001[music] Heat. Heat. [music] >> [music] >> Hey, [music] [music] hey, hey. [music] >> [music] >> Heat. [music] Hey, heat. Hey, heat. Heat. [music] Hey, Heat. [music] >> [music] [bell] [music] >> Down. [music] [music] Down. Heat. Heat. N. [music] [music] >> [music] [music] >> Heat. Heat. [music] [music] >> [music] [music and bell] [music] >> Yeah, [music] >> [music] [music] >> Heat. Heat. [music] Heat. [music] Heat. >> [music] [music] >> All >> [music] [music] >> right. [music] >> [music] [music] >> I'm calling the meeting to order at one one o'clock. talk. >> So, >> okay. >> All right. I need a motion to adopt the agenda. >> I move to adopt the agenda for this special governing board meeting December 17th, 2025 as presented. >> Second. >> All right, we got a second. All in favor? >>
002I. >> Motion carries four to zero. We'll go ahead and say the pledge real fast. >> I don't know how fast. I pledge algiance to the flag to the United States of the United States of America and to the republic >> for which it stand >> one nation >> under God >> indivisible with liberty and justice for all. >> Oh, that was fun. >> That was rough. >> Yeah, it was a little rough. Okay, so do we have any public comments? No public comments. We will go right on to um Item five, our action item, um discussion and possible action to approve a line of credit with Wells Fargo. >> Madame President, Dr. Wyman, nobody in the audience. Um first and foremost, thank you very much for coming in today and I apologize for the
003extra meeting. This agenda item is requesting permission to approve a resolution to execute borrowing a borrowing request with Wells Fargo Bank to provide a line of credit for the JOMs Unified School District up to $1.5 million. Our state aid payments from AD are usually released around the 19th of each month and it will take those payments anywhere two to five days to get to Panal County to be processed and posted for our use. In October and November, the state aid payments receipt and then our payroll and accounts payable vouchers did not synchronize and there was a day or two gap in between there. So, we spoke with the Panal County Treasurer and they recommended action that is being taken or has been taken by other school districts in Panol County and that is to approve
004or to obtain a line of credit that just ensures that we can continue to pay our staff and our vendors without any interruption or delays. Um, so the agenda item is just so that we can execute this resolution for the borrowing request. So I know that we were discussing earlier that the um payment has already been right issued that they would that they told you you heard today that they >> today we did receive notification that our payment is coming in. So we are a few days ahead of schedule. So we're I'm very >> pleased to hear that that is coming in and that we did get the additional days especially with the holidays. My best estimate, um, if we were on the back end of those dates, even though we would have possibly received
005notification on Friday, we may not have actually seen those funds until the 29th, which would actually be a 10-day gap. The one thing I would like to stress is this has nothing to do with our budget. It is merely the timing of when the state pays us versus when we are paying everyone. And to be honest, you have in our most school district situations, you have the majority of your staff that works 10 months. You're only getting paid on 12 monthly intervals, not on 10 months. And then you have vendors who ask for payment at the beginning of the year for the services or the contracted services, whether it's professional services, whether it's software services, they get that payment in advance. All of that is taken into consideration, which is why this just gives us
006that extra little cushion to make sure that we don't have any problems going forward or any delays. >> Okay. >> Is there interest acred on the amount that you >> Yes, ma'am. Um, right now the agreement is 6.75, but my intention is that if we ever have to dip into it, we would pay it back immediately. So, we wouldn't be hanging on to any portion of that sitting with us, so to speak. We would pay that back. So, we would uh minimize any interest that we would have to pay on this line of credit. >> Are there penalties when you're late? >> Not that I know of and we would never be late. >> Okay. >> County will run that for us. >> Right. >> The Panal County Treasurer's office would oversee that and ensure
007that we weren't late. >> Okay. And for some reason when I first got here we we actually met with some um representatives with TJ Schop because it was a big issue across the district or excuse me across the county and uh we're looking at and it was affecting Panal County differently than other counties in the state even though everybody a lot of the pe counties were using Wells Fargo for some reason there was an issue here and so we had a meeting and then literally we have had not had an issue with this and then all of a sudden in the last two months it's reared its head again. So, not quite sure why, but this just gives us the safety net, but but uh it happened very early in my career here and then
008it just went away and so I forgotten about and all of a sudden we had two two times in a row and so it's just like well we'll just go ahead. >> And that kind of answers my next question how often that occurs but it sounds like >> yeah it's literally in seven years maybe four times. It was like two or three months in a row back then and then I don't know what happened with the timing that all a sudden it was an issue and then all of a sudden last two months it's an issue again and potentially could have been an issue this month too. So um it's just a timing issue more than anything else. >> Okay. And then maybe you're going to explain like how it's accessed or does the board
009sign off when you use that line of credit or can you kind of explain how that works? What'll happen is we will sign um or I'll get uh President Harus to sign the borrowing agreement. Then Panal County Treasurer who holds all of our funds will sign off on it. We'll send it to Wells Fargo and then we'll they will execute the line of credit as needed. >> Okay. >> Through Wells Fargo and they'll ensure that we get paid back. Um, I'll receive any notifications if we ever hit the line of credit so that I can then stay on top of what is it, how much, when do we pay it back, what's the interest, so that I can track that. I will bring this back as a renewal each year just so it's there again
010as a precaution. I'm hoping more often than not it's never hit. I just I don't like late payments or delayed payments to anyone and this is just a stop gap measure to make sure that we don't have that. Yeah. >> And and the issue with payments that that that does come up which is why we have concerns is either we don't pay some of our vendors or in some cases there was a conversation that said all we do is pay salaries. We wouldn't pay any stipens. We wouldn't pay any agreements for so you're coaching two sports but you're only going to paid your salary and then you're going to get back paid your stipen. And so to do this, we don't we take that out of consideration probably to some degree. It's also, correct me
011if I'm wrong, a factor of the of the idea that we run from from Thursday to Wednesday, not Friday to Friday or Friday to Thursday like most districts. This county runs a little bit different because they they do their thing on start the week on Thursday. So if it was Friday, you might have gotten that extra day and the checks would clear. But because we go Thursday or Wednesday, however it works, it it's a little funky and he or excuse me, panel compared to every other district I've worked in. >> And you also have there's a huge emphasis now on school districts and any reserve funds that they have. And so most districts are making sure that are you utilizing all of your reserves? You're not just holding on to funds. Well, if you don't
012have those funds to cover when the timing of everything else is coming in, you're back to things are not synchronized. Things are not happening in the fashion that yes, in the ideal world, they would all happen. >> Okay. Are there any other questions? No. Stephen, do you have any questions? >> I do not have any questions. >> Okay. So, I'm >> Can I drink? >> What? gonna drink my water now. >> Yep. I'll motion to approve a resolution for borrowing request as presented for Wells Fargo to issue a line of credit as directed by the panel county treasurer. >> I second. >> All in favor? >> I I >> Right. >> Motion carries four to zero. >> Thank you all. >> Okay. Any uh requests for future agenda items? >> Okay. All right. I'll make
013a motion to adjurnn at 108. >> I second. >> All in favor? >> I I motion carries four to Z.