like to call this meeting to order thisis mamei public school Independent School District 832 it is a regular noit's a special organizational meeting on Monday January 6 2025 at 7 o'clock P.Mplease rise and join me to the pledge of aledge alance to the flag of the UnitedStates of America to the Republic for which it standsone nation under God indivisible with liy and justice for all gooll Call of attendance approval of the agenda I getAve move by director Regan second second by director doen any discussion allthose in favor say I I I those opposed motioncarries approval of the consent agenda make a motion so move move bydirector doen second second by director Peterson anydiscussion all those in favor say I I those opposed motioncarries organizational matters okay so I have a few board members to swear inright now and before I can do that I have a very long thing I need to read toyou so I'm going to go to the podium and I'm going to read and um ifuh I guess I'll call you director Stout director rean and at this point Mr Drwitson I'm not sure exactly what to call duly duly elected okaysorry will you come and join me up um up there while I swear you sorry I didn'tpractice that okay sofirst I have something uh to read before I administer the oath of office um so itwas an it is an honor that you were elected to guide the education of ourcommunity's children as you recite the oath of office this evening you assume atremendous responsibility as a director of our school district with the dutiesempowered by the Minnesota Legislature this power puts you andother members of our school board in the position of being both morally andlegally responsible for the Equitable quality education of every student inthe Modi School District in carrying out this responsibility you will be asked tofulfill the roles of vision structure accountability and advocacy in providingVision the board with extensive participation a of the communityenvisions the community's educational future then formulates the goals definesthe outcomes and sets the course for the midi public schools to achieve thevision the board establishes a structure and creates an environment designed toensure all students the opportunity to attain their maximum potential through asound organizational framework because as a board we must beaccountable to the community we must ensure a continuous assessment ofstudent achievement in all conditions affecting the education of ourchildren as board members you serve as education's key Advocate on behalf ofstudents and our community schools to advance the vision of our schoolsfurthermore we must strive to work together with the administration andstaff to lead the district toward fulfilling the vision we have createdfostering Excellence for every student in the areas of academic skills andknowledge citizenship and and personal development having signed the acceptanceof office and oath of office for a term beginning Monday January 62025 and expiring the first Monday in January sorry this does not read 2029you will please publicly affirm your commitment by raising your right handand repeating the oath of office after me okay youready I and then yourname so swear that I will support and you can all do it togetherthe Constitution of the United States stes and the state ofMinnesota and that I will discharge Faithfully the duties of the office ofschool board member of Independent School District 832 to the best of my judgment and abilitycongratulations yeah [Applause] hey thank you now we will move toelection of officersand did send out a proposedum organizational meeting and so at this time are there any Nom sowe can do it where we we elect chair person Vice chair and Clerk and treasurindependently or we can do it as a slate um it's up to whoever wants tomake a nomination and we typically put our vice chair and clerk as one personum because clerk is required by law the position of clerk Vice chair is is notone that's required so the roles uh seem to complement each other and and doesn'tmake sense to have two different people doing that one Ro those two differentroles so we make it Vice chair clerk so with that are there any nominations Madamchair I'll move to propose that um director Stout serve aschair um director Regan uh serve as Vice chair andclerk I'll move that slate together and I think and we can certainly discussTreasurer um at after this motion okay should weis there a second second are there any other nominations okay thank you for yournomination and I'm Happ say that three times yes we do thank you and I do Irepeat it three times okay so on there has been a nomination for Stacy Stout aschair Kelly Regan as Vice chair and Clerk and I will state it one more timethere's been nomination for Stacy Stout's Chair say are there any othernominations oh yes are there any other nominations it's been a while since oh that's what I say three times arethere any other nominations okay so we will take a voteon this slate all those in favor say II oos motioncarries thank you I appreciate your confidence Kelly okay so now fortreasure sureum there were two people who expressed interest do either of you want to speakto that or do either you feel strongly about theposition of treasure I didn't[Laughter] know I personally don't have a hugepreference I'm happy to fill the role I also think that between Stacy Kelly andPaul we've had an extremely extremely high functioning board for the last yearum and so I'm very supportive of keeping the roles the same so that's my opinion I'll I'll make a motion to uh Ipropose that Ryan director Dolen serve as Treasurer and I I think it'd be I I'mhappy to continue to serve but I think it'd be great to just have another setof eyes it's always good to have another set of eyes go through some things andask questions Etc so um I'm happy to have Ryan serve thatposition I'll nominate director Dolen fortreasurer now second okay we have a second from directorPeterson are there any other nominations so we currently have Ryandoen nominated for Treasure are there any other nominationsare there any other nominations okay with that we'll take avote all those in favor uh Ryan doen for treasur please State i i i those opposemotion carries congratulations thank you okay now we will move toward toour consideration of board member appointments so if you'll look at theform everyone should have it in front of you um thank you everyone for readingthrough the different roles as you know we all serve obviously we have ourmeetings where we come here and our study sessions but we also really try tobe engaged in all the other areas of the district and also um some some umorganizations outside of our district such as the School Board Association andand other ones like that so um I appreciate everyone identifying theirinterest I tried um Barb and I worked through it and tried to keep it whereit's even so that the workload is even for everyone while also um honoring thewishes of everyone and I think we're pretty close so I'll just walk throughit and then if if somebody wants to add something or if you see something thatwe missed or something you prefer to do then just speak up and um I think andand I'll just add look at the um commitment that's written in red theretoo so that you can see if the time commitment works for you um inparticular some of them have certain dates um associated with them so justcheck and see that those those States will work for you aswell so we'll start with facilities committee uh last year it was Ryan Jennyand Kelly this year it's we' proposed Ryan Kelly and Drew any questionsyes um can you clarify where when the elementary PTO typically meet you saidin Wednesdays the second Wednesday of every month in the OA flex room oh okayso we'll get we'll get to that one and we can talk about it yeah okayum okay so facilities committee Ryan Kelly and Drew the financecommittee uh Ryan Paul and Drew which makes sense becauseas treasur you will be on the finance committee Paul will remain on there soand then Drew you'll be newest member so that's great any questions okay uhpolicy committee Paul Jenny and and me Stacy okay anybody good there okay uhfor advisory boards we've got amsd uh and Paul will take that onMinnesota School Board Association Jenny will continue in that role and MinnesotaState High School league Ryan will continue in that role does that work I that was one umthe Friday the first Friday of the month those meetings are also they are hybridso if you can't make it to um uh Kora for those meetings you cando them online but does that work for you to to do those morning morning 7:30or so in the morning uh then for governing boardappointments integration District the um educational Equity Alliance that isKelly we'll be taking that uh for the ma Kelly will also have uh be therepresentative on that then for the Metro educationalcooperative Service Unit that's exu uh we have listed Drew and I think Ican speak to that one because it only there's only one meeting um each yearthat the representa it's the delegate assembly is invited and so there's oneboard member from each district that's invited um it's an evening meeting Idon't recall I want to say it's typically in April but I'll have to Ican look into that one um it's not required but what they'll do as a memberof our Ser service Co-op they they go through a lot of the programs that we umare part of um that we benefit from our membership so it kind of is anopportunity for that and then they sh they do um they share the budget and andthat kind of thing as well so it it gives a it's and again it's just one ayear I typically go as well and so if the board a board member can't make itwell if you can't make it I can also bring you up to speed on that as welland also for any of these if you're not able to make it you just ask anotherboard member and find somebody one of us will say yes to cover any meeting thatneeds to get covered um for Northeast Metro 916 I will do thatone and then we have the Committees for calendar committee uh Iwill continue to do that along with Ryan that's about twice a year Community Edation advisory Paul will do that District curriculum advisory committeewill be Kelly and then Elementary PTO I think wesaid Drew but if that doesn't work then isthat that works for your calendar okay um Advanced academic parent group willbe Jenny and special ed advisory will beRyan anybody good with that and that meets about once or twice a year okay so does anyone have anythingto add or any changes oh yes but again if you can't make it oneof us I mean we are always there's always we all yeah have to ask okay were there any that peoplewanted to discuss because you really wanted one or anything I missed okay that was easy um then weneed to leave vote on it or is it like to make a motion to um approveas the Slate all of the board member appointments as listed in thedocument second move by director rean second bydirector Peterson any discussion all those in favor say I I Iopposed motion carries all right thank you all now for oh we have to address thepolicy 202.4 that's Schoolboard compensationand Barb do you wanna so well I can so see each year um you are required toessentially set um the stiens that you it's been it our history has been thatwe use the average of 9116 District so um ourum sorry it's Rachel Anderson from n so she she is the administrative assistantto the superintendent of 916 I'm sorry I lost that for a second she puts togetherum this document that you see here of all the compensation for each districtin 9116 that's in the board book um and we simply take the average and that'sthe number you typically approve so that's what's that's what's listed hereum and so if you if you want to continue just need to approve those those numbersas listed in that document would be6,48 uh Vice chair clerk would be 5,925 Treasurer would be5,871 and directors would be 5,77 so we need a motion on adoptingpolicy 2021compensation by director Peterson second second by director Donna anydiscussion all those in favor say I I I those opposed motion carries okay and then we need toum look at our school board member calendar does anyone have anythingthey'd like to call out yes director Peterson three thingscan I do them all at once yes okay first of all there is a coffee andconversation tomorrow morning I can't do it so if someone wants to listen in andjust shoot me a little message if there's anything uhfantastic um I am attending msba State Conference next Thursday day is anybodyelse GNA will I see anyone there I'm out of town lunch with youyou're there all day no no and no okay oh you're out of town and then um I seethe gifted and talented is meeting I haven't seen an email personally on thatis that to reschedule from the snow day last week I mean before Christmas don'tknow there it yeah okay that might not bethank you okay regarding the copying conversation where is that when is thatshe's referring to msba copying conversation got you okay okay twoTuesdays a month gotcha the link came out email conversation I saw the email Ithink was it yesterday or some we got the link comes out yes it came out earlythis morning for tomorrow morning okay but we and although Jenny's our point ofcontact any attend those at any point just lettingyou know I won't be on so and then I'll just point out we dohave a Schoolboard study session next Monday so uh we have a lot going on thisyear so we're trying to add meeting all covered and I think I don't haveanything else to point out I have one other question um is the January 31st Ijust saw city leaders to be determined just want to know know if that washappening because I wanted to make sure I was back if that it just says TBD yeah so okaygreat this Wednesday There's the mamei PTO meeting I think that's the committeethat I'm on y yep I will not be here is there someone who would be able toattend in my stad on Wednesday evening for which one to 8:30perfect sure one more thing that's okay umFebruary 6 District curriculum advisory I'm looking for somebody to be able tofill in for that date I will be traveling thatweek what day of the week is that to 6:30 of townthat what date is it feary 6 we let okay otherwise I'll just reachout um to you individually How about if Leslie sendsout an email ask okay all right if I can I'll do it okayokay I think that's it for now okay the calendar we need to vote on it I'm justlooking at the calendar online right now and it doesn't look like the study nextstudy session is listed I don't know if that needs tobe uh where is it not listed through the public website click on the Schoolboardmeeting schedule oh it did so you're not on it yet Leslie she keeps us all in line so thatthat makes sense we had to approve it before it goes online okay so that wasin our consented Ina that we added it thank youLeslie um okay then now for Action items anythingelse we have one action item um do we want to acknowled we haveas Tim makes his way up this won't be very long but it's also maybe not superinterested to the to the group that came this evening we I I don't want you tohave to stay for everything but it was really great that you came to uh witnessthe swearing in so it was nice to have you thank you you okay welcome Tim happy New Year wellHappy New Year to all of you and congratulations to new board member andand uh newly reelected board members so yeah kind of an exciting night now yeahI'm sorry I don't have a lot of exciting stuff for you tonight um so what we'rewhat we're going to do here is we'd like the board to approve an updatedresolution parameters resolution for that Bond refunding um rates havechanged Unfortunately they they've popped up a little bit they're up anddown every day and uh we so what we're doing is uh putting a 3o 7% trueinterest cost in where we had a 3.15 so um that's the that's basicallythe only change on this resolution um I did share a little bit of additionalinformation um when we looked at today there were some sales and that's what weare waiting for is to see what the uh three recent sales that Ellers was doingum what they what they panned out to be so I think when we're looking at the CLSchool District that one is probably um more relative to what we're talkingabout same approximately same size issue that type of thing uh that had a trueinterest cost of 3.23 so not too far off of our Mark um we just need to have alittle bit of room so we don't have to come back here again and re and have youreapproved resolution uh our our sale date is looking we're looking at January22nd um we're also going to do an additional disclosure through the lawfirm of dorsy and Whitney they'll be doing an a disclosure opinion and uhthat will give hopefully give investors additional confidence in our issue um soour bond issue not any issues that we have but bond issue um let's see whatelse um we'll be one of the things we'll be doing is reinvesting uh during thetime period between um the closing of the new bond issue and when we have toredeem the old bond issue is about 35 days uh we'll invest those in umgovernment securities state and local government securities which are yieldingaround 4.14 4.4% somewhere in there so that'llgenerate some interest of approximately $993,000 uh which will help offset ourcost of issuance so that's that's good news I think overall when we looked atlast week we looked at um you know restructuring what we're doing so sostill trying to aim for you know tax impacts and that type of thing whichwould relative be relatively the same as what we had been talking about before soum all in all pretty good news except for the you know the kind of the tick upin rates but again they're down today they were down so that's good um any questions I have a question I apologizeif this is something that you guys all understand already I don't trulyunderstand understand how the process works could you just take a moment andexplain it to me like a second grader um like I don't understand are are wesubject to whatever the the proposed or the best rate is on the day that we goto market or like so um and that's a good question it isn't yeah this stuffisn't straightforward it it it does get a little complicated but if I just startwith the resolution so the resolution is called a parameters resolution becauseyou as a board are agreeing to uh let the superintendent and another boardmember or myself and another board member uh decide if the rate is withinthat parameter that's being set and then approve approve that Bond sale and thenat the next immediate next meeting of the board then the whole board wouldapprove that approve that sale uh approve the sale of the bondsum I don't know if that answers your question I think so like how do wedetermine the final rate though like that moment that we decide to moveforward with the sale like okay sure so it is a bid process and so when you lookat um what happened today and those sales today the three different salestoday for through Ellers um there you know there are four to five to sixdifferent bidding companies that bid on these bonds so Bank of America Americaum be Etc several different companies so in that situation um we're going tochoose the low bid which whichever one gives us the the most favorable rate yepthat makes sense um yeah that's helpful thank you okay sure M chair Tim um you indicated thatthe parameters resolution was going they're going to increase the TIC ratewhich is the rate that they'll award the bid on to 370 right right yeah and inthe information that you sent out earlier today toeverybody based on today's current market that ticrate is 370 I I can read it right 309 thank you I think it's 309 so if I'mreading their information correctly so I mean we are literallypretty much right on top of what our original threshold was yes yeah we'revery very close and then they're projecting a savings of approximately1.4 million to based if things happen today based on some comparables correctcorrect yep um and yeah okay that's helpful yeah I just want tomake sure that that's what I understood it to be thank you you're when we reissue these bondsis it another 10e F sort of fixed cycle where we can't refinance those even ifrates drop off in a month we're stuck with those rates for 10years um that's a great question um I'm trying to remember because there arecertain times that we can refinance that we can call the bonds and I I don'trecall if I've got the call features but I can I can find that outum and send out that information uh to the board I think I I might be a thatyou might so I think so the ex the proposed refinancing goes out to2032 so that's eight years and so I highly I doubt that they're going tohave a call feature on this bond issue which um to me would make sense to nothave them callable within the next eight years just because not going to beenough juice to refinance again where thingsare but yeah based on that schedule I think having having that call featurewould raise the rates that uh from the biders most likely correct yeah I thinkif it would be less than 10 years or if it' be less than eight years it wouldprobably raise the interest rate yes that's a good point so the consideration that we're makingthen like almost making a bet that theinterest rate that we get today is going to be lower than a year from now or twoyears from now or are we in a position where we have to refinance thattoday you wouldn't you wouldn't have to take any action but so but these B thebonds that we have currently are 5% so we're able to bring that down andso what we're going to going to get is we're going to get as you know if youkind of recall that discussion was back in September so it was quite a while agoum what we're getting is some savings there interest rate savings and alsolower lower impacts for you know any potential referendum so we're going toget get two things going that are that are going to be helpful sure and inreally simple terms is it taking action now because of the uncertainty of maybewhat the future might look like or what's projected or is I'm just curiousas to why today versus you know if you if if you had thecrystal ball you might be able to answer that question probably be retired rightnow you yes you would absolutely and I I think one of the things that we saw wasyou know we we looked at the reason we picked January is is a couple ofdifferent reasons when we were when we were talking about this in September wealso hearing that the Fed was going to reduce their rates um um a rate move inNovember and a rate move in December and those two things happened um but wedidn't see we didn't see that rate drop um and then the other thing that happensa lot of times but not all of the time is January is a good month to to go outto market with the bonds because um sometimes there's not as much uh demandout there so it results in a lower interest rate um when we do this on the22nd um we'll see it's kind it's kind of one of those things I'd love to tell youthat we we'd know exactly what that rate's going to be but rates have jumpedaround and they they have been I guess a little unpredictable when when we lookat the FED actions and then uh but we'll see what happens we still have we stillhave some January left so possibly we'll we'll see the rates you know certainlybe great I ask a fairly ignorant question um let's say we approve an amotion here tonight and something drastically changes in the next threeweeks then what if we saw rates go way up umthen we would do nothing okay we but we'd have to we'd have to do that beforeI think we'd have to do that before the 22nd you know if and the 22nd is anestimated sales date um we have to with a disclosure agreement we have to getthrough all of that um and uh before the bonds are issued so that's why we movethat date back um but we' we'd have to we we you're not locked into doinganything you could just say okay we're just going to leave everything the wayit is and uh we'll make the payments on the bonds as they are and we wouldn't wewouldn't call we wouldn't call those bonds so does that makesense yeah I'm gon to look to Paul for if there's anything else I should beasking on this so the the the threshold parameters resolution sets a tic rate of370 but there's also a savings threshold it's still in there or not yes yeahthere's still and that's what um was it a million that we said well what we didwhen when we looked at this we we did concentrate on taximpact um because again looking at what was most important from from the boardperspective um so I I would have to go back and look it's Pro it's not going tobe what it was uh because of the rate increase and to restructure this andkind of maintain that tax impact we're also pushing the number of years outpayments out a few years extending that out a few years to2032 so um so to answer your questionKelly we we can take bids on those Bonds on the22nd we look at the results if the results are within the parameters we setthen we've got a piece of paper that says so and so can sign on the board'sbehalf and essentially lock in those rates um if if something happens betweennow and then and we still we can still take bids we evaluate them um and wewe've got that resolution in place and if it exceeds if exceeds that then wedon't accept right right Market rates forthese track as a discount to a US Treasures or do you see a similarmovement between the treasury rates and the bond pricethe I would probably for Paul maybe you could answer that question yeahso um they do track somewhat to treasuries but there's typically a lagand it's and the spread is not always consistent it changes and so that's whyyou saw with you know when the FED moved you did seethe immunity Market didn't immunity tax except Market didn't track the treasurymarket like we expected it like people would have thought it would um and sowhy that's why things kind of went sideways but answer your question is yesit tracks it um but you can't spit out a 80% every day that's not how it worksbut generally speaking it tracks Bond's paid off in eight yearsin uh well it probably need to look at thatschedule again and I I apologize I don't let me take a look here so yeah so we're lookingat make sure we got the news the proposed schedulehere so yeah so we're we're paying on this we're paying principal and interest both would be paid offpar yes yeah some bonds we do when we structureand restructure sometimes we're taking you know we're just paying interest forfew years and then start and then principal starts to kick in later there any other questions okay I need a motion for theapproval of the resolution stating the intention of the school board to issueGeneral obligation School building refunding bonds Series2025a in the aggregate principal amount of approximately22,30 th000 and taking other actions with respectwon second second by director Donna any discussion all those in favor say I Ithose opposed motion carries thank you thank youTim okay and with that I just need a motion for adjournment move by directorRegan second by director Peterson all those in favor say I I I those opposedmotion we are a jour