SPECIAL TOWN MEETING
WALTER S. LITTLE AUDITORIUM
BRIDGEWATER-RAYNHAM REGIONAL HIGH SCHOOL
166 MT. PROSPECT STREET, BRIDGEWATER, MA 02324

TUESDAY, APRIL 16, 2002
AT 7:00 P.M.

The Moderator called the meeting to order at 7:00 P.M.  All postings of warrants were duly noted as required by Town By-Laws as voted.  Town Clerk, Ronald R. Adams swore in the following counters:  Joseph Gillis, Jr., James McDonald, James Nihan and Peter Sotera.  Total in attendance:  162

ARTICLE 1. 

It was unanimously voted that the Town appropriate and transfer the sum of $220.00 from Account #1-693-102-5794, Historic District Commission General Expenses and Services to Account #1-693-101-5116, Historic District Commission P/T Clerical Salary for additional clerical salary costs due to more meetings than anticipated.

                                                                     Unanimous

ARTICLE 2.

It was unanimously voted that the Town appropriate and transfer the sum of $7,694.73 from Account #1-254-3590, Free Cash to Account #1-161-101-5114, Town Clerk General Salaries to cover the cost of the Annual Town Election and all future Town Meetings for fiscal year 2002.

                                                                              Unanimous

        ARTICLE 3.

It was voted that the Town appropriate up to $2,950,000.00, for the purpose of planning, developing, constructing and equipping a new municipal clubhouse at the existing municipal golf course; that to meet this appropriation the Treasurer with the approval of the Selectmen is authorized to borrow up to $2,950,000.00 under Chapter 44 of the General Laws or any other enabling legislation, provided that no debt be borrowed under this vote until enactment of the special legislation authorized by this vote; that the Selectmen are authorized to petition the General Court for special legislation in such form as they deem appropriate to enable the Town to issue bonds payable on a level debt service basis with a maximum term of up to thirty (30) years from their dates, and to defer principal payments and capitalize interest up to one year after the expected commencement of the operation of the clubhouse, and that the Board of Selectmen is authorized to take all other action necessary to carry out the project.

AN ACT RELATIVE TO THE FINANCING
OF A GOLF COURSE, CLUBHOUSE
AND IMPROVEMENTS TO SUCH GOLF COURSE
BY THE TOWN OF BRIDGEWATER

Be it enacted, etc., as follows:

           SECTION 1.  Notwithstanding the provisions of chapter forty-four of the General Laws to the contrary, the maturities of bonds issued by the Town of Bridgewater for the planning, development and construction of improvements to and equipping of its municipal golf course, including a clubhouse and related structures, either shall be arranged so that for each issue the annual combined payments of principal and interest payable in each year, commencing with the first year in which a principal payment is required, shall be as nearly equal as practicable in the opinion of the town treasurer, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal.  The first payment of principal of each issue of bonds shall be not later than one year from the estimated date of completion of the clubhouse or other improvements to the golf course being financed with the proceeds of such bonds, as determined by the town treasurer, and the last payment of principal shall be not later than thirty years from the date of the bonds.  Project costs to be financed by the issue of the bonds may include interest incurred on the bonds and any bond anticipation notes for a period of up to two years after the date of the original borrowing or, if later, one year after the estimated date of completion of the clubhouse or other improvements to the golf course, as determined by the town treasurer.  The town may create and maintain, from bond proceeds or other sources of funds, such reserve, replacement, maintenance and improvement funds in connection with the golf course as it may deem necessary and prudent, provided, however, that the aggregate of such funds provided from bond proceeds for the clubhouse project or other improvement project shall not exceed ten percent of the principal amount of the bonds issued for such project.  Any net earnings derived from investment of the proceeds of the bonds may be expended by the town treasurer to pay interest on the bonds but otherwise shall be used only for construction, equipping, operation or maintenance of the golf course.  Except as otherwise provided in this act indebtedness incurred by the town for the golf course project shall be subject to the applicable provisions of said chapter forty-four.

SECTION 3.  This act shall take effect upon its passage.

                                                                             Yes:             137

                                                                             No:                10

           Moderator declares 2/3 vote                         Passed

 A motion was made to adjourn and duly seconded.

Meeting adjourned 9:00 p.m.

A True Copy Attest:
 

_______________________________

Ronald R. Adams

Town Clerk