##VIDEO ID:YQPj5CE2KyM## like to call this meeting to order this is mamei public school Independent School District 832 it is a regular no it's a special organizational meeting on Monday January 6 2025 at 7 o'clock P.M please rise and join me to the pledge of aledge alance to the flag of the United States of America to the Republic for which it stands one nation under God indivisible with liy and justice for all gooll Call of attendance approval of the agenda I get Ave move by director Regan second second by director doen any discussion all those in favor say I I I those opposed motion carries approval of the consent agenda make a motion so move move by director doen second second by director Peterson any discussion all those in favor say I I those opposed motion carries organizational matters okay so I have a few board members to swear in right now and before I can do that I have a very long thing I need to read to you so I'm going to go to the podium and I'm going to read and um if uh I guess I'll call you director Stout director rean and at this point Mr Dr witson I'm not sure exactly what to call duly duly elected okay sorry will you come and join me up um up there while I swear you sorry I didn't practice that okay so first I have something uh to read before I administer the oath of office um so it was an it is an honor that you were elected to guide the education of our community's children as you recite the oath of office this evening you assume a tremendous responsibility as a director of our school district with the duties empowered by the Minnesota Legislature this power puts you and other members of our school board in the position of being both morally and legally responsible for the Equitable quality education of every student in the Modi School District in carrying out this responsibility you will be asked to fulfill the roles of vision structure accountability and advocacy in providing Vision the board with extensive participation a of the community envisions the community's educational future then formulates the goals defines the outcomes and sets the course for the midi public schools to achieve the vision the board establishes a structure and creates an environment designed to ensure all students the opportunity to attain their maximum potential through a sound organizational framework because as a board we must be accountable to the community we must ensure a continuous assessment of student achievement in all conditions affecting the education of our children as board members you serve as education's key Advocate on behalf of students and our community schools to advance the vision of our schools furthermore we must strive to work together with the administration and staff to lead the district toward fulfilling the vision we have created fostering Excellence for every student in the areas of academic skills and knowledge citizenship and and personal development having signed the acceptance of office and oath of office for a term beginning Monday January 6 2025 and expiring the first Monday in January sorry this does not read 2029 you will please publicly affirm your commitment by raising your right hand and repeating the oath of office after me okay you ready I and then your name so swear that I will support and you can all do it together the Constitution of the United States stes and the state of Minnesota and that I will discharge Faithfully the duties of the office of school board member of Independent School District 832 to the best of my judgment and ability congratulations yeah [Applause] hey thank you now we will move to election of officers and did send out a proposed um organizational meeting and so at this time are there any Nom so we can do it where we we elect chair person Vice chair and Clerk and treasur independently or we can do it as a slate um it's up to whoever wants to make a nomination and we typically put our vice chair and clerk as one person um because clerk is required by law the position of clerk Vice chair is is not one that's required so the roles uh seem to complement each other and and doesn't make sense to have two different people doing that one Ro those two different roles so we make it Vice chair clerk so with that are there any nominations Madam chair I'll move to propose that um director Stout serve as chair um director Regan uh serve as Vice chair and clerk I'll move that slate together and I think and we can certainly discuss Treasurer um at after this motion okay should we is there a second second are there any other nominations okay thank you for your nomination and I'm Happ say that three times yes we do thank you and I do I repeat it three times okay so on there has been a nomination for Stacy Stout as chair Kelly Regan as Vice chair and Clerk and I will state it one more time there's been nomination for Stacy Stout's Chair say are there any other nominations oh yes are there any other nominations it's been a while since oh that's what I say three times are there any other nominations okay so we will take a vote on this slate all those in favor say I I oos motion carries thank you I appreciate your confidence Kelly okay so now for treasure sure um there were two people who expressed interest do either of you want to speak to that or do either you feel strongly about the position of treasure I didn't [Laughter] know I personally don't have a huge preference I'm happy to fill the role I also think that between Stacy Kelly and Paul we've had an extremely extremely high functioning board for the last year um 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 I propose that Ryan director Dolen serve as Treasurer and I I think it'd be I I'm happy to continue to serve but I think it'd be great to just have another set of eyes it's always good to have another set of eyes go through some things and ask questions Etc so um I'm happy to have Ryan serve that position I'll nominate director Dolen for treasurer now second okay we have a second from director Peterson are there any other nominations so we currently have Ryan doen nominated for Treasure are there any other nominations are there any other nominations okay with that we'll take a vote all those in favor uh Ryan doen for treasur please State i i i those oppose motion carries congratulations thank you okay now we will move toward to our consideration of board member appointments so if you'll look at the form everyone should have it in front of you um thank you everyone for reading through the different roles as you know we all serve obviously we have our meetings where we come here and our study sessions but we also really try to be engaged in all the other areas of the district and also um some some um organizations outside of our district such as the School Board Association and and other ones like that so um I appreciate everyone identifying their interest I tried um Barb and I worked through it and tried to keep it where it's even so that the workload is even for everyone while also um honoring the wishes of everyone and I think we're pretty close so I'll just walk through it and then if if somebody wants to add something or if you see something that we missed or something you prefer to do then just speak up and um I think and and I'll just add look at the um commitment that's written in red there too so that you can see if the time commitment works for you um in particular some of them have certain dates um associated with them so just check and see that those those States will work for you as well so we'll start with facilities committee uh last year it was Ryan Jenny and Kelly this year it's we' proposed Ryan Kelly and Drew any questions yes um can you clarify where when the elementary PTO typically meet you said in Wednesdays the second Wednesday of every month in the OA flex room oh okay so we'll get we'll get to that one and we can talk about it yeah okay um okay so facilities committee Ryan Kelly and Drew the finance committee uh Ryan Paul and Drew which makes sense because as treasur you will be on the finance committee Paul will remain on there so and then Drew you'll be newest member so that's great any questions okay uh policy committee Paul Jenny and and me Stacy okay anybody good there okay uh for advisory boards we've got amsd uh and Paul will take that on Minnesota School Board Association Jenny will continue in that role and Minnesota State High School league Ryan will continue in that role does that work I that was one um the Friday the first Friday of the month those meetings are also they are hybrid so if you can't make it to um uh Kora for those meetings you can do them online but does that work for you to to do those morning morning 7:30 or so in the morning uh then for governing board appointments integration District the um educational Equity Alliance that is Kelly we'll be taking that uh for the ma Kelly will also have uh be the representative on that then for the Metro educational cooperative Service Unit that's exu uh we have listed Drew and I think I can speak to that one because it only there's only one meeting um each year that the representa it's the delegate assembly is invited and so there's one board member from each district that's invited um it's an evening meeting I don't recall I want to say it's typically in April but I'll have to I can look into that one um it's not required but what they'll do as a member of our Ser service Co-op they they go through a lot of the programs that we um are part of um that we benefit from our membership so it kind of is an opportunity for that and then they sh they do um they share the budget and and that kind of thing as well so it it gives a it's and again it's just one a year I typically go as well and so if the board a board member can't make it well if you can't make it I can also bring you up to speed on that as well and also for any of these if you're not able to make it you just ask another board member and find somebody one of us will say yes to cover any meeting that needs to get covered um for Northeast Metro 916 I will do that one and then we have the Committees for calendar committee uh I will continue to do that along with Ryan that's about twice a year Community Ed ation advisory Paul will do that District curriculum advisory committee will be Kelly and then Elementary PTO I think we said Drew but if that doesn't work then is that that works for your calendar okay um Advanced academic parent group will be Jenny and special ed advisory will be Ryan anybody good with that and that meets about once or twice a year okay so does anyone have anything to add or any changes oh yes but again if you can't make it one of us I mean we are always there's always we all yeah have to ask okay were there any that people wanted to discuss because you really wanted one or anything I missed okay that was easy um then we need to leave vote on it or is it like to make a motion to um approve as the Slate all of the board member appointments as listed in the document second move by director rean second by director Peterson any discussion all those in favor say I I I opposed motion carries all right thank you all now for oh we have to address the policy 202.4 that's Schoolboard compensation and Barb do you wanna so well I can so see each year um you are required to essentially set um the stiens that you it's been it our history has been that we use the average of 9116 District so um our um sorry it's Rachel Anderson from n so she she is the administrative assistant to the superintendent of 916 I'm sorry I lost that for a second she puts together um this document that you see here of all the compensation for each district in 9116 that's in the board book um and we simply take the average and that's the number you typically approve so that's what's that's what's listed here um and so if you if you want to continue just need to approve those those numbers as listed in that document would be 6,48 uh Vice chair clerk would be 5,925 Treasurer would be 5,871 and directors would be 5,77 so we need a motion on adopting policy 2021 compensation by director Peterson second second by director Donna any discussion all those in favor say I I I those opposed motion carries okay and then we need to um look at our school board member calendar does anyone have anything they'd like to call out yes director Peterson three things can I do them all at once yes okay first of all there is a coffee and conversation tomorrow morning I can't do it so if someone wants to listen in and just shoot me a little message if there's anything uh fantastic um I am attending msba State Conference next Thursday day is anybody else GNA will I see anyone there I'm out of town lunch with you you're there all day no no and no okay oh you're out of town and then um I see the gifted and talented is meeting I haven't seen an email personally on that is that to reschedule from the snow day last week I mean before Christmas don't know there it yeah okay that might not be thank you okay regarding the copying conversation where is that when is that she's referring to msba copying conversation got you okay okay two Tuesdays a month gotcha the link came out email conversation I saw the email I think was it yesterday or some we got the link comes out yes it came out early this morning for tomorrow morning okay but we and although Jenny's our point of contact any attend those at any point just letting you know I won't be on so and then I'll just point out we do have a Schoolboard study session next Monday so uh we have a lot going on this year so we're trying to add meeting all covered and I think I don't have anything else to point out I have one other question um is the January 31st I just saw city leaders to be determined just want to know know if that was happening because I wanted to make sure I was back if that it just says TBD yeah so okay great this Wednesday There's the mamei PTO meeting I think that's the committee that I'm on y yep I will not be here is there someone who would be able to attend in my stad on Wednesday evening for which one to 8:30 perfect sure one more thing that's okay um February 6 District curriculum advisory I'm looking for somebody to be able to fill in for that date I will be traveling that week what day of the week is that to 6:30 of town that what date is it feary 6 we let okay otherwise I'll just reach out um to you individually How about if Leslie sends out an email ask okay all right if I can I'll do it okay okay I think that's it for now okay the calendar we need to vote on it I'm just looking at the calendar online right now and it doesn't look like the study next study session is listed I don't know if that needs to be uh where is it not listed through the public website click on the Schoolboard meeting schedule oh it did so you're not on it yet Leslie she keeps us all in line so that that makes sense we had to approve it before it goes online okay so that was in our consented Ina that we added it thank you Leslie um okay then now for Action items anything else we have one action item um do we want to acknowled we have as Tim makes his way up this won't be very long but it's also maybe not super interested to the to the group that came this evening we I I don't want you to have to stay for everything but it was really great that you came to uh witness the swearing in so it was nice to have you thank you you okay welcome Tim happy New Year well Happy New Year to all of you and congratulations to new board member and and uh newly reelected board members so yeah kind of an exciting night now yeah I'm sorry I don't have a lot of exciting stuff for you tonight um so what we're what we're going to do here is we'd like the board to approve an updated resolution parameters resolution for that Bond refunding um rates have changed Unfortunately they they've popped up a little bit they're up and down every day and uh we so what we're doing is uh putting a 3o 7% true interest cost in where we had a 3.15 so um that's the that's basically the only change on this resolution um I did share a little bit of additional information um when we looked at today there were some sales and that's what we are waiting for is to see what the uh three recent sales that Ellers was doing um what they what they panned out to be so I think when we're looking at the CL School District that one is probably um more relative to what we're talking about same approximately same size issue that type of thing uh that had a true interest cost of 3.23 so not too far off of our Mark um we just need to have a little bit of room so we don't have to come back here again and re and have you reapproved resolution uh our our sale date is looking we're looking at January 22nd um we're also going to do an additional disclosure through the law firm of dorsy and Whitney they'll be doing an a disclosure opinion and uh that will give hopefully give investors additional confidence in our issue um so our bond issue not any issues that we have but bond issue um let's see what else um we'll be one of the things we'll be doing is reinvesting uh during the time period between um the closing of the new bond issue and when we have to redeem the old bond issue is about 35 days uh we'll invest those in um government securities state and local government securities which are yielding around 4.14 4.4% somewhere in there so that'll generate some interest of approximately $993,000 uh which will help offset our cost of issuance so that's that's good news I think overall when we looked at last week we looked at um you know restructuring what we're doing so so still trying to aim for you know tax impacts and that type of thing which would relative be relatively the same as what we had been talking about before so um all in all pretty good news except for the you know the kind of the tick up in rates but again they're down today they were down so that's good um any questions I have a question I apologize if this is something that you guys all understand already I don't truly understand understand how the process works could you just take a moment and explain it to me like a second grader um like I don't understand are are we subject to whatever the the proposed or the best rate is on the day that we go to market or like so um and that's a good question it isn't yeah this stuff isn't straightforward it it it does get a little complicated but if I just start with the resolution so the resolution is called a parameters resolution because you as a board are agreeing to uh let the superintendent and another board member or myself and another board member uh decide if the rate is within that parameter that's being set and then approve approve that Bond sale and then at the next immediate next meeting of the board then the whole board would approve that approve that sale uh approve the sale of the bonds um I don't know if that answers your question I think so like how do we determine the final rate though like that moment that we decide to move forward with the sale like okay sure so it is a bid process and so when you look at um what happened today and those sales today the three different sales today for through Ellers um there you know there are four to five to six different bidding companies that bid on these bonds so Bank of America America um be Etc several different companies so in that situation um we're going to choose the low bid which whichever one gives us the the most favorable rate yep that makes sense um yeah that's helpful thank you okay sure M chair Tim um you indicated that the parameters resolution was going they're going to increase the TIC rate which is the rate that they'll award the bid on to 370 right right yeah and in the information that you sent out earlier today to everybody based on today's current market that tic rate is 370 I I can read it right 309 thank you I think it's 309 so if I'm reading their information correctly so I mean we are literally pretty much right on top of what our original threshold was yes yeah we're very very close and then they're projecting a savings of approximately 1.4 million to based if things happen today based on some comparables correct correct yep um and yeah okay that's helpful yeah I just want to make sure that that's what I understood it to be thank you you're when we reissue these bonds is it another 10e F sort of fixed cycle where we can't refinance those even if rates drop off in a month we're stuck with those rates for 10 years um that's a great question um I'm trying to remember because there are certain times that we can refinance that we can call the bonds and I I don't recall if I've got the call features but I can I can find that out um and send out that information uh to the board I think I I might be a that you might so I think so the ex the proposed refinancing goes out to 2032 so that's eight years and so I highly I doubt that they're going to have a call feature on this bond issue which um to me would make sense to not have them callable within the next eight years just because not going to be enough juice to refinance again where things are but yeah based on that schedule I think having having that call feature would raise the rates that uh from the biders most likely correct yeah I think if it would be less than 10 years or if it' be less than eight years it would probably raise the interest rate yes that's a good point so the consideration that we're making then like almost making a bet that the interest rate that we get today is going to be lower than a year from now or two years from now or are we in a position where we have to refinance that today you wouldn't you wouldn't have to take any action but so but these B the bonds that we have currently are 5% so we're able to bring that down and so what we're going to going to get is we're going to get as you know if you kind of recall that discussion was back in September so it was quite a while ago um what we're getting is some savings there interest rate savings and also lower lower impacts for you know any potential referendum so we're going to get get two things going that are that are going to be helpful sure and in really simple terms is it taking action now because of the uncertainty of maybe what the future might look like or what's projected or is I'm just curious as to why today versus you know if you if if you had the crystal ball you might be able to answer that question probably be retired right now you yes you would absolutely and I I think one of the things that we saw was you know we we looked at the reason we picked January is is a couple of different reasons when we were when we were talking about this in September we also hearing that the Fed was going to reduce their rates um um a rate move in November and a rate move in December and those two things happened um but we didn't see we didn't see that rate drop um and then the other thing that happens a lot of times but not all of the time is January is a good month to to go out to market with the bonds because um sometimes there's not as much uh demand out there so it results in a lower interest rate um when we do this on the 22nd um we'll see it's kind it's kind of one of those things I'd love to tell you that we we'd know exactly what that rate's going to be but rates have jumped around and they they have been I guess a little unpredictable when when we look at the FED actions and then uh but we'll see what happens we still have we still have some January left so possibly we'll we'll see the rates you know certainly be great I ask a fairly ignorant question um let's say we approve an a motion here tonight and something drastically changes in the next three weeks then what if we saw rates go way up um then we would do nothing okay we but we'd have to we'd have to do that before I think we'd have to do that before the 22nd you know if and the 22nd is an estimated sales date um we have to with a disclosure agreement we have to get through all of that um and uh before the bonds are issued so that's why we move that date back um but we' we'd have to we we you're not locked into doing anything you could just say okay we're just going to leave everything the way it is and uh we'll make the payments on the bonds as they are and we wouldn't we wouldn't call we wouldn't call those bonds so does that make sense yeah I'm gon to look to Paul for if there's anything else I should be asking on this so the the the threshold parameters resolution sets a tic rate of 370 but there's also a savings threshold it's still in there or not yes yeah there's still and that's what um was it a million that we said well what we did when when we looked at this we we did concentrate on tax impact um because again looking at what was most important from from the board perspective um so I I would have to go back and look it's Pro it's not going to be what it was uh because of the rate increase and to restructure this and kind of maintain that tax impact we're also pushing the number of years out payments out a few years extending that out a few years to 2032 so um so to answer your question Kelly we we can take bids on those Bonds on the 22nd we look at the results if the results are within the parameters we set then we've got a piece of paper that says so and so can sign on the board's behalf and essentially lock in those rates um if if something happens between now and then and we still we can still take bids we evaluate them um and we we've got that resolution in place and if it exceeds if exceeds that then we don't accept right right Market rates for these track as a discount to a US Treasures or do you see a similar movement between the treasury rates and the bond price the I would probably for Paul maybe you could answer that question yeah so um they do track somewhat to treasuries but there's typically a lag and it's and the spread is not always consistent it changes and so that's why you saw with you know when the FED moved you did see the immunity Market didn't immunity tax except Market didn't track the treasury market like we expected it like people would have thought it would um and so why that's why things kind of went sideways but answer your question is yes it tracks it um but you can't spit out a 80% every day that's not how it works but generally speaking it tracks Bond's paid off in eight years in uh well it probably need to look at that schedule again and I I apologize I don't let me take a look here so yeah so we're looking at make sure we got the news the proposed schedule here so yeah so we're we're paying on this we're paying principal and interest both would be paid off par yes yeah some bonds we do when we structure and restructure sometimes we're taking you know we're just paying interest for few years and then start and then principal starts to kick in later there any other questions okay I need a motion for the approval of the resolution stating the intention of the school board to issue General obligation School building refunding bonds Series 2025a in the aggregate principal amount of approximately 22,30 th000 and taking other actions with respect won second second by director Donna any discussion all those in favor say I I those opposed motion carries thank you thank you Tim okay and with that I just need a motion for adjournment move by director Regan second by director Peterson all those in favor say I I I those opposed motion we are a jour