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1994/08/18 BOARD OF FINANCE AUGUST 18, 1994~i4 ~ 1277~. ~ D.,, 2: 91n..,., A Regular Meeting of the Board of[ Finance wa's'held on:';T~ursday, August 18, 1994 in the Board of Finance Room, Town Hall. MEMBERS PRESENT: Dr. John P. McIntosh, Chairman Mrs. Ida Ragazzi Vice Chairman Mr. Joseph Bajorski (Arrived at 7:30 PM) Mrs. Audrey Bertagna Mr. Fred Jortner ABSENT: Mr. Sam Lomaglio OTHERS PRESENT: Mr. Gary Clinton, Finance Director Mrs. Jean Conway, RN, Nursing Supervisor The meeting was called to order at 7:00 PM. AUDIENCE OF CITIZENS No discussion. BUDGET CHANGES - 93/94 A Budget Change Form was received from Mrs. Jean Conway, RN, Nursing Supervisor of the Public Health Nursing Department. Mrs. Conway requested $45.00 for additional mileage costs. Mrs. Conway stated that all her five (5) vehicles are old and require frequent servicing that last two (2) or more days. She also noted that the Town car pool is used, but that frequently all of the cars are in use and not available to her staff. Dr. McIntosh stated that he felt that nursing cars should be eliminated. He noted that there ~ould be a savings of insurance costs on each of the cars. Mr. Gary Clinton, Finance Director, noted that presently the cost of insurance for each of the cars is between $700 - $900 yearly. Mr. Clinton also stated that a cost study has begun which shows that cars driven around 6,000 miles a year indicates that it is better to just pay mileage costs to employees. He noted that this system would eliminate insurance costs, Gasoline costs, and repair charges. Mrs. Conway stated that it was very difficult for her department to estimate yearly mileage. She stated that for instance, she doesn't know enough in advance if meetings she and her staff attend are to be held, as an example, in Hartford or New Haven. Mrs. Ida Ragazzi suggested that the Board write a letter to Mayor Robert Peters asking for a feasibility study of using nursing pool PAGE 2 cars versus paying mileage for employees to use their own cars. 94-067 MOTION was made by Mrs. Ida Ragazzl, seconded by Mrs. Audrey Bertagna and VOTED to transfer $45,00 from account ~ 101-2753-101-0122 (Nursing - Longevity) to account ~ 101-2753-i21-0213 (Nursing - Mileage) to replenish this account THOSE VOTING IN FAVOR: Mrs. Ida Ragazzi, Mrs. Audrey Bertagna, Mr. Fred Jortner. OPPOSED: Dr. John McIntosh VOTE begin9 3-1. Motion passed. Mr. Joseph Bajorski was not in attendance when the vote was being taken. A Budget Change Form was received from Captain Larry Schubert, Jr. and Mr. Angelo Barcella, Chairman, Police Commission, requesting $1,600 to cover additional costs incurred for the written and oral ~xaminations, the agility, psychological and physical examinations, for the two new police officers hired. It was noted that the costs were higher that originally anticipated. Dr. McIntosh stated that he felt; that the additional funds requested should be taken out of the police budget. Mr. Clinton in reviewing the police budget stated that funds were available in the traffic lights and signals account. 94-068 MOTION was made by Mr. Joseph Bajorski, seconded by Mrs. Ida Ragazzi and VOTED to transfer $1,600 from account ~ 101-2232-121-0223 (Traffic Lights, Signals) to account ~ 101-2232-121-0209 (Police - Training) to replenish this account. ALL THOSE VOTING IN FAVOR: Mr. Joseph Bajorski, Mrs. Ida Ragazzi, Mr. Fred Jortner, Mrs. Audrey Bertagna OPPOSED: Dr. John P. McIntosh. VOTE BEING 4-1. Motion passed. A Budget Change Form was received from Mr. James D'Errico, Personnel Director, Purchasing Agent, requesting [1,035.00 for additional funds. Mr. D'Errico noted that due the fact that all firemen who were required to receive physicals also were required to have three (3) new tests administered. He also stated that all blue collar employees, custodians, and lifeguards had received hepatitis shots this year. MOTION was made by Mrs. Audrey Bertagna, seconded by Mrs. Ida Ragazzi and VOTED t~ transfer $11,035.00 from account ~101-1393-930-0944 (Fund Balance) to account~ 101-2108- 111-0249 ( Personnel - Testing, Physicals) to replenish PAGE 3 this account. ALL THOSE VOTING IN FAVOR: Mrs. Audrey Bertagna, Mrs. Ida Ragazzi, Mr. Fred Jortner, Dr. John McIntosh. ABSTAIN: Mr. Joseph Bajo.rski. VOTE being 4 in favor, 1 abstain. Motion passed. A Budget Change Form was received from Mr. Stephen J. Anderson, Corporation Counsel, requesting $518.00 for additional funds to maintain the legal library at the Town Hall. He noted that the legal library is maintained by a legal subscription service which automatically sends out updates based upon new law and case law. He also noted that there will be insufficient funds in this account for fiscal year 1994-95. 94-069 MOTION was made by Mr. Fred Jortner, seconded by Mrs. Ida Ragazzi and VOTED to transfer $518.00 from account ¢ 101-2129-121-0299 (Contingency) to account ¢101-2106- 121-0201 (Supplies - Legal Library) to replenish this account. ALL VOTED IN FAVOR. A Budget Change Form was received from Mr. Gary Clinton, Finance Director, requesting that $310..76 from the "Road Improvement - EIS' account which has been completed be returned to the Fund Balance account. 94-070 MOTION was made by Mr. Fred Jortner, seconded by Mr. Joseph Bajorski and VOTED to transfer $310.76 from account ~318-2117-121-0269 (Road Improvement - EIS) to account ~318-]393-930-0944. ALL VOTED IN FAVOR. MOTION was made by Mr. Joseph Bajorski, seconded by Mrs. Ida Ragazzi and VOTED to ADD to tonight's agenda a budget change request for $65.00 from the Library. ALL VOTED IN FAVOR. A Budget Change Form was received from Mr. Eugene Devlin, Librarian, requesting $65.00 in additional funds for the library mileage account. Mr. Devlin noted in his request that the number of meetings his staff was required to attend exceeded[ the original estimate. 94-071 MOTION was made by Mr. Fred Jortner, seconded by Mrs. Ida Ragazzi and VOTED to transfer $65.00 from account ¢101-2544-121-0208 (Dues and Conferences) to account #101-2544-121-0213 (Mileage) to replenish this account. ALL THOSE VOTING IN FAVOR: Mr. Fred Jortner, Mrs. PAGE ,4 Ida Ragazzi, Mr. Joseph Bajorski, Mrs. Audrey Bertagna. OPPOSED: Dr. John McIntosh. VOTED being 4-1. Motion passed. MOTION was made by Mrs. Ida Ragazzi, seconded by Mr. Fred Jortner and VOTED to ADD to tonight's agenda a resolution from the bond counsel, Mr. Joseph Fasi. ALL VOTED IN FAVOR. Mr. Gary Clinton, Finance Uirector noted that he had spoken with Mr. Fasi earlier and Mr. Fasi asked that the resolution be passed as presented with no changes. MOTION was made by Mr. Fred Jortner, seconded by Mr. Joseph Bajorski and VOTED to consider and act upon a resolution entitled "Eesolution Appropriating $6,500,00 for the Planning3 Acquisition and Construction of an Addition and Renovations to McGee Middie School and Authorizing the Issue of $6,500,000 Bonds of the Town to Meet Said Appropriation and Pending the Issue Thereof the Making of Temporary Borrowings for such Purpose." ALL VOTED IN FAVOR. A Copy of the Resolution is attached to these minutes. BUDGET CHANGES - 94/95 A Budget Change Form was received from Mrs. Jean Conway, RN, Nursing Supervisor, requesting $18,000 to fund an additional position for Home Health Aide in her department. Mrs. Conway noted that she felt it is much less expensive to employ directly instead of using a "contracted aide." Mrs. Conway also -- noted besides saving money, having a permanent employee would insure quality care for the patients. Mrs. Conway stated that the temporary employee she is now using is a very dependable and an excellent aide. Mrs. Conway stated that this is the person she has in mind for the new position she is requesting. Mrs. Conway noted that besides her present staff of four (4) full time Home Health Aides, on any given day, she also contracted for between six (6) to eight (8) additional aides. Mrs. Conway noted that due to the kind of service her department provides, it is very hard to estimate the need for any given time period. Mr. Fred Jortner asked Mrs. Conway if hiring an additional full time aide would be cost saving and offer more flexibility for her office. Mrs. Conway agreed that absolutely this would be the case. Dr. John McIntosh agreed that Mrs. Conway would a~so~have better PAGE 5 control of her home health aides. Dr. McIntosh also asked if this position would have to be posted. Mrs. Conway replied that she would check with Mr. James D'Errico Personnel Director, on this matter, Dr. McIntosh also asked if there were enough funds in employee benefits to cover an additional employee. He suggested that these benefits be taken out of the nursing budget. Mrs. Conway noted that Medicare pays per visit, not per hour. She stated that her regular home health aides do 4 to 6 cases per day instead of the two visits a days that a contracted aide does. She noted that this new position would also be doing 4 to 6 home visits per day. Mrs. Conway said most contracted aides only accept cases that last a mimimum of three hours, thus only enabling them to only handle two cases a day. Dr. McIntosh noted that this new position is not costing the Town $18,000 as requested, but over $27,000 because of employee benefits that need to be factored into the total cost. Dr. McIntosh instructed Mr. Clinton to make up a true cost analysis of this position at this time. Dr. McIntosh stated that Mrs. Conway would be saving money in her contracted medical services account if a full time aide was hired. He suggested that the additional costs be taken from this account. Mrs. Conway agreed that this woul~ be allright with her. She questioned if the new aide did not accept a benefits package that included insurance (because she was presently covered by her husband's) wbuld this money go back into her medical contracted services account. Mr.. Clinton stated that since she was funding a position, if she (the present temporary home health aide) did.not take the insurance package, it would have to be in place anyway in case some one else takes the position. Mrs. Conway reminded the Board the the contracted medical services account is only a good estimate. She stated that she has no control over the number of visits needed in any given year. Dr. McIntosh noted that this request will have to go back to the Executive Board for approval because of the changes. MOTION was made by Mr. Joseph Bajorski, seconded by Mrs. Ida Ragazzi and VOTED to transfer from account ~101-2753- 121/0249 (Nursing - Medical Services) the sum of $17,550 to account $101-2753 101-0[~28 (Home Health Aide), the s~m of $9,392 to account ~101-2107-111-0156 (Health Insurance), PAGE 6 the sum of $1,404 to account ~i01-2]07-111-0154 (Pension), the sum of $1,343 to account ~101-2107-111-0153 (Social Security), the sum of $381 to account $101-2107-111-0151 (Insurance), the sum of $l,283 to account 101-3267-121-0130 (Transfer - General Insurance). Tot~al amount of transfer being $31,353. (Pending Executive Board Approval). ALL VOTED IN FAVOR. A Budget Change Form requesti]lg $5,000.00 was received from Mr. Charles Karno, Director of Economic Development. Mr. Karno stated this amount requested is for [;he Town's portion Of start up costs for the New England Transportation Festival. The festival to com- mence in May, 1996. It was noted that each of the eight (8) towns in Central Connecticut in the tourism district needs to participate in order to match a grant of $30,000 received from the State. Mr. Fred Jortner noted that Mr'. Karno should have come in person tonight to discuss this request. Mr. Joseph Bajorski noted since this proposed festival is to run over a ten (10) day period, how much overtime would be needed to fund such a event. Mr. Gary Clinton questioned that since this festival proposes to be an annual event, does this amount have to go into the 94/95 budget or wait until next year's budget. Mrs. Ida Ragazzi asked if the Town made a commitment for one year, would they be obliged to participate every year. Mr. Jortner noted that tbls re,quest should be tabled until Mr. Karno can come in and answers the Board's questions regarding this festival. MOTION was made by Mr. Fred Jortner, seconded by Dr. John McIntosh and VOTED to TABLE a request for $5,000 from the Director of Economic Development. ALL THOSE VOTING IN FAVOR: Mr. Fred Jortner, Dr. John McIntosh, Mrs. Audrey Bertagna, Mrs. Ida Ragazzi. OPPOSED: Mr. Joseph Bajorski. VOTE being 4-1. Motion passed. CLOSE OUT CAPITAL PROJECT FUNDS. Mr. Gary Clinton, Finance Director, is requesting that $2,600 for interview panels/abitration be carried over as requested by Mr. James D'Errico, Personnel Director. Mr. Clinton noted that the Police and Blue Collar Unions have not yet settled their contracts ~nd may be heading for arbitration. MOTION was made by Mrs. Ida Ragazzi, seconded by Mr. Joseph Bajorskl and VOTED to carryover to Capital & Non-Recurring Fund the sum of $2,600.00 from account ~101-210.8-121-0252 PAGE 7 (Interview panels/arbitration). ALL THOSE VOTING IN FAVOR: Mrs. Ida Ragazzi, Mr. Fred Jortner, Mr. Joseph Bajorski. OPPOSED: Dr. John McIntosh, Mrs. Audrey Bertagna. VOTE being 3-2. Motion passed. Mr. Gary Clinton, Finance Director, is requesting that the Griswold Oil Spill Fund be closed and that $7,228.60 be transferred to the Capital & Non-Recurring Fund. Mr. Clinton is also requesting that since the Community Center Fund for the feasibility study is complete, the balance of $2,892.42 be transferred to the Capital & Non-Recurring Fund. MOTION Was made by Mrs. Ida Ragazzi, seconded by Mrs. Audrey Bertagna, and VOTED to transfer $7,228.60 from the Griswold Oil Spill Fund and to transfer $2,892.42 from the Community Center Fund to the Capital & Non-Recurring Fund. ALL VOTED IN FAVOR. CARRYOVER OF 1993/94 ACCOUNTS TO CAPITAL & NON RECURRING FUND Mr. Gary Clinton, Finance Director, has received the following requests to carry the following accounts over to the Capital & Non-Recurring Fund. Account ~ 101-2544-121-0291 - Books and Periodicals - Library. The library had $5,000 in orders outstanding for books ordered, but not yet received. They have requested authorization to carry over these funds. MOTION was made by Mrs. Ida Ragazzi, seconded by Mr. Fred Jortner, and VOTED to transfer $5,000.00 from account ~101-2544-121-0291 (Books & Periodicals) fiscal year 1993/94 to the Capital & Non Recurring Fund - ~318-1393-930-0944. ALL VOTED IN FAVOR. Account % 101-2336-121-0264 - Flood Control - $25,000.00. The Engineering Department is awaiting approvals from the Department of Environmental Protection in order to proceed with flood Control work. MOTION was made by Mr. Fred Jortner, seconded by Mr. Joseph Bajorski and VOTED to transfer $25,000.00 from account ~101 2336-121-0264 (Flood Control) fiscal year 1993/94 to account ~318-1393-930-0944 (Capital & Non-Recurring Fund. ALL THOSE VOTING IN FAVOR: Mr. Fred Jortner, Mr. Joseph Bajorski, Mrs. Ida Ragazzi, Mrs. Audrey Bertagna. P~CE 8 OPPOSED: Dr. John McIntosh. VOTE being 4-1. Motion passed. Account ~ 101-2125-121-252 - Contractual Services - Charter Revision - $1,000.00 The Charter Revision Commission started in the la%er part of the fiscal year and it was not possible to co- ordinate the use of contractual services before June 30th. They would like to carry the fund over:and use it during this year's deliberations. MOTION was made by Mrs. Audrey Bertagna, seconded by Mrs. ida Ragazzi, and VOTED to transfer $1,000.00 from account ~101~2125-121-252 (Contractual Services) to account ~ 3~8- 1393-930-0944 (Capital & Non-Recurring Fund). ALL THOSE VOTING IN FAVOR: Mrs. Ida Ragazzi, Mrs. Audrey Bertagna, Mr. Fred Jortner. OPPOSED: Dr. John McIntosh, Mr. Joseph Bajorski. VOTE being 3-2. Motion passed. AccOunt ~ 10]-2111-131-0411 - Records Management - $10,000.00. This is an extensive project which will straddle fiscal years. These funds will be needed to establish a centralized records section in the Engineering wing of the Town Hall. MOTION was made by Mrs. Audrey Bertagna, seconded by Mr. Joseph Ba3orskl, and VOTED to transfer $10,000.00 from account ~101-2111-131-0411 (Records Management) fiscal year 1993/94 to account ~318-1393-930-0944 (Capital & Non-Recurring Fund). ALL VOTED IN FAVOR. Account $ 101-2336-121-268 - Road & Bridge Reconstruction - $14,090.00. This amount was obligated for survey and mapping services by Mr. Roderick Hewitt related to the reconstruction of Orchard Road. Extreme winter conditions delayed the survey work, which is still ongoing. These funds are requested to be carried over into a per- manent capital construction account for the Orchard Road project. Construction-costs will be fully reimbured by the State and Federal Governments. MOTION was made by Mrs. Ida Ragazzi, seconded by Mr. Joseph Bajorski, and VOTED to t~ansfer $14,090.00 from account 5101-2336-121-268 (Road & Bridge Reconstruction) fiscal year 1993/94 to account $ 318-.1393-930-0944 (Capital & Non-Recurring Fund). ALL VOTED IN FAVOR. Account ~ 101-2337-131-440 -Pavement Breaker and Accessories - Hydraulic - $5,000.00. The Highway Department is requesting that ' PAGE 9 these funds be carried over to allow for the purchase of this necessary equipment which will greatly aid the department in making road repairs. The IIighway Superintendent has had difficulty in obtaining quotes from venders and wishes to be allowed to continue the purchase process to completion during the next fiscal year. MOTION was made by Dr. John McIntosh, seconded by Mrs. Audrey Bertagna, and VOTED to DENY the transfer of $5,000.00 from account $101-2337-131-440 (Pavement Breaker and Accessories - Hydraulic) to account ~ 218-1393-930-09d4 (Capital & Non- Recurring Fund). ALL VOTED IN FAVOR. Account ~ 101-2861-101-101 - Personnel - Board of Education - $8,783.72. Mr. Roman J. Czuchta, Business Mana§~r, Board of Education is requesting this amount be held in an escrow account. The funds to be used to cover the eventual Workers' Compensation settlement which will occur within the next week. Any funds not used in a settlement will revert back to the Town. MOTION was made by Mrs. ][da Ragazzi, seconded by Mr. Fred Jortner, and VOTED to transfer $8,783.72 from account ~101-2861-101-101 (Personnel - Board of Education) fiscal year 1993/94 to account ~318-L393-930-0944 (Capital & Non Recurring Fund). ALL VOTED IN FAVOR. CORRESPONDENCE A Memo dated August 11, 1994 was received from Mr. Roman J. Czuchta, Business Manager, Board of Education, requesting that $70,058.00 be set aside from the Board's 1993-94 budget to cover eventual settlement of the custodial and teacher aide staff negotiation. MOTION was made by Mr. Fred Jortner, seconded by Mr. Joseph Bajorski and VOTED to set aside an amount not to exceed $70,058.00 for contract negotiations for the Board of Education. These funds to come from the 1993/94 Board of Education budget. ALL VOTED IN FAVOR. Dr. McIntosh asked the secretary to read several pieces of correspondence between himself and the Corporation Counsel, Stephen Anderson. The correspondence was in regard to Dr. HcIntosh question whether anyone, not specifically an employee, who receives compensation for attending meetings and work sessions, and/or performing such tasks as allotted to them, be a member of the Board of Finance. Dr. McIntosh noted that Corporation Counsel is not specifically PAGE 10 answering his question and that he is still waiting for a reply to his latest letter dated August 15, 1994. MINUTES The minutes of the July 14, 1994 are amended as follows: On Page 3, paragraph seven - the "a" is changed to "the" and the sentence reads as folloWS: At this time, Mr. Joseph Bajorski, asked that the Board Secretary make note in her minutes that he has twice called for the question. On Page 3, paragraph 9, the number five (5) should read 5,000. On Page 3, paragraph 10, the following is added: A discussion followed. The sentence to read as follows: At this time, Mr. Bajorskl rescinded his motion. A discussion followed. MOTION was made by Mr. Fred Jortner, seconded by Dr. John McIntosh, and VOTED to accept thc minutes of the July 14, 1994 meeting as amended. ALL VOTED IN FAVOR. ADJOURNMENT The meeting was adjourned at 9:05 PM. Respectfully submitted, JoAnn Budzinski Recording Secretary Item For Agenda Of Meeting Of Board of Finance To Be Held ~.~3~gq~ I~, 1994 to consider and act upon a resolution entitled ,,Resolution Appropriating $6,500,000 For The Planning, Acquisition And Construction Of An Addition And Renovations To McGee Middle School And Authorizing The Issue Of $6,500,000 Bonds Of The Town To Meet said Appropriation And Pending The Issue Thereof The Making Of Temporary Borrowings For Such Purpose". Excerpt for Minutes of Meeting of Board of Finance held 8/18/94 , 1994 A meeting of the Board of Finance of the Town of Berlin was held in the BOF ROOM on 8/18/94 , 1994 at 7:00 P.M. (E.D.T.) . Members present and absent were as follows: Present . ,(Li~t_N~m~s) Dr. oonn ~c±ntosn Mrs. Ida Ragazzi Mr. Joseph Bajorski Mr. Fred Jortner Mrs. Audrey Bertagna Mr. Wrpd ,lnrtner resolution: Absent Mr. Sam Lomaglio introduced and read the following RESOLVED: That the resolution entitled "Resolution Appropriating $6,500,000 For The Planning, Acquisition And Construction Of An Addition And Renovations To McGee Middle School And Authorizing The Issue Of $6,500,000 Bonds Of The Town To Meet Said Appropriation And Pending The .Issue Thereof The Making Of Temporary Borrowings For Such Purpose", a copy of which is attached hereto, is hereby approved and recommended for adoption by the legal voters of the Town at Special Town Meeting. (Here insert copy of resolution in full.) After discussion on the resolution, Mr. Fred Jortner moved that said resolution as introduced and read be adopted, and the motion was seconded by Mr. j. Baiorsk~ Upon roll call vote the ayes and nays were as follows: Ayes (5) Nays (0) (~i~t Na~eg) · Dr. dorm mclnuosn Mrs. Audrey Bertagna Mrs. Ida Ragazzi Mr. Fred Jortner Mr. Joseph Bajorski ~/i. Dr. Hcrntnsh thereupon declared the motion carried and the resolution adopted. RESOLUTION APPROPRIATING $6,500,000 FOR THE pLJ~NNING, ACQUISITION AND CONSTRUCTION OF AN ADDITION AND RENOVATIONS TO MCGEE MIDDLE SCHOOL AND AUTHORIZING THE ISSUE OF $6,500,000 BONDS OF THE TOWN TO MEET SAID APPROPRIATION AI~D PENDING THE ISSUE THEREOF THE F~KING OF TEMPORARY BORROWINGS FOR SUCH pU~LPOSE RE~SOL~E~D: Section 1. The sum of $6,500,000 is appropriated for the planning, acquisition and construction of an addition and renovations to McGee Middle school, including the addition of approximately 12 classrooms, 2 science rooms, and library media center including audio-visual room and storage, renovations to increase administrative space, code compliance renovations, mechanical system and HVAC improvements, renovations and additions related and appurtenant to the foregoing, site work, computers, furnishings and equipment, architects' and engineers' fees, and for administrative, printing, legal and financing costs related thereto. Section 2. To meet said appropriation $6,500,000 bonds of the Town or so much thereof as shall be necessary for such purpose, shall be issued, maturing not later than the twentieth year after their date. said bonds may be issued in one or more series as determined by the Mayor and Town ~3reasurer and the amoun~ of bonds of each series to be issued shall be fixed by the Mayor and Town Treasurer,' provided that the total amount of bonds to be issued shall not be less than an amount whick will provide funds sufficient with other funds available for such purpose to pay the principal of and the interest on all temporary borrowings in anticipation of the receipt of the proceeds of said bonds outstanding at the time of the issuance thereof. The bonds shall be in the denomination of $1,000 or a whole multiple thereof, be issued in bearer form or in fully registered form, be executed in the name and on behalf of the Town by the facsimile or manual signatures of the Mayor and Town Treasurer, bear the Town seal or a facsimile thereof, be certified by a bank or trust company designated by the Mayor and Town Treesurer~, which bank or trust company may be designated the registrar and transfer agent, be payable at a bank or trust company designated by the Mayor and Town Treasurer, and be approved as to their legality by Robinson & cole, Attorneys-at-Law, of Hartford. They shall bear such rate or rates of interest as shall be determined by the Mayor and Town Treasurer- The bonds shall be general obligations of the Town and each of the bonds shall recite that every requirement of law relating to its issue has been duly complied with, that such bond is within every debt and other limit prescribed by law, and that the full faith and credit of the Town are pledged to the payment of the principal thereof and interest thereon. The aggregate principal amount of bonds to be issued, the annual installments of principal, redemption provisions, if any, the date, time of issue and sale and other terms, details and particulars of such bonds shall be of the expenditure or the substantial completion of the project, or such later date the Regulations may authorize. The Issuer hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Director of Finance or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds, and to amend this declaration. determined by the Mayor and Town Treasurer in accordance with the General Statutes of the State of Connecticut, as amended. Section 3. Said bonds shall be sold by the Mayor and Town Treasurer in a competitive offering or by negotiation, in their discretion. If sold in a competitive offering, the bonds shall be sold upon sealed proposals at not less than par and accrued interest on the basis of the lowest net or true interest cost to the Town. A notice of sale or a summary thereof describing the bonds and setting forth the terms and conditions of the sale shall be published at least five days in advance of the sale in a recognized publication carrying municipal bond notices and devoted primarily to financial news and the subject of state and municipal bonds. If the bonds are sold by negotiation, provisions of the purchase agreement shall be subject to the approval of the Executive Board. Section 4. The Mayor and Town Treasurer are authorized to make temporary borrowings in anticipation of the receipt of the proceeds of said bonds. Notes evidencing such borrowings shall be signed by the Mayor and Town Treasurer, have the seal of the Town affixed, be payable at a bank or trust company designated by the Mayor and Town Treasurer, be approved as to their legality by Robinson & Cole, Attorneys-at-Law, of Hartford, and be certified by a bank or trust company designated by the Mayor and Town Treasurer pursuant to Section 7-373 of the General Statutes of Connecticut, as amended. They shall be issued with maturity dates which comply with the provisions of the General Statutes governing th~ issuance of such notes, as the same may be amended from time to time. The notes shall be general obligations of the Town and each of the notes shall recite that every requirement of law relating to its issue has been duly complied with, that such note is within every debt and other limit prescribed by law, and that the full faith and credit of the Town are pledged to the payment of the principal thereof and the interest thereon. The net interest cost on such notes, including renewals thereof, and the expense of preparing, issuing and marketing them, to the extent paid from the proceeds of such renewals or said bonds, shall be included as a cost of the project. Upon the sale of the bonds, the proceeds thereof, to the extent required, shall be applied forthwith to the payment of the principal of and the interest on any such notes then outstanding or shall be deposited with a bank or trust company in trust for such purpose. Section 5. Resolution of Official Intent to Reimburse Expenditures with Borrowings. The Town of Berlin (the "Issuer") hereby expresses its official intent pursuant to §1.150-2 of the Federal Income Tax Regulations, Title 26 (the "Regulations..), to reimburse expenditures paid sixty days prior to and after the date of passage of this resolution in the maximum amount and for the capital project defined in Section 1 with the proceeds of bonds, notes, or other obligations ("Bonds") authorized to be issued by the Issuer. The Bonds shall be issued to reimburse such expenditures not later than 18 months after the later of the date