Special Board of Aldermen 11-22-2021 Page 3
Alderwoman Lu
Yes, thank you. Treasurer Fredette did you say it's a $65 million - that most recent one was $65 million?
David Fredette, Treasurer
Yes. 45 that was the middle school.
Alderwoman Lu
Okay.
David Fredette, Treasurer
Then 7 % was for paving and we had some other projects. | can't name everyone off, but those were the big ones. It
was Public Works mostly.
Alderwoman Lu
But if we also got $7 million in premium, then does that mean that we got more than $6.5 million? We got 13.5. Is that
what the premium is money coming in?
David Fredette, Treasurer
| don't understand your question. We got about $7 million in premium.
Chairman Dowd
The premiums or money that we don't have to bond. They're giving us that money.
Alderwoman Lu
Right. So $7 million in premium and then $6.5f million in debt?
David Fredette, Treasurer
No. We sold 65 plus million. We received about $7 million in premium.
Alderwoman Lu
Okay. | guess all I'm asking is premium like $7 million coming in?
David Fredette, Treasurer
Yes. We received cash towards the bonds. We have another Resolution to (inaudible) bonds. We had a bond for
$1.5 million for two fire vehicles - $1.5 million. We received cash for that completely, so we didn't have to sell the
bond. We got the cash. There was another one for revaluation of $1.3 million. We received full cash for that. So we
didn't have to sell anything. It's part of a whole competitive bid when it goes out. We had seven bidders or eight
bidders. | think JP Morgan wanted this on. It usually goes to the lower bidder usually. They're always very close in
all their bids. It's not an easy thing to fully understand. It takes quite a while but that’s how it works.
Alderwoman Lu
Thank you.
Chairman Dowd
Any other questions for Treasurer Fredette? Any other questions for any part of Mr. Cummings presentation?
