center, Town of Frye Island

 

The meeting was called to order at 9:02 AM by Wayne Fournier, Town Clerk

 

MOTION to nominate Joe Potts as Moderator made by Bob Roberts and seconded by Carl Hommel

There were eleven (11) ballots cast for Joe Potts

 

Joe Potts was sworn in as Moderator by Nancy McEnaney, Deputy Town Clerk.

 

MOTION to adopt the following procedures for this meeting made by Ernie Wrzesinsky and seconded by Ed Charette.

  1. Utilize the Maine Moderator's Manual in the conduct of business
     

  2. Follow the guidelines established by MMA for Town Meetings and Elections
     

  3. Incorporate the vote of the Board of Island Trustees into the Town Meeting flow of business when appropriate, and
     

  4. Limit the discussion of any one person  to no more than three (3) minutes per  issue

 The Motion carried unanimously

 

Recess Town Meeting - Open BIT Meeting

 

MOTION to approve Warrant Article #2, To see if the registered voters of the Town of Frye Island will appropriate $275,000.00 for the costs (including legal and other professional fees) to acquire approximately 25 acres of land on the Raymond Cape Road in the Town of Raymond and to authorize the Treasurer and the Board of Selectmen, on behalf of the Town, to borrow up to such amount to fund such appropriation, and to issue the Town's general obligation bonds and notes therefor, for a term of not greater than twenty-one (21) years at an interest rate not to exceed 5.00%, with such other terms and conditions, including provisions for early redemption or prepayment, as may be approved by the Treasurer, and to further authorize the Treasurer, on behalf of the Town, to take any and all other action and to sign such other agreements, documents and certificates as may be necessary or convenient to accomplish such borrowing.

 

TREASURER'S CERTIFICATE

The undersigned Treasurer of the Town of Frye Island hereby certifies that:

 

1.  The total amount of general obligation indebtedness of the Town of Frye Island currently is $499,800.00.

 

2.  The total amount of general indebtedness of the Town of Frye Island authorized, but unissued is $200.00.

 

3.     The total amount of additional general obligation indebtedness of the Town of Frye Island contemplated to be incurred if the question authorizing issuance of such indebtedness is ratified is not in excess of $275,000.00.

 

4.  The anticipated maximum interest rate on the debt is 4.27%.  Assuming the issuance of the full $275,000.00 of debt to be authorized, level principal payments over a ten (10) year term and an interest rate of 4.27%, the interest cost associated with the borrowing would be $65,862.82, which would result in a total cost of principal and interest to be paid at maturity of $340.862.82.

 

The forgoing represents an estimate of costs associated with the financing and such estimates will change due to market conditions.  The validity of the voters' ratification of the note shall not be affected by any errors in the forgoing estimates.  the ratification by the voters is nevertheless conclusive and the validity of the note issue is not effected by reason of any variance of actual costs from the estimates provided hereinabove.

 

                                                                            Carlton O. Hommel

                                                                            Treasurer

                                                                            Town of Frye Island

Motion made by Bob Roberts and seconded by Oleg Svetlichney

MOTION to amend motion to state that property taxes will not be used to pay for purchase of this property made by Frank LaMauro and seconded by Pat Karpacz.

After much discussion on means of repaying loan the amendment and second were withdrawn.

 The original motion carried - there were two (2) votes opposed

Recess BIT Meeting - Reconvene Town Meeting

 

MOTION to accept Warrant Article #2 as approved in the BIT Meeting made by Bob Roberts and seconded by Oleg Svetlichney.

Motion carried - there were two (2) votes opposed

 

Recess Town Meeting - Reconvene BIT Meeting

 

MOTION to approve Warrant Article #3, To see if the registered voters of the Town of Frye Island will vote to appropriate up to $40,000.00 from the Town's undesignated fund balance for the legal fees to be used by the Board of Selectmen to pursue fair and equitable treatment for the Town with respect to School Administration District No. 6 taxes.

Motion made by Ernie Wrzesinsky and seconded by John Crosby

 

Motion carried - there were two (2) votes opposed

 

Adjourn BIT Meeting - Reconvene Town Meeting

 

MOTION to accept Warrant Article #3 as approved in the BIT Meeting made by Ernie Wrzesinsky and seconded by John Crosby.

Motion carried - there were two (2) votes opposed

MOTION to adjourn Town Meeting made by Ernie Wrzesinsky and seconded by John Crosby Unanimous

 

Respectfully submitted,

James L. Kuiken