Pepperell selectmen ratify bond refinancing saving town $215,188 in interest costs

PEPPERELL — August 10, 2015 — Pepperell selectmen ratify a $215,188 bond refinancing, vote to oppose a gas pipeline, and adopt a five-year capital plan at a packed August 10 session. Financial advisor Breanne Susel of Unibank reported that the refunding of the town's 2005 and 2007 general obligation bonds closed at a true interest cost of 2.016 percent, well below the projected 2.42 percent, generating combined savings of $215,188 over the life of the debt — roughly $12,000 a year. Town Administrator Mark Andrews linked the savings to the town's Aa3 Moody's rating and to the newly adopted five-year capital improvement plan for fiscal years 2016 through 2020. The board also voted unanimously to endorse a five-tracker solar installation at Kimball Fruit Farm proposed by owners Carl and Marie Hills, and approved a resolution authorizing the town to seek formal intervener status with the Federal Energy Regulatory Commission once Tennessee Gas Pipeline files its application for the Northeast Energy Direct Project — a 21-day filing window expected to open around October 2015. The board further authorized a $5,000 reserve fund transfer for a salary market rate survey of administrative assistant and fire chief positions, opened the warrant for an October 26 Special Town Meeting, and returned from executive session to approve a 1 percent pay increase for AFSCME Council 93 workers effective July 1, 2015, and a 2.75 percent increase effective December 27, 2015.