Special Bd. of Aldermen — 12/20/2018 Page 8
Alderman Dowd
Don’t worry it’s not going to be a hard question.
President Wilshire
He’s up for it.
Alderman Dowd
So my question is with what is happening with the Fed right now are bond interest rates going up and could we
sell the bond ahead and keep that money aside or do we have to sell them when this starts?
David Fredette, Treasurer Tax Collector
| would not recommend selling it ahead. There has been discussion this bond might be sold as taxable the
rates would be a little higher for a taxable bond versus non-taxable. | wouldn’t sell it ahead. We will be ready
and prepared to sell when we have to. We could do it fairly quick.
Alderman Dowd
Ok | trust your opinion.
President Wilshire
Director Cummings did you have something to add to that?
Mr. Cummings
Yes and also | just want to point out that it is somewhat of catch 22 that we are in, we are in a chicken and an
egg because we technically can’t sell the bond until we raise $4 million dollars. So in our resolution unless we
were to amend that again and | really don’t want to amend that resolution again, we can’t sell it anead of time.
But we as a team here internally in City Hall, Finance, Legal, you know Economic Development along with our
consultants have been working on this regularly and we are trying to line everything up and making sure we
have all our ducks in a row so when we need to, we can just cut this loose and go as quickly as possible.
Alderman Dowd
As we are trying to, and | know | have had some discussions with | can’t remember her name, the person who
is trying to raise money?
President Wilshire
Betsy McNamara?
Alderman Dowd
Yes, thank you. It appears like we are trying to get some of this private money just locally but have we had any
thought of going to say Boston and people with a lot of money, especially if you are looking at naming rights,
quite frankly | don’t care whose name is on it if they are going to give a few million bucks for it.
