Board of Finance Regular Meeting Materials (linked)

FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
PHONE: 860-442-0553
www.waterfordct.org
July 14, 2022
Mr. Glenn Patterson
Chairman
Board of Finance
15 Rope Ferry Road
Waterford, CT 06385
Mr. Patterson,
Pending approval at the July 19, 2022 Board of Selectmen meeting to approve an
additional appropriation request from the Police Chief, Marc Balestracci, in the amount
of $775.00 for project 32923-55898 (De-escalation and Communication Technolgoy), I
respectfully recommend the following.
As Finance Director, I recommend that the Board of Finance consider funding this
additional appropriation from the Contingency Account 10121-59010. The current
balance in this line is $265,000.
If approved by the Board of Finance, the appropriation would be transferred into line
32923-55898.
Respectfully,
Kimberly Alew
Kimberly Allen
Finance Director

WATERFORD POLICE DEPARTMENT
41 AVERY LANE
WATERFORD, CT 06385-2819
Marc Balestracci
Police Chief mbalestracci@waterfordct.org
Finance Director Allen, July 11, 2022
| respectfully request an additional appropriation of $775.00 for the de-escalation and
communication technology capital improvement project, which was proposed and approved
through the Board of Selectmen, Board of Finance and the Representative Town Meeting in the
2023 Capital Improvement Plan request.
This additional appropriation is due to increased pricing for the Throwbot part of the project. The
original request was in the amount of $21,310.00. The updated request totals $22,085.00.
| will be seeking a bid waiver for this project as well and will submit the required paperwork for
that process,
Thank you for your consideration in this matter, if you need any additional information, please
contact me at any time.
or, tf ak ; —_ ,
aa . 3 Q493- SS67F
Marc Balestracci
Chief of Police : | Ff Al, AlO
Waterford Police Department
ue

TOWN OF WATERFORD
CAPITAL PROJECT REQUEST FORM
2022-2023 FISCAL YEAR REQUEST
DEPARTMENT/AGENCY CONTACT PERSON
Waterford Police Department Mare Balestracci, Interim Chief of Police
PROJECT NAME DEPARTMENT PRIORITY
De-escalation and Communication Technology 2
DESCRIPTION AND JUSTIFICATION (describe the type rpose & anticipated accomiplishinents of the project)
This project includes a throw phone unit, searching pole and throwbot. All (3) three items are for the use with our Special Response
Team when dealing with armed subjects, barricaded subjects and those suffering from a mental health crisis. None of these items have
the ability to use weapons, but rather offer safe methods to communicate with subjects without placing them or the officers in
immediate danger. The phone will offer direct communication, the searching pole allows for the use of the bot up and down stairs or
other elevated platforms and the bot itself provides audio and video communication without being in direct contact with a barricaded or
hostile subject. This project provides safety to the subject and to the officers at the scene, as well as to residents nearby.
{PROJECT STATUS If IN- PROGRESS -.
| BY THIS REQUEST. |
LIST OTHER PROJECTS SWETHIN ( UR DE
DESCRIBE THE IMPACT ON DEPARTMENT OPERATING BUDGET (include cost estimate if applicable)
| state that in tle area below)
ATTACH PLAN ESTIMATE, SERVICE, AREA MAF AND/OR OTHER SUEFORTING DOCUMENTATION a none, Saeply, 2
___ COST/FUNDING SOURCE
“APPROVED
FUNDING TO
FUNDING SOURCE DATE Fy2023_ | ¥Fy2024 | Fy2025 | Fy2026 | Fy2027
Current Year Capital 21,310
Utility Budget/Sewer Cap Maint Fund
Transfer to CNR
Short/Long-term Bonds
LoCIP (detail in section 5 above)
CNR Undesignated Fund Balance
IPA] Ca | Bp to Pho pee
Federal/State Grants (detail in section 5)
Other F ens (detail in section 3 above)

Estimate
# EST-000872
LETS A Law Enforcement Technologies Corporation
712 Bancroft Rd, #441
Wainut Creek, California 94598
9255665600
Estimate Date: 14 Oct 2021
Bill To 
Salesperson : Cathleen Mann
Accounts Payable ;
; Type: New Sale
item & Description
LETS - FirstNet Throwphone Bundle - 2 yr 1,00 4,995.00 4,995.00
Includes LETS license, access to apps from app stores, evidence Manager,
unlimited users, case management, unlimited Monitor apps, 1 hour online
training. Includes maintenance & standard support.
Includes LETS Respond Service and Transmitter app for FirstNet phone with
2 years of service,
Includes FirstNet Throwphone with 2 years FirsNet cell service, Pelican Case
and LETS Lock-down app,
Sub Total 4,995,00 .
Total $4,995.00
Notes
2 year contract Complete RESPOND system with First Net Throw Phone Included
Terms & Conditions
Privacy Policy: https://bit.ly/2KOMCb1
Terms Of Use: https://bit.ly/2qMWvQK

Gr RECONROBOTICS ry
Product Comparison Chart ~ Throwbat® 2 Robot Base vs Optional Accessory Pack Configurations
2019 ReconRebotics Product Comparison Charts
Praduct Type Throwbot® 2 Base Kit Throwbot® 2 Base Kit with | Throwbot® 2 Base Kit with
/ RXL Accessory Pack CT Accessory Pack
Price . $15,495 + $150 S&H | With RXL Wheet/Fall add “With RXL Wheel/Tail AND
Pung $4, 200 CT Wheels add $2,000: -
Dimensions 8. ur Lx 3, eG W x 4. 57H aoe 8 7 Ex aa W x4. 5 He ~ BLY ex 8.30 WAS! He
Weight = Fabs = os BBs. “3 Ibs:
RF Channels Available* 6 (A.2, B.2, C.2, D, E, F)
Range to OCU? ;
Line of Sight (LOS} 450 ft / 137m
Non-Line of Sight {NLOS) is0f/ 45m
Run Time?
Typical 110 minutes
Observation Moda 160 minutes
Max Drop Height* 30 ft/ 9.4m
Max Throw Distance* 120 ft / 36.5m
Max Obstacle Climb* 2" /5cem 4" /10cm Not Rated for Climbing
Max Spead* (ft/sec / m/s) 1.3/0.6 2.2/0.7 1.5/0.4
Tour Capacity® Not Rated Not Rated’ Up to.2 [bs / 0.9 kg mounted on robot.
Up to 2 lbs / 0.9 kz towed behind robot,
Automatic IR Hlumination . :
Audio (Microphone) r
Color Camera ; «
Camera Field of View _ 6&0 degrees
Water / Dust Resistance® 1P66, 1P67
Tether Included e
Compatible with Recon *
Scout SearchStick
Picatinny Rall J °
*** All Throwbot® 2 robot kits include a Throwbot® 2 robot, Operator Control Unit
(OCU), Tether, Carrying Case, Chargers for the robot and OCU, spare activation
plate, volume control adapter for the OCU, lanyard and owner’s manual.***
+ RE Channels are configured at build and are not changeable in the field. Certain frequency combinations may not he available in all markets due to regulatory restrictions.
2 The Throwhbot 2 robot and OCU have been tested ta these ranges. Performance may vary depending upan local environmental conditions.
3 Typical run time is defined as 75% driving, 25% observation on flat terrain in a well-lit area. Towing weight, maneuvering over terrain, driving with the IR emitters on, etc. will reduce
tuntime, Observation Mode is defined as remaining stationary and broadcasting video only. Runtime will be reduced as the battery ages.
‘ Ratings are for robot only. Drop and Throw ratings are rated for fanding on concrete. Rating does not apply when Picatinny Rail or other payloads are attached,
5 To tow full amount of weight, weight must be mounted onto the top of the robot.
5 §P Ratings are for robot only, payloads being carrled or towed may be differant,
Page 1of3

Gr RECON ROBOTICS’ 2019 ReconRobotics Product Comparison Charts
Product Comparison Chart - Viewing Devices
OCU Il . ©MS20 |
Included in Robot Kit $5,495 +$150-:S&H _
Dimensions 20” / 5icm {out} or Variable
9.5” / 24.1em (folded) x {3 / 0.9m antenna on telescoping tripod)
5.6” / 14.20m
Weight ’ L.6lbs / 0.73ke 19,4ibs / 3.8kg
Channel Availability fixed . Selectable
AZ e e
8.2 e °
C.2 e e
D e
E . .
F e
Range to Throwbot® 2 Rabat (LOS) 450’ / 137m Up ta 1000’ / 305m
Range to Throwbot® 2 Robot (NLOS] 150 f 45m
Receives Audio . e
Runtime 120 minutes Does not have a battery. Can run fram 110V
{can be run from external power supply} wall power or 12V adapter (supplied).
Dimmable Screen Optional
Qutput Jacks 2 A/V Out Jacks USB to computer running MicrosoftTM —
{supports standard headphones, A/V out WindowsTM, RCA-style analog output
cable package sold: separately) ;
Notes Antennas fold down for storage. For receiving only. Does not transmit
commands, Computer Not Included.
Page 2 of 3

Grr REGONROBOTICS 2019 ReconRobotics Product Comparison Charts
Product Comparison Chart — Accessories
Rugged XL (RXL) Conversion Kit — This kit provides the RXL style wheels and tail
necessary to convert a Throwbot® 2 robot into the Rugged XL Configuration. All
necessary Tools for Performing the change are included in the kit. $1,200
Carry and Tow (CT) Conversion Kit ~ This kit provides the Picatinny Rail, CT style
wheels and RXL tail necessary to convert a Throwbot® 2 robot into the Carry and
Tow Configuration. All necessary Tools for Performing the change are included in
the kit. $4, 200
Deluxe Conversion Kit — This kit provides the contents of both the Rugged XL
Conversion Kit and Carry and Tow Conversion Kit in a single package. $2,000
Audio and Video Out Cabling Package — This package allows you to capture video
and audio from the Throwbot® 2 robot onto a 3% party device via the outputs on the
OCU, The cabling package includes RCA and BNC cables. $300
Recon Scout® SearchStickTM -- The Recon Scout SearchStick pole enables operators
to instantly convert a Throwbot® 2 robot into a versatile pole camera. The Search
Stick pole has a collapsed length of 20.5” (52 cm) and can be extended to a length of
72” {183 cm). The grippers can be activated from the base allowing covert
deployment of the Throwbat® 2 robot into windows, onto ledges, etc. $670
MOLLE Tactical Pack — Available in black, camo and OD green. The MOLLE Tactical
Pack allows an operator carry one Throwbot® 2 robot and one Operator Control
Unit. The pack utilizes standard MOLLE style webbing to enable mounting ona
variety of vests or backpacks, The pack features corded zippers that enable to a
tactical operator to quickly open the bag and deploy the system. An internal clip can
be used to automatically pull the activation plate from a Throwbot® 2 robot as it is
removed from the bag.
S159
Page 3 of 3

Estimate
# EST-000834
LETS A Law Enforcement Technologies Corporation
712 Bancroft Rd., #441 ;
Walnut Creek, California 94598
9255665600
Estimate Date : 06 Jul 2022
Bill To - Salesperson: Joe Joyce
Waterford PD CT
Type: New Sale
# item-& Description . Qty Rate Amount
1 LETS - FirstNet Throwphone Bundle - 2 yr 1.00 4,995.00 4,995.00
Includes LETS license, access to apps from app stores, evidence manager,
unlimited users, case management, unlimited Monitor apps, 1 hour online
training. Includes maintenance & standard support.
Includes LETS Respond Service, LETS Lock-down app. and Transmitter app
for FirstNet phone with 2 years of FirstNet cell service.
includes Free FirstNet Throwphone,
Otterbox Pelican carrier case.
Notes: Service Cost: $5895; Materials Cost: $0.00
2 Phone Js included in this price and includes phone service. 1.00 0.00 0.00
Sub Total 4,995.00
Total $4,995.00
Notes
Honor original price quate to meet budget request. 4995.00 J} 7/6/2022
Terms & Conditions
Privacy Policy: https://bitly/2KOMCbi4
Terms Of Use; https://bit.ly/2qMWvQK

Sir RECDONROBOTICS’
Sales Quote
| o"'5251 W 73rd St, Suite A, Edina, MN55439 i Date: 07/01/2022
i TEL 952-935-5515 FAX 952-935-5508 Sales Quote #: 22-0283
i www.reconrobotics.com Customer #: NA-C-2960-1
L _..f@conscout-orders@reconrobotics.com
MN Tax ID: 9403924 FEIN: 26-2183823
GSA Contract #: GS-07F-0075U
BILLING ADDRESS SHIPPING ADDRESS
Waterford Police Department Same
Nick Surdo
41 Avery Lane
Waterford, CT 06385
USA
(860)-442-9451 Ext. 2332
nsurdo@waterfordct.org
1 RSK-TB2/OCU3-C [Throwbot 2 Kit with Throwbot® 2 Robot and OCU3 on 16,270.00} $ 16,270.00
Channel C.2 ;
1 SSP SearchStick Pole 600.00 | $ 600.00
{ Shipping & Handling 220.00| $ 220.00
Within the United States, sale of the Recon Scout®@ or Throwbol® robots to non-Federal and non-military entities is
limited to state and local police and firefighters eligible for licensing under 47 C.F.R. § 90.20{a)(1) of the FCC Rules,
and security personnel in Critical Infrastructure Industries as defined in the FCC Rules, 47 C.F.R. § 90.7. Operation of
this product by non-federal and non-military entities requires an FCC license. These FGC Rules do not apply to sales
made outside the United States, This sales quote is valid for 30 days after the above date.

BOARD OF FINANCE
REQUESTING NEW CAPITAL PROJECT APPROVAL OUTSIDE THE BUDGET CYCLE POLICY
Departments will make every effort to process Capital budget requests through the annual
budget cycle to allow for transparency and efficient long-range fiscal and budget planning.
Any project requests that may occur out of the annual budget cycle, the following procedures
will be followed.
A. Project Details
calculated.
D. Project Funding Sources
Funding relates to the source of cash. All new capital project requests shall specify here if there
is another source of funding that will help fund the project (i.e. gift, grant, endowment or
operating budget).
E. Project Approval
All new capital requests will follow the normal approval cycle: Department Director, Board of
Selectmen, Board of Finance, and Representative Town Meeting.
Draft 6/8/2022

[4a 11
Town of Waterford
Post-Issuance Compliance Procedures
For Bonds, Notes and Other Debt Obligations
Date Adopted:
L INTRODUCTION
These post-issuance compliance procedures of the Town of Waterford, Connecticut (the “Town”)
are designed to provide for the effective management of the Town’s post-issuance compliance
program related to bonds, notes, financing leases, or other debt obligations (collectively referred
to herein as “bonds”) of the Town under federal tax laws and federal securities laws, to the extent
applicable to a particular issue of bonds.
The Director of Finance of the Town will be the primary bond compliance officer responsible for
each issuance of bonds and for overseeing the Town’s post-issuance compliance program through
the implementation of these procedures. All information related to each bond issue and the
facilities, equipment and other assets financed by such issue shall be maintained by or on behalf
of the Director of Finance. The Director of Finance shall review these procedures on at least an
annual basis and will update them as necessary to accurately reflect compliance responsibilities in
consultation with bond counsel.
The Town will contract with a municipal advisor to advise the Town and assist with
administering various responsibilities related to the Town’s bonds, including certain aspects of
post-issuance compliance with federal tax and securities laws. The town will retain the services
of a bond counsel firm to serve as bond counsel and provide legal advice related to the Town’s
bonds, including advising on post-issuance compliance with federal tax and securities laws. In
carrying out these post-issuance compliance procedures, the Director of Finance will consult with
and seek assistance from the town’s bond counsel and municipal advisor to the extent appropriate.
Il. POST-ISSUANCE TAX COMPLIANCE
The following procedures are applicable to any bonds issued by the Town the interest on which is
excluded from federal income taxes.
A. Tax Certificate and Continuing Education
1. Tax Certificate - A Tax Certificate is prepared for each issuance of bonds. Immediately
upon issuing any bonds, the Director of Finance, in consultation with bond counsel and
municipal advisor, shall review the Tax Certificate and make notes regarding specific
compliance issues for such bond issue on the Post-Issuance Compliance Notes form,
which is attached hereto as Exhibit A (the “Notes”). The Tax Certificate and Notes shall
clearly define the roles and responsibilities relating to the ongoing compliance activities
for each bond issue and will identify specific compliance requirements. The Director of

Finance will review the Tax Certificate and Post-Issuance Compliance Notes for each
issue of outstanding bonds on at least an annual basis to ensure that the specific
compliance issues for such bonds are being monitored and addressed.
2. Continuing Education - The Director of Finance will actively seek out advice of bond
counsel on any matters that appear to raise ongoing tax law compliance concerns and may
attend or participate or direct other Town personnel to attend or participate in seminars,
teleconferences, etc. that address federal tax law compliance issues and developments in
the public finance arena.
B. Tax-Exempt Bonds Compliance Monitoring
1. Ownership of Bond-Financed Property — One of the requirements with respect to tax-
exempt bonds issued for the benefit of issuers like the Town is that the bond-financed
property generally must be owned by a State or local governmental unit throughout the
lesser of (i) the term of the bonds (and of any refunding bonds subsequently issued to
refinance the property) or (ii) the useful life of the property. Any proposed sale,
exchange, trade-in, or other disposition of ownership of or title to bond-financed property
(other than a sale for salvage value or the disposal of such property as waste at the end of
its useful life to the Town) should be reviewed in advance with bond counsel so that
appropriate, timely “remedial action” can be taken to protect the tax-advantaged status of
the bonds, if required.
2. Restrictions against other Private Use — The Director of Finance will continuously
monitor the expenditure of bond proceeds and the use of facilities or equipment financed
with bonds to ensure compliance with Section 141 of the Internal Revenue Code (the
“Code”), which establishes limitations on the use of bond-financed property by persons or
entities that are not units of State or local government. These limitations apply, for
example, to individuals using bond-financed assets on a basis other than as a member of
the general public, to corporations and partnerships and to the federal government and its
agencies and instrumentalities.
a. Use of Bond Proceeds — The Director of Finance will monitor and maintain records
with respect to expenditures to ensure that “new money” bond proceeds are being used
on capital expenditures for exempt purposes in accordance with the governing bond
legal documents (and also to facilitate the tracking of such expenditures with respect
to refunding issues that refinance such “new money” bonds) and will document the
allocation of all bond proceeds including “new money” and refunding purposes.
b. Use of the Bond-Financed Facility or Equipment
i. Equipment assets financed or refinanced with bonds will be listed in a
schedule for each bond issue. The Director of Finance will maintain (1) a list
of all bond-financed equipment allocable to each bond issue and (ii) a record of
such equipment’s expected useful life. Equipment assets generally are not to
be sold or disposed of prior to the earlier of (a) the date the “new money”
bonds and all subsequent refundings of such-bonds are fully paid or (b) the end
of the useful life of such equipment.
61533406 v1

ii. Constructed, renovated or acquired assets financed or refinanced with
bonds — In order to ensure that assets constructed, renovated or acquired using
bond proceeds, such as buildings, real property improvements and other
infrastructure assets, are not leased, sold or disposed of prior to the end of the
term of the applicable bonds and of all subsequent refundings of such bonds:
e Any asset constructed, renovated or acquired with bond proceeds shall be
flagged in the Town’s records, and
e All uses of these assets will be monitored by the Director of Finance.
ili. Change of Use — If there is any proposal to change the use of a bond-financed
facility from a qualified purpose to a use in which a private (or federal
government) entity may have the use or benefit of such a facility, the Director
of Finance will consult with bond counsel prior to the occurrence of the
proposed change in use to determine what impact, if any, the proposed change
may have on the tax-exempt status of the applicable bonds. Examples of
changes in use that can affect the tax-exempt status of bonds include
management contracts with third parties for the management or operation of
bond-financed assets and leases of buildings or other property to third parties.
3. Qualification for Initial Temporary Periods and Compliance with Restrictions against
Hedge Bonds
a. Expectations as to Expenditure of Bond Proceeds
i. Jn order to qualify under the arbitrage rules of Code Section 148 for an initial
temporary period, usually for three (3) years, with respect to a new money
bond financing—during which bond proceeds can be invested without regard
to yield (but potentially subject to rebate)—the Town must reasonably expect
to spend at least 85% of “net sale proceeds” of the bonds by the end of the
temporary period. Additionally, under Code Section 149, in order to avoid
classification of an issue of bonds as “hedge bonds,” the Town must both (i)
reasonably expect to spend 85% of the “net sale proceeds” of the bonds within
the three-year period beginning on the issuance date of the bonds and (ii)
invest not more than 50% of the proceeds of the issue in investments having a
substantially guaranteed yield for four (4) years or more. These expectations
will be documented for the Town’s outstanding bond issues in the Tax
Certificate executed in connection with each new money bond issue.
ii. _ If, for any reason, the Town’s expectations concerning the period over which
the bond proceeds are to be expended change from what was documented in
the applicable Tax Certificate, such that the length of expenditure period is
expected to be extend beyond three years from the issuance date of a new
money bond issue, the Director of Finance will consult with bond counsel.
b. Bond Proceeds Spending Schedule Compliance Monitoring — For as long as there are
unspent “new money” proceeds of a bond issue, the Director of Finance will compare
and analyze the original anticipated capital project spending schedule and the actual
payouts and reimbursements on each bond-financed project, on an annual or more
frequent basis. The purpose of this analysis is to identify variances from the original
61533406 v1

cC.
spending schedule for each project and to document the reasons for these variances (to
the extent they reflect delays in the expenditure of bond proceeds) to provide a
continual record on the spending progress for each bond-financed project. Generally,
if there are delays in expending new money bond proceeds, the tax-exempt status of
the bonds under either the temporary period rules or the hedge bond rules should not
be adversely affected, unless circumstances surrounding actual events relating to
project development cast doubt on the reasonableness of the stated expectations
regarding expenditures that were documented on the issuance date in the applicable
Tax Certificate on the issuance date. Therefore, it is important for the Director of
Finance to update the progress of each project at least annually, and consult with bond
counsel as to any substantial delays from the original expenditure schedule.
Investment Earnings Monitoring — As part of the monitoring process described in
Section I.B.3.b above, the Director of Finance will track the actual investment
earnings accruing on unexpended bond proceeds on an annual or more frequent basis
and will track the expenditure of all such earnings (which are treated for tax law
purposes as additional proceeds of the bonds) on project costs.
4. Arbitrage and Rebate Compliance
a.
In General. Bonds may lose their tax-favored status, retroactive to the date of
issuance, if they do not comply with the arbitrage restrictions of Section 148 of the
Code. Two sets of requirements under the Code generally must be applied in order to
determine whether bonds satisfy Section 148 of the Code: (1) the yield restriction
requirements of Section 148(a) and (2) the rebate requirements of Section 148(f).
Yield Restriction Requirements. The yield restriction requirements provide, in
general terms, that the “gross proceeds” of a bond issue may not be invested in
investments generating a yield higher than the yield of the bond issue, except for
investments (i) during one of the temporary periods permitted under the arbitrage rules
(including the initial three year temporary period described in Section II.B.3.a.1i
above, a 90-day temporary period for current refundings and another temporary period
for moneys expected to be used on a current basis to pay debt service on the bonds),
(ii) in a reasonably required reserve or replacement fund or (iii) in an amount not in
excess of the lesser of 5% of the sale proceeds of the issue or $100,000 (the so-called
“minor portion”). Under limited circumstances, the yield on investments subject to
yield restriction can be reduced through payments to the IRS known as “yield
reduction payments.” The Tax Certificate will identify those funds and accounts
associated with a particular issue of bonds known, as of the date of issuance, to be
subject to yield restriction.
c. Rebate Requirements
61533406 v1
i. If, consistent with the yield restriction requirements of the arbitrage rules,
amounts treated as bond proceeds are permitted to be invested at a yield in
excess of the yield on the bonds pursuant to one of the three exceptions to yield
restriction referred to above, rebate payments may be required to be made to
the U.S. Treasury. Under the arbitrage rules, the aggregate rebate liability is
generally the present value of the excess of the amount actually earned on bond
funded investments over the amount that would have been earned on such

il.
investments had they been invested at the yield on the bonds. At least 90% of
the rebate amount calculated for the first computation period must be paid no
later than 60 days after the end of the first computation period. The amount of
rebate payments required for subsequent computation periods (other than the
final period) is that amount which, when added to the future value of prior
rebate payments, equals at least 90% of the rebate amount. For the final
computation period, 100% of the calculated amount must be paid. Available
exceptions to the rebate requirement, and related expectations, are generally
documented for each bond issue in the applicable Tax Certificate, although
rebate liability and compliance is generally based on actual facts established
after bond closing.
As required, the Town will have their municipal advisor calculate, or engage
another experienced independent rebate analyst to calculate, the cumulative
rebate liability (positive or negative) that has accrued with respect to the bonds
and provide a written rebate report to the Director of Finance documenting the
rebate analyst’s methodology and conclusions. Bond counsel can assist with
referrals to qualified rebate analysts.
d. Timing of Rebate Payments
The Director of Finance will ensure the proper calculation and payment of any rebate
payment (and/or yield-reduction payment) within the following time frames:
i.
il.
ili.
The first installment with respect to a bond issue is due no later than 60 days
after the end of the fifth (5") anniversary of each bond issuance;
Succeeding installments are due at least every fifth (Sth) following anniversary
date;
The final installment with respect to a bond issue is due no later than 60 days
after retirement of the last bond of the issue (whether at final maturity or
earlier, on an optional bond redemption date or when bonds are purchased or
otherwise acquired for retirement or cancellation); generally, a final rebate
installment will be due not later than 60 days after early retirement of the last
bond in the issue in connection with a refunding of that issue.
Rebate (and/or yield reduction) payments are accompanied by returns filed on IRS Form
8038-T.
I. General
Record Retention
Section 6001 of the Code provides the general rule for the proper retention of records for
federal tax purposes. The IRS regularly advises taxpayers to maintain sufficient records to
support their tax deductions, credits and exclusions. In the case of a tax-exempt bond
transaction, the primary taxpayers are the bondholders. In order to ensure the continued
tax-exempt treatment of interest on its bonds, it is important, in all cases, that the Town
retain sufficient records to support characterization of the bonds as tax-exempt.
61533406 v1

2. Storage of Records
a. All records associated with any bond issue shall be stored electronically or in hard
copy form at the Town’s main offices or at another location conveniently accessible to
the Town.
The Director of Finance will ensure that the Town provides for appropriate storage of
these records.
If storing documents electronically, the Town shall conform with IRS Revenue
Procedure 97-22, 1997-1 C.B. 652 (as the same may be amended, supplemented or
superseded), which provides guidance on maintaining books and records by using an
electronic storage system. Bond counsel can furnish a copy of this Revenue Procedure
if needed.
3. Bond-Related Records
The Town shall maintain bond records as identified in this Section IJ.C.3 for the longer of
(i) the life of the bonds plus six (6) years or (11) the life of refunding bonds (or the series of
refunding bonds) that refinance the bonds plus six (6) years. Bond records shall include
the following documents:
a. Pre-Issuance Documents
61533406 v1
i.
ii.
ili.
iv.
Guaranteed Investment Contracts (“GICs”) and Other Investments
(including Treasury State and Local Government Series obligations
(“SLGS”)) — if applicable, the Director of Finance shall retain all
documentation regarding the procurement of each GIC or other investment
acquired prior to bond issuance in anticipation of the issuance of the bonds,
including if applicable the request for bids, bid sheets, documentation of
procurement method (i.e., competitive vs. negotiated), etc. If investments
other than SLGS are used for a defeasance escrow, the documentation should
include an explanation of the reason for the purchase of such non-SLGS
securities and documentation establishing the fair value of the securities at the
time of acquisition and compliance with safe harbor bidding rules. If SLGS
are purchased, documentation relating to all preliminary and/or final SLGS
subscriptions shall be maintained.
Anticipated Capital Spending Schedule — the Director of Finance shall retain
all documentation and calculations relating to the anticipated capital spending
schedule used to meet the “reasonable expectations” test and use of proceeds
tests, as well as copies of contracts with general and sub-contractors or
summaries thereof.
Issue Sizing — the Director of Finance shall maintain a copy of all bond
structuring proposals and information furnished in connection with the bond
issue.
Bond Insurance or Other Credit Enhancement — if applicable, the Director of
Finance shall maintain a copy of insurer and credit provider premium or fee

Vi.
quotes and calculations supporting the cost benefit of acquiring bond insurance
or other credit enhancement with respect to the bonds.
Forward Starting Swaps or Other Hedge Documentation — if applicable, the
Director of Finance shall retain all documentation regarding any interest rate
swap or other hedge agreement entered into on or before the date of bond
issuance relating to the bonds, including any “swap identification”
documentation prepared with respect thereto in order to facilitate the treatment
of such agreement as a “qualified hedge” under the arbitrage rules of Code
Section 148.
Costs of Issuance documentation — the Director of Finance shall retain all
invoices, payments and certificates related to costs of issuance of the bonds.
b. Issuance Documents
i.
The Director of Finance shall retain a physical bond transcript and/or a digital
copy of the bond transcript.
c. Post-Issuance Documents
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il.
ill.
iv.
Post-Issuance Guaranteed Investment Contracts and Investments (including
SLGS) — the Director of Finance shall retain all documentation regarding the
procurement of any GIC or other investment acquired with bond proceeds after
bond issuance, including as applicable the request for bids, bid sheets,
documentation of procurement method (i.e., competitive vs. negotiated), etc. If
investments other than SLGS are used for a refunding defeasance escrow, the
documentation should include an explanation of the reason for the purchase of
such non-SLGS securities and documentation establishing the fair value of the
securities and compliance with safe harbor bidding rules. If SLGS are
purchased, documentation relating to all preliminary and/or final SLGS
subscriptions shall be maintained.
Post-Issuance Swap or Other Hedge Documentation — the Director of
Finance shall retain all documentation regarding any interest rate swap or other
hedge agreement entered into after date of bond issuance relating to the bonds,
including any “swap identification” documentation prepared with respect
thereto in order to facilitate the treatment of such agreement as a “qualified
hedge” under the arbitrage rules of Code Section 148.
Interest Rate Resets — for bonds bearing interest at variable rates, records of
each interest rate reset.
Records of Investments — statements of earnings and any other documentation
regarding investments acquired with bond proceeds shall be retained by the
Director of Finance.
Investment and Expenditure Activity Statements — the Director of Finance
shall maintain or shall cause to be maintained all invoices and other spending
records relating to expenditures of bond proceeds for equipment purchases and

Vi.
constructed, renovated or acquired projects or for any other purpose, as well as
all records relating to the investment of such proceeds prior to expenditure.
Such records may be maintained either electronically or in hard copy form.
Records of Compliance
d. General
il.
Qualification for Initial Temporary Periods and Compliance with
Restrictions Against Hedge Bond Documentation — the Director of
Finance shall prepare the annual analysis described in Section II.B.3 of this
document and maintain these records.
Arbitrage Rebate Reports — may be prepared by the Director of Finance or
a third party as described in Section II.B.4.c.ii of this document, and copies
of all such reports will be retained by the Director of Finance.
Rebate Returns and Payment — shall be prepared at the direction of the
Director of Finance and filed as described in Section IJ.B.4.d of this
document, and copies of all such returns and payments will be retained by
the Director of Finance.
Contracts under which any bond proceeds are spent (consulting
engineering, acquisition, construction, etc.) - the Director of Finance shall
obtain copies of these contracts and retain them in the bond files.
Audited Financial Statements — the Director of Finance will maintain copies
of the Town’s annual audited financial statements.
Reports of any prior IRS Examinations — the Director of Finance will
maintain copies of any written materials pertaining to any IRS examination of
the Town’s bonds.
D. Voluntarily Correcting Failures to Comply with Post-Issuance Compliance
Requirements
If, in the course of monitoring compliance with applicable federal tax laws, a potential federal tax
law violation is discovered in connection with an issue of its bonds, the Town may be able to
address the violation through one of the methods listed below. The Town should work with bond
counsel to determine the best way to proceed if a violation is discovered or suspected.
L.
Taking remedial actions permitted under the Treasury Regulations
Depending upon the nature of the potential violation and the timing of the discovery of the
potential violation, it may be possible for the Town to take “remedial action” under
applicable Treasury Regulations to protect the tax-advantaged status of the bonds through
timely action. Depending upon the facts, such remedial action might involve a prompt
redemption or defeasance of all or a portion of the outstanding bonds or, in some cases,
the tracing of sale or other disposition proceeds to the acquisition of other tax law
compliant assets, or the tracing of the bond-financed assets themselves to another tax law
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compliant use. It is essential, however, that the potential violation be brought to the
attention of bond counsel as soon as possible because the remedial action rules are subject
to strict timing limitations.
2. Utilizing the Voluntary Closing Agreement Program
The Internal Revenue Manual establishes a voluntary closing agreement program (VCAP)
for tax-exempt bonds whereby bond borrowers can disclose and resolve tax law violations
through closing agreements with the Internal Revenue Service in a manner that preserves
the tax-exempt status of the bonds.
Ii. POST-ISSUANCE CONTINUING DISCLOSURE COMPLIANCE
Federal securities laws prohibit making any untrue statement of a material fact or omitting any
material fact necessary in order to make disclosure statements, in the light of the circumstances
under which they were made, not misleading. The Director of Finance will take primary
responsibility to ensure that the Town complies with each obligation included in its continuing
disclosure agreements or certificates executed in connection with each of its outstanding bond
issues for which a continuing disclosure agreement was required and entered into by the Town,
both as to (A) the timeliness and content of continuing disclosure filings, and (B) the accuracy of
disclosure regarding such filings in the Town’s official statements. In furtherance of this
responsibility, the Director of Finance will take primary responsibility for ensuring that the Town
carefully reviews its continuing disclosure obligations, submits timely and complete filings in
accordance with such obligations and submits disclosure filings that are accurate, complete and
not misleading.
A. The Obligations of the Town
Under the provisions of Rule 15c2-12 adopted by the Securities and Exchange Commission under
the Securities Exchange Act of 1934 (the “Rule’’), Participating Underwriters (as defined in the
Rule) are required to determine that issuers have entered into written continuing disclosure
agreements to make ongoing disclosure in connection with bonds subject to the Rule. Unless a
bond issue of the Town is exempt from compliance with the Rule or the continuing disclosure
provisions of the Rule as a result of certain permitted exceptions, the Town will enter into such a
continuing disclosure agreement upon the issuance of the bonds.
Pursuant to any continuing disclosure agreement entered into by the Town in connection with an
issue of bonds, the Town agrees to provide certain information for the benefit of the owners of the
Town’s bonds and to assist the purchasers of the Town’s bonds in complying with the Rule. The
information required to be provided will be specified in each continuing disclosure agreement and
may include annual reports and/or notice of certain significant events, depending on the term of
the bonds. Compliance with the filing requirements may be satisfied by filing the information
with the Municipal Securities Rulemaking Board through its Electronic Municipal Market Access
(“EMMA”) website.
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Annual reports required to be filed will include audited financial statements of the Town and
certain financial and operating data specified in the continuing disclosure agreement. The annual
reports are required to be filed on an annual basis on or before a date specified in the continuing
disclosure agreement.
Continuing disclosure agreements also require the Town to file notice of the occurrence of certain
significant events by a certain number of days specified in the agreement from the occurrence of
the event (typically 10 business days from the occurrence of the event). Although the list of
significant events in a particular continuing disclosure agreement may differ based on the list that
existed in the Rule at the time of the particular bond issue, the current list of significant events
that must be included in a continuing disclosure agreement for which a filing is required is as
follows:
1. Principal and interest payment delinquencies.
2. Non-payment related defaults, if material.
3. Unscheduled draws on debt service reserves reflecting financial difficulties.
4. Unscheduled draws on credit enhancements reflecting financial difficulties.
5. Substitution of credit or liquidity providers, or their failure to perform.
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or
final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other
material notices or determinations with respect to the tax status of the bonds, or other material
events affecting the tax status of any of the Town’s bonds or notes.
7. Modifications to rights of the registered owners, including beneficial owners, of the
Town’s bonds and notes, if material.
8. Bond calls, if material, and tender offers.
9. Defeasances.
10. Release, substitution or sale of property securing repayment of any of the Town’s
bonds or notes, if material.
11. Rating changes.
12. Bankruptcy, insolvency, receivership or similar event of the Town.”
* As noted in the Rule, this event is considered to occur when any of the following occur: (i) the appointment of a
receiver, fiscal agent or similar officer for the Town in a proceeding under the U.S. Bankruptcy Code or in any
proceeding under state or federal law in which a court or governmental Town has assumed jurisdiction over
substantially all of the assets or business of the Town, or if such jurisdiction has been assumed by leaving the existing
governing body and officials or officers in possession but subject to the supervision and orders of a court or
governmental Town, or (ii) the entry of an order confirming a plan of reorganization, arrangement or liquidation by a
court or governmental Town having supervision or jurisdiction over substantially all of the assets or business of the
Town.
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13. The consummation of a merger, consolidation, or acquisition involving the Town or
the sale of all or substantially all of the assets of the Town, other than in the ordinary course of
business, the entry into a definitive agreement to undertake such an action or the termination of
a definitive agreement relating to any such actions, other than pursuant to its terms, if material.
14. Appointment of a successor or additional trustee or the change of name of a trustee,
if material.
15. Incurrence of a financial obligation of the Town, if material, or agreement to
covenants, events of default, remedies, priority rights, or other similar terms of a financial
obligation of the Town, any of which affect the registered owners, including beneficial owners,
of the bonds, if material.’
16. Default, event of acceleration, termination event, modification of terms, or other
similar events under the terms of a financial obligation of the Town, any of which reflect
financial difficulties.'
The Director of Finance will compile and maintain a set of all currently effective continuing
disclosure agreements of the Town for bonds that are currently outstanding, each of which will
have been included in the closing transcript for the related bond issue. As bonds are completely
paid or redeemed, the Director of Finance will remove the related continuing disclosure
agreement from the set of currently effective continuing disclosure agreements. The following
procedures are required for and shall apply to only the currently effective continuing disclosure
agreements for which continued compliance is required.
B. Timeliness and Content of Continuing Disclosure Filings
I, Annual Reports
The Director of Finance will take primary responsibility for ensuring that the Town’s Annual
Reports are assembled to include the information required by its continuing disclosure agreements
and are filed on EMMA within the period of time after the end of the Town’s fiscal year specified
in the applicable continuing disclosure agreement. The Town’s Annual Report will be posted on
EMMA by the town’s municipal advisor. To ensure the Town’s Annual Reports are complete,
accurate and not misleading, the Town agrees to take the following steps:
1. The Director of Finance shall arrange for the town’s municipal advisor to provide a
notice of the deadline for filing an Annual Report at least two months prior to the deadline.
2. The Director of Finance shall review each of the Town’s continuing disclosure
agreements to confirm the information and material that is required to be filed as part of the
Annual Report;
* For purposes of event numbers 15 and 16, the term “financial obligation” means a (i) debt obligation; (ii) derivative
instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned
debt obligation; or (iii) guarantee of (i) or (ii). The term “financial obligation” excludes municipal securities for
which a final official statement has been provided to the MSRB consistent with the Rule. In the case of the Town, a
“financial obligation” would include, among other things and if material, any bonds or notes for which a final official
statement has not been filed with the MSRB, letters of credit, and lease purchase agreements.
61533406 v1

3. The Director of Finance will work with the municipal advisor to complete a draft of
each Annual Report at least one month prior to the required filing date;
4. The Director of Finance will provide the draft Annual Report to and consult with
any relevant officials of the Town, the Town’s staff and any other party, as he or she deems
appropriate, to solicit assistance in completing the Annual Report or to address any questions
that arise with respect to the accuracy or completeness of the Annual Report to ensure that it is
accurate, complete and not misleading; and
5. When the Director of Finance has resolved all questions regarding the accuracy and
completeness of, and any potentially misleading statements in, the Annual Report and
determined that it is in final form and responsive to the information required to be included
pursuant to the continuing disclosure agreements of the Town, the Director of Finance will
provide the final version of the Annual Report to the municipal advisor for filing and arrange
for the filing of the Annual Report by the municipal advisor on EMMA on or before the
deadline specified in the applicable continuing disclosure agreement or agreements.
II. Notices of Significant Events
The Director of Finance will monitor the Town’s continuing disclosure compliance on a frequent
and ongoing basis with respect to notice of the events specified in the Town’s continuing
disclosure agreements and be responsible for ensuring that notice of the occurrence of any such
events is filed on EMMA by mstat within the time period required in the applicable continuing
disclosure agreements. In order to facilitate such compliance, the Director of Finance will:
Cc.
1. Arrange for the town’s municipal advisor to provide written notification by email
or otherwise to the Director of Finance on a periodic basis, but at least annually, to
ensure he or she regularly reviews the list of events specified in the Town’s
continuing disclosure agreements to determine whether any event has occurred that
may require filing notice on EMMA;
2. Establish an internal process that includes any other official of the Town that may
have authority to negotiate and/or enter into the types of arrangements described in
event number 15 of the Rule to ensure that any such arrangements are reviewed by
the Director of Finance, in consultation with the Town’s officials and staff, their
municipal advisor and bond counsel and/or general counsel, as appropriate,
sufficiently in advance of the execution thereof in order to determine whether the
arrangement will result in a financial obligation or agreement that is material;
3. Upon the occurrence of any such event or potential event, immediately consult
with the Town’s officials and staff, municipal advisor and bond counsel and/or
general counsel, as appropriate, to confirm the Town’s obligation to disclose such
event; and
4. Arrange with the town’s municipal advisor for a timely filing of notice on EMMA
regarding the occurrence of any such event.
Accuracy of Disclosure in Official Statements
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The Director of Finance will be responsible for ensuring the accuracy and completeness of
disclosure in the Town’s official statements regarding the Town’s continuing disclosure
compliance. In furtherance of this responsibility, the Director of Finance will take the following
steps while preparing any official statement of the Town:
1. Review both (i) the timeliness and (ii) the content and sufficiency of the Town’s
Annual Report filings for the five-year period preceding the official statement, noting any
instances of late or incomplete filings;
2. Review the list of events specified in the Town’s continuing disclosure agreements
and certificates to determine whether any event has occurred during the five-year period
preceding the official statement and, if any such event has occurred, confirm that notices of
such event or events have been timely filed on EMMA;
3. Consult with the Town’s staff, municipal advisor, bond counsel and/or general
counsel, as appropriate, with respect to any question regarding the Town’s continuing
disclosure compliance;
4. If needed, arrange for the municipal advisor to file any corrective or missing
disclosure and/or notices on EMMA; and
5. Collaborate with municipal advisor and bond counsel to draft a statement regarding
the Town’s continuing disclosure compliance in the five-year period preceding the official
statement that reflects any instances of noncompliance by the Town during such period.
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YOUTH & FAMILY SERCIES AND SENIOR SERVICES STAFFING
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