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HomeMy WebLinkAbout2017_09_05 Board Minutes IDAHO FALLS SCHOOL DISTRICT NO. 91 BOARD OF TRUSTEES – SPECIAL BOARD MEETING, IDAHO CODE, §74-204 (2) SPECIAL MEETING DISTRICT OFFICE – 12:30 P.M. 690 JOHN ADAMS PARKWAY TUESDAY, SEPTEMBER 5, 2017 Present from the Board of Trustees: Present from the Administration: Lisa Burtenshaw, Chair George Boland, Superintendent Larry Wilson, Clerk Carrie Smith, Director of HR Larry Haws, Treasurer (via telephone) Debbie Wilkie, Board Secretary, Recording Excused: Via Telephone: Deidre Warden, Vice Chair Michael Keith, Financial Advisor, Piper Jaffray Dave Lent, Trustee Nick Miller, Bond Attorney, Hawley Troxell Chairman Burtenshaw called the meeting to order at 12:35 PM. ADOPT AGENDA Trustee Wilson made a motion to adopt the agenda. Trustee Haws provided the second. Motion carried 3 ayes, 0 nays. DISCUSSION a. Bond Redemption Fund and Maintaining Tax Rate Michael Keith reviewed that Idaho Code 33-802A allows the district to move money out of the bond fund balance in order to keep the levy rate where we want it. The proposal today is for the Board to give the authority to execute the plan to move 1.4 million into an escrow account and apply it to pay down some of the 2012 maturities to be determined by the District’s financial advisors. The money comes off the district’s books, by legal defeasance, and the end result is the same. Mr. Keith stated this is not something unique, it is done frequently by school districts. Nick Miller reviewed a resolution prepared by his office. Mr. Miller stated the benefit is that the bonds can be paid off early and any additional interest earned would help offset any fees that come into play. If necessary, the district could execute a new escrow each year. A discussion was held. ACTION ITEM a. Adoption of Resolution to Authorize Defeasance of Certain of the District’s Bond Trustee Wilson made a motion to adopt the Authorization Defeasance of Certain of the District’s Bonds as presented. Trustee Haws provided the second. Motion carried 3 ayes, 0 nays. Trustee Wilson made a motion to adjourn. Trustee Haws provided the second. Motion carried. The meeting was adjourned at 1:07 pm. 09/05/2017 D91 Board Minutes Page 1 of 1