WINCHESTER - The Select Board voted to allow the Town Treasurer to issue refunding bonds for five outstanding bonds dated 2005, 2006, 2008, 2009, and 2010.

The motion reads:

“… in order to reduce interest costs, the Town Treasurer is authorized to issue refunding bonds, at one time or from time to time, pursuant to Chapter 44, Section 21A of the General Laws, or pursuant to any other enabling authority, to refund all or any portion of the following outstanding bonds of the town: a) Municipal Purpose Loan of 2005 Bonds dated July 1, 2005; b) Municipal Purpose Loan of 2006 Bonds dated July 1, 2006; c) Municipal Purpose Loan of 2008 Bonds dated July 1, 2008; d) Municipal Purpose Loan of 2009 Bonds dated May 1, 2009; e) Municipal Purpose Loan of 2010 Bonds dated April 15, 2010; that the proceeds of any refunding bonds issued pursuant to this vote shall be used to pay the principal of and interest on the Refunded Bonds and costs of issuance of the refunding bonds; that any premium received by the town upon the sale of the refunding bonds issued pursuant to this vote, less any of such premium applied to the payment of the costs of issuance of such bonds, may be applied to the payment of costs approved by this vote in accordance with Chapter 44, Section 20 of the General Laws, thereby reducing the amount of refunding bonds that would otherwise need to be issued; and that, pursuant to Chapter 44, Section 20 of the General Laws, unexpected proceeds from certain of the Refunded Bonds in the aggregate amount of $22,064.65 shall be applied to the payment of principal and interest on the related series of Refunded Bonds, thereby reducing the amount of the refunding bonds that would otherwise need to be issued.”

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