Canton, Massachusetts · Saved source text
Latest Bond Issuance Report February 2018
Saved text from 210 source pages. Transcription and OCR may contain errors; verify figures and wording against the original. Retrieved 2026-10-15.
Source page 204
OPERATING INDICATORS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Government:
Population…………………………………….. 20,767 20,985 21,003 21,529 20,159 20,708 20,853 20,717 20,878 21,443
Registered voters……………………………………..14,104 14,539 14,376 14,624 12,529 14,241 14,467 14,734 14,984 15,694
Public Safety:
Police
Criminal offenses……………………………………………… 623 419 422 448 554 909 464 384 945 1,076
Fire
Fire calls………………………………………………..1,023 930 1,000 1,470 1,391 1,242 1,500 1,800 1,683 1,638
Ambulance calls………………………………………… 2,471 2,729 2,600 2,304 2,367 2,250 2,600 2,100 2,525 2,457
Permits issued………………………………………………. 803 823 950 927 1,218 949 1,380 1,005 745 857
Building Department
Building permits issued………………………………….712 837 771 788 860 905 894 1,132 1,514 1,271
Other permits issued…………………………………. 1,629 1,478 1,497 1,406 1,536 1,670 2,062 2,030 1,885 1,951
Education:
Number of students…………………………………. 3,083 3,118 3,061 3,229 3,252 3,262 3,338 3,427 3,378 3,379
Public Works:
Highway
Roads paved (miles)……………………………………………… 0.0 2.4 0.6 1.4 3.9 0.8 1.7 3.6 2.5 3.1
Water
Water mains installed (miles)…………………………… 0.0 0.0 1.0 2.1 0.0 1.8 2.0 0.0 0.0 2.5
Sewer
Sanitary sewers installed (miles)……………………………
0.0 0.0 0.0 1.5 0.0 0.0 0.0 0.0 0.0 0.0
Health and Human Services:
Board of Health
Inspections and complaint investigations……… 656 680 730 742 520 661 680 673 652 925
Permits issued……………………………………………….. 582 590 612 627 636 645 647 641 644 644
Council on Aging
Bus trips………………………………………….. 6,500 9,000 9,000 9,200 9,550 9,825 8,500 7,863 8,200 10,180
Culture and Recreation:
Libaries
Circulation……………………………………………. 266,498 261,512 262,132 288,148 308,552 315,297 294,718 301,191 269,045 287,981
Children's programs held……………………………………………. 100 107 117 118 349 132 132 132 241 197
Children's programs attendance…………………………………………….
1,895 2,510 2,811 2,857 4,673 3,550 3,004 3,004 3,985 3,898
Recreation
Swimming pool attendance…………………………………………….
8,960 10,962 7,360 8,120 8,000 9,600 9,426 4,446 6,056 5,107
Playground program participants…………………………………………….
1,253 1,599 1,509 1,509 1,509 1,400 812 1,008 1,294 1,090
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 124 of 125 Comprehensive Annual Financial ReportSource page 205
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Function 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Government:
Number of buildings……………………………….. 1 1 1 1 1 1 1 1 1 1
Public Safety:
Police
Number of stations……………………………. 1 1 1 1 1 1 1 1 1 1
Fire
Number of stations……………………………. 2 2 2 2 2 2 2 2 2 2
Education:
Number of elementary schools…………………………………….
3 3 3 3 3 3 3 3 3 3
Number of middle schools…………………………………….1 1 1 1 1 1 1 1 1 1
Number of high schools………………………………………..1 1 1 1 1 1 1 1 1 1
Public Works:
Road miles………………………………………. 94 94 94 94 112 112 112 112 112 112
Water main (miles)…………………………………………. 122 122 122 123 123 123 123 123 123 123
Sanitary sewers (miles)…………………………………………. 66 66 66 66 82 82 82 82 82 82
Number of water towers…………………….. 5 5 5 5 5 5 5 5 5 5
Number of water treatment plants…………………….. - - - - 1 2 2 2 2 2
Health and Human Services:
Number of senior centers…………………….. - - - - - - - - 1 1
Culture and Recreation:
Number of libraries……………………………………………
1 1 1 1 1 1 1 1 1 1
Number of pools………………………………….. 1 1 1 1 1 1 1 1 1 1
N/A - Information not available
Source: Various Town Departments and State websites.
Town of Canton, Massachusetts Page 125 of 125 Comprehensive Annual Financial ReportSource page 206
Jay Turner photo courtesy of the Canton Citizen The Historic Paul Revere Rolling Mill recently received a new copper roof with materials supplied by the Revere Copper Products Company. Plans are underway to construct a heritage park on the site utilizing both the mill and the Revere barn (pictured in the background).
Source page 207
PROPOSED FORM OF LEGAL OPINION APPENDIX C
(Date of Delivery)
James R. Murgia, Treasurer
Town of Canton
Canton, Massachusetts
$4,710,000
Town of Canton, Massachusetts
General Obligation Municipal Purpose Loan of 2018 Bonds
Dated March 15, 2018
We have acted as bond counsel to the Town of Canton, Massachusetts (the “Town”) in
connection with the issuance by the Town of the above-referenced bonds (the “Bonds”). In such
capacity, we have examined the law and such certified proceedings and other papers as we have
deemed necessary to render this opinion.
As to questions of fact material to our opinion we have relied upon representations and
covenants of the Town contained in the certified proceedings and other certifications of public
officials furnished to us, without undertaking to verify the same by independent investigation.
Based on our examination, we are of the opinion, under existing law, as follows:
1. The Bonds are valid and binding general obligations of the Town and, except to
the extent they are paid from other sources, the principal of and interest on the Bonds are payable
from taxes which may be levied upon all taxable property in the Town, subject to the limit
imposed by Chapter 59, Section 21C of the General Laws.
2. Interest on the Bonds is excluded from the gross income of the owners of the
Bonds for federal income tax purposes. In addition, interest on the Bonds is not a specific
preference item for purposes of the federal individual alternative minimum tax. Interest on the
Bonds is included in computing a corporation’s adjusted current earnings for taxable years
beginning before January 1, 2018. In rendering the opinions set forth in this paragraph, we have
assumed compliance by the Town with all requirements of the Internal Revenue Code of 1986,
as amended (the “Code”), that must be satisfied subsequent to the issuance of the Bonds in order
that interest thereon be, and continue to be, excluded from gross income for federal income tax
purposes. The Town has covenanted to comply with all such requirements. Failure by the Town
to comply with certain of such requirements may cause interest on the Bonds to become included
C-1Source page 208
in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds.
Except as expressed in paragraph 4 below, we express no opinion regarding any other federal tax
consequences arising with respect to the Bonds.
3. Interest on the Bonds is exempt from Massachusetts personal income taxes and
the Bonds are exempt from Massachusetts personal property taxes. We express no opinion
regarding any other Massachusetts tax consequences arising with respect to the Bonds or any tax
consequences arising with respect to the Bonds under the laws of any state other than
Massachusetts.
4. The Bonds are qualified tax exempt obligations within the meaning of Section
265(b)(3) of the Code.
This opinion is expressed as of the date hereof, and we neither assume nor undertake any
obligation to update, revise, supplement or restate this opinion to reflect any action taken or
omitted, or any facts or circumstances or changes in law or in the interpretation thereof, that may
hereafter arise or occur, or for any other reason.
The rights of the holders of the Bonds and the enforceability of the Bonds may be subject to
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’
rights heretofore or hereafter enacted to the extent constitutionally applicable, and their
enforcement may also be subject to the exercise of judicial discretion in appropriate cases.
LOCKE LORD LLP
AM 67750646.1
C-2Source page 209
APPENDIX D
PROPOSED FORM OF
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the “Disclosure Certificate”) is executed and
delivered by the Town of Canton, Massachusetts (the “Issuer”) in connection with the issuance
of its $4,710,000 General Obligation Municipal Purpose Loan of 2018 Bonds dated March 15,
2018 (the “Bonds”). The Issuer covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being
executed and delivered by the Issuer for the benefit of the Owners of the Bonds and in order to
assist the Participating Underwriters in complying with the Rule.
SECTION 2. Definitions. For purposes of this Disclosure Certificate the following
capitalized terms shall have the following meanings:
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and
as described in, Sections 3 and 4 of this Disclosure Certificate.
“Listed Events” shall mean any of the events listed in Section 5(a) of this Disclosure
Certificate.
“MSRB” shall mean the Municipal Securities Rulemaking Board as established pursuant
to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the
functions of the MSRB contemplated by this Disclosure Certificate. Filing information relating
to the MSRB is set forth in Exhibit A attached hereto.
“Obligated Person” shall mean the Issuer.
“Owners of the Bonds” shall mean the registered owners, including beneficial owners, of
the Bonds.
“Participating Underwriter” shall mean any of the original underwriters of the Bonds
required to comply with the Rule in connection with offering of the Bonds.
“Rule” shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as the same may be amended from time to time.
SECTION 3. Provision of Annual Reports.
(a) The Issuer shall, not later than 270 days after the end of each fiscal year, provide
to the MSRB an Annual Report which is consistent with the requirements of Section 4 of this
Disclosure Certificate. The Annual Report may be submitted as a single document or as separate
documents comprising a package, and may cross-reference other information as provided in
Section 4 of this Disclosure Certificate; provided that the audited financial statements of the
Issuer may be submitted when available separately from the balance of the Annual Report.
D-1Source page 210
(b) If the Issuer is unable to provide to the MSRB an Annual Report by the date
required in subsection (a), the Issuer shall send a notice to the MSRB in a timely manner, in
substantially the form attached as Exhibit B.
SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or
incorporate by reference the following:
(a) quantitative information for the preceding fiscal year of the type presented in the
Issuer's Official Statement dated February 26, 2018 relating to the Bonds regarding (i) the
revenues and expenditures of the Issuer relating to its operating budget, (ii) capital expenditures,
(iii) fund balances, (iv) property tax information, (v) outstanding indebtedness and overlapping
debt of the Issuer, (vi) pension obligations of the Issuer, and (vii) other post-employment benefits
liability of the Issuer, and
(b) the most recently available audited financial statements of the Issuer, prepared in
accordance with generally accepted accounting principles, with certain exceptions permitted by
the Massachusetts Uniform Municipal Accounting System promulgated by the Department of
Revenue of the Commonwealth. If audited financial statements for the preceding fiscal year are
not available when the Annual Report is submitted, the Annual Report will include unaudited
financial statements for the preceding fiscal year and audited financial statements for such fiscal
year shall be submitted when available.
Any or all of the items listed above may be incorporated by reference from other
documents, including official statements of debt issues of the Issuer or related public entities,
which (i) are available to the public on the MSRB internet website or (ii) have been filed with the
Securities and Exchange Commission. The Issuer shall clearly identify each such other
document so incorporated by reference.
SECTION 5. Reporting of Significant Events.
(a) The Issuer shall give notice, in accordance with the provisions of this Section 5,
of the occurrence of any of the following events with respect to the Bonds:
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 the Bonds.
D-2Source page 211
7. Modifications to rights of the Owners of the Bonds, if material.
8. Bond calls, if material, and tender offers.
9. Defeasances.
10. Release, substitution or sale of property securing repayment of the Bonds, if
material.
11. Rating changes.
12. Bankruptcy, insolvency, receivership or similar event of the Obligated Person.*
13. The consummation of a merger, consolidation, or acquisition involving an
Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, 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.
(b) Upon the occurrence of a Listed Event, the Issuer shall, in a timely manner not in
excess of ten (10) business days after the occurrence of the event, file a notice of such occurrence
with the MSRB.
SECTION 6. Transmission of Information and Notices. Unless otherwise required by
law, all notices, documents and information provided to the MSRB shall be provided in
electronic format as prescribed by the MSRB and shall be accompanied by identifying
information as prescribed by the MSRB.
SECTION 7. Termination of Reporting Obligation. The Issuer's obligations under this
Disclosure Certificate shall terminate upon the prior redemption or payment in full of all of the
Bonds. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give
notice of such termination in the same manner as for a Listed Event under Section 5(b).
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this
Disclosure Certificate, the Issuer may amend this Disclosure Certificate and any provision of this
Disclosure Certificate may be waived if such amendment or waiver is permitted by the Rule, as
*
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 Obligated Person in a proceeding under the U.S. Bankruptcy Code or
in any proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction
over substantially all of the assets or business of the Obligated Person, 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 authority, or (ii) the entry of an order confirming a plan of reorganization, arrangement or
liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets
or business of the Obligated Person.
D-3Source page 212
evidenced by an opinion of counsel expert in federal securities law (which may include bond
counsel to the Issuer), to the effect that such amendment or waiver would not cause the
Disclosure Certificate to violate the Rule. The first Annual Report filed after enactment of any
amendment to or waiver of this Disclosure Certificate shall explain, in narrative form, the
reasons for the amendment or waiver and the impact of the change in the type of information
being provided in the Annual Report.
If the amendment provides for a change in the accounting principles to be followed in
preparing financial statements, the Annual Report for the year in which the change is made shall
present a comparison between the financial statements or information prepared on the basis of
the new accounting principles and those prepared on the basis of the former accounting
principles. The comparison shall include a qualitative discussion of the differences in the
accounting principles and the impact of the change in the accounting principles on the
presentation of the financial information in order to provide information to investors to enable
them to evaluate the ability of the Issuer to meet its obligations. To the extent reasonably
feasible, the comparison shall also be quantitative. A notice of the change in the accounting
principles shall be sent to the MSRB.
SECTION 9. Default. In the event of a failure of the Issuer to comply with any
provision of this Disclosure Certificate any Owner of the Bonds may seek a court order for
specific performance by the Issuer of its obligations under this Disclosure Certificate. A default
under this Disclosure Certificate shall not constitute a default with respect to the Bonds, and the
sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply
with this Disclosure Certificate shall be an action for specific performance of the Issuer's
obligations hereunder and not for money damages in any amount.
D-4Source page 213
SECTION 10. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit
of the Owners of the Bonds from time to time, and shall create no rights in any other person or
entity.
Date: March 15, 2018 TOWN OF CANTON,
MASSACHUSETTS
By: ______________________________
Treasurer
______________________________
______________________________
______________________________
______________________________
______________________________
Selectmen
[EXHIBIT A: Filing Information for the MSRB]
[EXHIBIT B: Form of Notice of Failure to File Annual Report]
AM 67750713.1
D-5