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Finance Committee — May 27, 2026
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0:21
You gonna have me read the letters?
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0:22
Nope.
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0:46
It is 6:59 PM on May 27th, 2026, for the City Council finance agenda.
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0:53
We do have letters to be read into the record.
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0:55
I will ask the clerk to read the letters into the record.
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0:57
From Councilor Oliver, I'm writing to inform you that I'm unable to attend tonight's committee meeting due to a prior commitment.
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1:03
Please read this letter into the record to make my colleagues and the public aware of the reason for my absence.
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1:09
This is from Councilor Pereira.
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1:11
I'm writing to inform you that I've been unable to attend tonight's committee meeting due to a prior commitment.
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1:15
Please read this letter into the record to make my colleagues and the public aware of my absence.
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1:20
Absence.
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1:20
And this from Councilor Baptiste: I'm writing to inform you that I expect to be late for tonight's committee meeting due to a prior commitment.
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1:26
Please read this letter into the record to make my colleagues and the public aware of the reason for my delayed arrival.
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1:31
He's here.
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1:32
Okay, this is from Councilor Carney: I'm writing to inform you that I expect to be late for tonight's committee meeting due to a prior commitment.
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1:41
Please read this letter into the record to make my colleagues and the public aware of reason for my delayed arrival.
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1:46
Councilor Gomes, I am writing to inform you that I expect to be late for tonight's committee meeting as I will be attending the Traffic Commission meeting at this time.
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1:53
Please read these letters into the record to make my colleagues and the public aware of the reason for my delayed arrival.
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1:58
Second.
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1:59
Second.
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2:00
Made by Councilor Abrams, second by Councilor Chouquette.
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2:02
All those in favor, oppose, the ayes have it.
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2:05
Notice, this meeting is being live streamed and recorded.
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2:07
The City Council committee meetings can be viewed on the City of New Bedford's homepage under Quick Links then meetings.
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2:14
We do have 2 items together tonight, but we need 8 votes to pass the items.
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2:19
Without having 8 votes, I'm going to have Attorney Gorotowski give us the mechanism in which we can table the meeting and then come back after the next meeting, which is the Committee on Ordinance.
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2:30
Attorney Gorotowski.
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2:32
So, Mr. Chairman, um, it appears that there's a borrowing item before the, before the committee that would require 8 votes.
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2:39
There's 7 members of the committee present.
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2:42
So, um, I do know that there's some expectation that we may get another member here at some point in the night.
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2:49
I know there's an ordinance committee meeting that's supposed to follow.
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2:52
What this committee could do is recess this meeting with the intention of, um, reconvening tonight so that anybody wanting to know what the outcome is, this doesn't leave and thinking that the meeting's over.
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3:05
So we'd recess the meeting.
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3:07
You could then go do the ordinance committee and then reconvene the finance committee to see if you can get the requisite number of members to vote on this, or to pass it.
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3:17
Not, not to vote on it, but requisite.
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3:20
Hold on, we got an attorney.
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3:23
Uh, Councilor Gert, uh, Councilor— now we have 8, so we don't need to recess.
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3:27
We have 8 votes now.
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3:28
You— we waited long enough.
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3:29
Thank you.
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3:30
All right.
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3:31
Item number 1 is a communication from John Taxachusseth.
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3:35
Nope, we're going to keep going, Gus.
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3:41
Uh, communication John Taxachusseth, Treasurer, collected to Councilor Joseph P. Lopes, Chair, Committee on Finance, presenting a request for the interim loan financing for the Massachusetts Clean Water Trust projects.
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3:52
The interim loans are available to the city at an interest rate of 0.0%.
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3:57
It was received on May 6th, 2026, and the invitees are Robert Ekstrom, Chief Financial Officer, John— Jamie Ponte, Commissioner of Public Infrastructure, and John Tractatusius.
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4:07
Can I get a motion?
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4:08
Motion to receive and place on file.
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4:10
Made by Councilor Roy, seconded by Councilor Abreu.
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4:13
All those in favor?
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4:14
Aye.
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4:14
Opposed?
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4:14
The ayes have it.
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4:15
John, would you like to give us an overview of the request?
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4:23
Good evening, Mr.
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4:24
Chair, councilors, and Clerk of Committees.
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4:27
Thank you for holding the Finance Committee meeting.
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4:29
I'm here today to request the approval of the interim loan financing for the following Massachusetts Clean Water Trust projects that are available to the city at an interest rate of 0%.
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4:40
CWP-24-49 with principal amount of $9,579,495 for for the purpose of wastewater treatment plant improvements.
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4:52
This is under the loan order that was approved on June 15th, 2022, for $119 million.
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5:01
CWP-2474 with the principal amount of $15,614,498, and CWP-2474A with principal amount of $1,900,502, both for the purpose of wastewater collection system improvements under the same loan order that was approved on June 15, 2022, for $119 million.
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5:29
DWPLC 2465, with principal amount of $20,503,801, the purpose of lead service line removal phase 3.
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5:44
This is under the loan order that was approved on August 14th, 2024, for $34.8 million.
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5:52
And CW2477 with principal amount of $13,485,000 for the purpose of wastewater pumping station improvements.
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6:03
This is under the loan order that was approved on July 25th, 2023 for $20 million.
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6:09
These interim loan terms are on a 2-year note at 0.00% interest that gets rolled into a permanent loan depending on when it's going to be completely drawn down.
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6:21
At that time, uh, when it goes into a permanent loan, it would be at a 20-year maturity at 2% interest rate.
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6:29
Thank you.
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6:32
I receive a motion to receive and place on file the communication from our treasurer-collector on the information that he just presented.
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6:39
Seconded by Councilor Abreu.
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6:40
Seconded by Councilor Pepperton.
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6:42
All those in favor?
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6:43
Opposed?
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6:43
The ayes have it.
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6:44
Does anyone have any questions for our treasurer?
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6:48
Seeing none, we would need a motion to— Councilor Abreu.
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6:54
Thank you, Mr. Chairman.
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6:54
Thank you, Mr.— Yes, thank you, Gus.
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6:56
Mr. Chairman, motion to refer out to the full city council.
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6:59
Nope.
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7:00
I'm sorry.
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7:00
No, you're right.
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7:01
You are correct.
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7:02
All right, yep, no, I'll, I'll concede the floor for now.
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7:05
I'm ready to make a motion, Mr. Chairman, but I'll yield for now.
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7:10
Any— if there's no questions, we need a motion to approve as presented.
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7:14
So moved.
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7:15
Made by Councilor Abreu.
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7:16
Seconded?
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7:17
Seconded by Councilor Burgo.
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7:18
All those in favor?
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7:19
Aye.
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7:20
We— oh yeah, sorry, we need a roll call.
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7:23
Councilor Abreu?
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7:24
Yes.
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7:25
Yes, Councilor Abreu.
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7:26
Councilor Baptiste?
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7:26
Yes.
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7:27
Yes, Councilor Baptiste.
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7:28
Councilor Burgo?
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7:29
Yes.
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7:29
Yes, Councilor Burgo.
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7:30
Councilor Carney?
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7:31
Yes.
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7:31
Yes, Councilor Carney.
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7:32
Councilor Choquette?
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7:32
Yes.
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7:32
Yes, Yes, Councillor Chauquette.
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7:35
Councillor Lopes?
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7:36
Yes.
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7:36
Yes, Councillor Lopes.
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7:37
Councillor Pemberton?
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7:38
Yes.
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7:38
Yes, Councillor Pemberton.
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7:40
Councillor Roy?
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7:42
Yes.
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7:42
Item passes 8 to 0.
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7:46
Can we get a motion to waive item, uh, 2, referring out to the full city council for no further action?
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7:52
Made by Councillor Burgo.
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7:53
Second by Councillor Baptiste.
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7:55
All those in favor?
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7:55
Aye.
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7:56
Opposed?
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7:56
The ayes have it.
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7:57
Can we get a motion to adjourn?
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7:58
Second.
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7:59
Motion to adjourn made by Councillor Abreu, seconded by Councillor Pemberton.
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8:02
We are adjourned.
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8:03
All those in favor?
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8:04
Opposed?
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8:05
We are adjourned at 7:07 PM.
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8:07
Thank you, everyone.
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8:08
Thank you.
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