001one and let's stand for the pledge. >> I pledge allegiance to the flag of the United States of America and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all. >> Okay, so just a quick note about the agenda before we approve it. Um, we have the organizational meeting and all the things as a part of that. Before we get into it, um, we're going to have a presentation from Michael Hart from PTMA, um, about the recent bond sale. This is like a timely matter that the board needs to >> It's like news that sent it on. >> Yeah, it's it's an addition. Yeah. So, >> we had the bond sale this week, so now the board needs to take action on that. Um he there's a
002timing thing. So Michael's going to give the presentation here first and then um we're going to do the organizational meeting and then at the end of the organizational meeting basically the last agenda item is we're going to take the action but just because of timing it's going to be a little disjointed. So I just wanted everybody to know that um and u go from there. So all right in that case we just yeah 3.0 is to approve the agenda. I'll make a motion to approve the item. >> I'll second. >> Okay. Um, well, we're going to do all roll calls tonight. So, Rogers, >> I >> Jansen, >> hi. >> Mlo. >> Reex, >> he's on there. >> Shirley, I Okay, agenda is approved. We don't know. There he is. >> I approve. >> Okay,
003we're do we got to do all roll call. So, we're going to look to you, uh, Eric, if you want to vote. >> Okay. >> You don't necessarily have to vote. Um, but >> he showed up on Zoom, too. Make sure he's not >> treasurer. Okay. So, 4.0. >> Exactly. Right. >> All right. So, 4.0 is our bond sale informational presentation with um, PTMA. Michael Hart uh, with PTMA is here to to do that for us. Welcome, Michael. Good evening. Thank you for having me. Um, so I was at your board meeting last month to describe the sale process and we conducted the bond sale yesterday morning, which is why uh you just received the information here uh in your board packet late because we were just pulling it together late yesterday and and this
004morning with the final the final information. I'm gonna share my screen so that we have the the presentation up. So, we're looking at the same thing. Let me know when you can see that. >> We can see it. >> We're good. >> Good. So, uh just a reminder what we're doing here. We held a bond sale for two purposes. The first purpose was to uh execute the the bond sale related to the referendum that was successful back in November uh for the projects that were on the ballot related to that. The 6,650,000 is what your voters approved. So, we're proceeding forward with that. In addition to that, it made sense to do to look at your current outstanding bonds for potential to refinance or what we call in our business refund outstanding bonds. And your
0052017 bonds were eligible. Um and also we believe we could lower the interest rate. So we were putting those two things together by doing the refunding bond along with the new bond. It created some efficiencies in cost uh in process. When we held the bond sale yesterday, we received seven bids from uh investment banks across the country with the most favorable bid coming from Fidelity Capital Markets in Boston, Massachusetts at a 3.47% interest rate. And you can see on the screen there where the bids are. they were all around that 3.5% rate and you know when there's when as long as we get at least five of them and they're kind of grouped together we know that we had a really competitive strong process and we were in the market in a good day and
006so when we look at that and compare it to the information that I shared with you back last month just looking at the school building bond portion or the new voter approved portion um we sold 6,650,000 the interest rate is about a half a percent less less than what we had shared with you at that time. Now the numbers I shared with you in December had a quarter of a percent cushion in them. So we you know this is the interest rates have improved over the last month about a quarter of a percent. But you put those two things together, the the total debt service or the principal and interest together is over $400,000 less. And uh the deposit to the construction fund or the amount of funds you're going to have available for the
007project is about $155,000 more. So you have 6.9 million to start with uh for the project overall. So a very very positive sale result. We saw um you know we had expected this, we planned for it, but we don't control what goes on in the market. Often times this first part of the year is a really good time to be selling bonds for school districts. Uh and we saw that that uh play out here for you in terms of the overall bond payment structure. If you remember the this chart, this shows your current payments in blue on your current outstanding bonds and the the yellow uh represents this new bond issue. So the tax impact or the tax increase that we represented to your voters is still going to stay steady. It's the same tax
008increase, but what we were able to do was to reduce that last year payment. So where where the bar is getting smaller there in 2046 in the original plan when we planned this back in June those payments were all going to be level or steady over time. And that last payment is more than a million dollars less. It's about $1.3 million less than the payment in 2045, which is just money that um either will come in the form of a tax reduction in the future or will give you more flexibility to do something else as a school district uh due to the favorable uh bond sale results today. It's a long time in the future, but we're, you know, do we're doing our part to to set the folks in this room up uh for
009success later. In relation to the refunding bond component, the main thing here is that savings line on the bottom. And this savings is after all costs of issuance have been paid related to the refunding components of that. We had estimated about $54,000 of savings and that increased to 178,000. So, a much a much nicer number than what uh we shared in December. Um, and you know, we we were able to be opportunistic and and make that happen. That $178,000 doesn't come all at once. It comes as a reduction in your payments uh going forward over the next 10 years. And so, this chart is is showing you that it's really reducing their payments about 18 $19,000 each year going forward for the total of the 178,000. Sometimes we talk about in finance we talk about
010present value dollars with the acknowledgement that a future dollar isn't worth as much as a dollar today. And uh that's what this $143,000 is at the bottom. If you put it all in today's dollars uh that's kind of the representative amount of the savings 143,000 in uh we also have provided here there's a lot of detail here. I think it's important to provide this just by way of transparency to you and your community. This outlines the the two different purposes in the total issue summary of how we get to the full amount. But more importantly, it also it provides your detail on the professional services that you pay for as a part of the the bond issuance process. In terms of the the process forward here, you have a resolution on your your agenda tonight
011as the chair just mentioned after your organizational meeting. That resolution ratifies uh the sale that was conducted and awarded yesterday. Um the the bond would close then on February 4th. So that's the money the day that the money is actually received by the school district. And we will pay off those old bonds on February 8th uh at that time. And starting from that February 4th date, you'll have these funds available to draw for project expenditures as they come come due. We'll also help you manage the investments of the funds so that you're not going to need all that money upfront as the project plays out over the next couple years. We can help you um invest that money so that you can any additional interest earned can be used toward uh the project and we
012are also uh get as a school district get the benefit of issuing tax exempt bond issues. So that's why your interest rate is, you know, is below 3 and a half% is that it there's a special IRS exemption which allows you to get that lower interest rate from the market that uh like many things related to the IRS comes with a whole set of regulations and rules that we call arbitrage rebate regulations. And so, uh, we are help we are going to be here and helping you through the process as you spend this money to make sure that you're in compliance and understanding of those rules and and, um, don't foul up any of those IRS regulations as we go through the process. So, um, you know, to kind of wrap it up, it was
013a great result, a really strong result in relation to the market, better than what we had expected. Um, the other thing that I' I failed to mention prior is that as a part of this process over the last month, the school district did go to get a a refreshed rating from Moody's Investor Service. This rating is kind of analogous to a a credit score that you might do as an individual if you're getting, you know, a car loan or a home loan. um it's a different scale, but they write a report that gets sent out to the market on the school district's ability to repay the bonds. And we get that report as a way to lower the interest rate. And in your case, your rating is very very strong, especially given uh the size
014of your school district in terms of just student enrollment. Um you have a very strong rating which is uh part of the reason that we were able to to receive such strong bids in the market environment and that rating strong rating comes from the strong financial management that happens uh by the school board and the administration and that was acknowledged seen and uh helpful in this process. So I am happy to take any questions about this or if you have any questions kind of looking ahead to the resolution I'm happy to do that as well. Do you have an estimate for how much um interest income will earn on on this portion? >> We will have an estimate for you um in more detail within a few weeks of when that bond closes in February.
015Uh and I know that's an important part of budgeting for the projects as you go forward. We provided some estimates similar to that to um the school district related to the bond sale from a year ago um you know related to those projects and we would anticipate doing that that here and so we'll be working on that here in the next couple months and be able to report back to the board on that. >> Sure. Okay. Um, one just a one other quick question just out of curiosity. Um, the getting the rating report from Moody's, is that a required part of the process or is that just something that we opted into? It is not a required part of the process but if you do not do it you would see a much higher interest
016rate and um there is you know if you look at this cost of issuance you did pay for that as a part of it about $30,000 uh but that paid for itself many many times over in relation to a lower interest rate overall. >> Yeah. Well I was just looking at that and that's kind of what I figured that it's it's worth the spent. So, okay. Okay, cool. Any other questions from anybody while we've got Michael? And you're going to log off here, right? And then when we take action, you're going to you won't necessarily be here. So, now is the time to ask questions. >> Yep. So, >> no, that's great. >> Yeah. Thank you, Michael. >> All right. Thank you all. >> Thanks, Michael. We like good news >> for sure. >> We
017do. >> We're We need, you know, every last one of those pennies we can eat out of this, you know. >> Seriously. >> Okay. >> Nickels as it were. I guess you're not printing. >> Yeah. No more, >> right? Shoot. Yeah. No more pennies. Um, okay. So, we'll come back to that at 7.0. But now we'll hop into the organizational meeting uh stuff. Okay. So, uh, 5.0 is the organization of the board. Um, and just by way of we've all done this before, but just before we dive into this, just give everybody a quick refresh on the process um that we'll do here. So, um, we'll elect the chair, the clerk, and the treasurer. Um, all three are the same process. Um, starting with the board chair, and we'll open nominations. Anybody can nominate anybody,
018including yourself. Nominations don't require a second. Um if there's more than one um nomination for any particular office, um we will do a vote like a roll call vote. We'll let's say there's three nominations for a particular office. We'll just say Jansen, who do you vote for for this office? And you you say the name and we and that's how we'll do it. Um we'll go around the room. um you just say the name um that you vote for and then um if there's only one nomination vote um and I think that's it. You need to have a majority in order a majority of votes. Um and that's three since we're all here. Any Am I missing anything or any questions on that? >> Most of us have done this a bunch of times. when
019it's something I get. >> You got that? Okay. Um and I'll request nominations or open it and ask multiple times just to give us all the opportunity to chime in. Um so all right, having said all that, we'll jump right in here with 5.1, which is the election of the board chair. So nominations are now open for the office of board chair. >> I nominate Dan. Okay, Dan has been nominated. Um, are there any other nominations for the office of board chair? Are there any other nominations for the office of board chair? Are there any other nominations for the office of board chair? Okay, if there are no further nominations, nominations for the office of board chair are closed. um being only one nomination, Dan is um elected by acclamation. Um >> I just want
020to say that I think you've done a very good job. >> Well, thanks. >> I do. It's a lot and I appreciate I appreciate how much attention put >> Well, I appreciate that this board is such a good team um that we're all working together for sure on this. So, >> I also appreciate that you continue to do that. >> Yes. Thank you for being willing. >> That's a big step. >> Willingness, right? That's the first step. Willingness and then cap. Yeah. >> Well, either one will be with that. >> I've been lost my mind. Yeah. Um, okay. So, willingness, keeping that in mind here as we move on. Um, so we're going to move on to 5.2, which is the election of board clerk. So nominations are now open for the office of clerk.
021>> I nominate myself. >> Okay. Carrie has been nominated for clerk. Um are there any other nominations for the office of clerk? Are there any other nominations for the office of clerk? Are there any other nominations for the office of clerk? Okay. Uh being there are no further nominations, uh nominations are now closed for the office of clerk. And with one nomination, um Carrie has been elected clerk by acclamation for 2026. Congratulations and thank you. Um we're doing the clerk because you have to be the backup. >> I can do that. >> So sign a lot of things. >> She just didn't want to be treasur. don't want to be treasurer. I've done it now. And for years, you were like, "But you should try it." >> Now you've done it. That's good. That's good.
022>> I did. >> But I did it for years. >> You did it for years. Yeah. >> So now the real fun begins. Okay. >> Actually, do it again. So >> you will? Yes. So no one has to think. >> Oh, good. But I'm nominated. >> Okay. Good. Okay. So 5.3 is the election of board treasure. Uh nominations are now open for the office of treasurer. >> I nominate Quinn. Okay, Quinn has been nominated for the Office of Treasure. Uh, are there any further nominations for the Office of Treasure? No. >> Eric's chopping at the bit. >> Are there any further nominations for the Office of Treasure? Are there any further nominations for the Office of Treasure? Okay. Being there are no more nominations, uh, nominations are now closed. And, uh, Quinn is elected as
023treasurer for 2026 by acclamation. >> Thank you. Thank you, Gwen. >> Okay. Um, all right. So, 6.0 is our organizational board business. Um, 6.1 is a review of our policy 209, the code of ethics. Um, that's in the packet. This is um just a kind of an annual reminder to board members that you should just take a look at that and read through it. It's not long. I won't read it out um for the whole group right now, but it's worth reading. Um this is kind of the the code that we that we live by and that our policy says that that we need to do. So, um good stuff in there um to review and also good for anyone in the public to review that as well so they can kind understand um how
024the board operates. Um okay, 6.2 2 is to approve the meeting place times and dates for our schoolboard meetings for 2026. Um, we have in the packet uh a proposed calendar um that includes uh both of our business meetings and our work sessions with two of our work sessions being held in Grand Portage. one in October and one in March. >> The March one is on the 12th because of eats on the 5th. It's been a conflict in the past. >> Um the red Okay, there. Sorry, I kind of just had to scroll down. >> So the Yeah, the red are school breaks. There's been a little bit. Yeah, there's it's typically the first and third Thursday and a couple of dates have been already kind of monkey with due to some of those conflicts
025that we know about. So, >> January one, >> January and December have been moved. >> Um, >> and October is always Yeah, October standard, but it's not the third Thursday. Yep. Um so um yeah so we so these items we'll just need to take action on. So if there are questions or any other comments be just a motion. >> I'll make a motion. >> I allowed to. >> You are >> okay. >> I'll second. Okay. Um any further discussion? All right. Uh Rogers >> I. >> Jansen >> I. >> Mlone. >> I reex >> I. >> Shirley I. Okay. Motion carries. 6.3 is to approve staff eligible to conduct electronic fund transfers. Um and we the recommendation here is to approve the business manager as the district uh staff that's eligible to conduct the fundrais
026for 2026 which is not a change from past practice. >> I motion to to approve the IC166 business manager. >> I'll second. >> Okay. Any further discussion? Just point of information. So board members know every time one of those are is done I get an email from the bank and then I sign a printed evidence of that um so that there's a cross check >> and it's also looked at by the >> treasure report some checks of balance >> I imagine that are there more and more of those that happen these days I imagine with >> Yep. There's less physical checks. >> Yes. For example, we bought a bus and they're like, "Well, we'll come up and get the check." And it's like, "No, we can we can electronically transfer you $150,000." >> Yeah. >>
027So, yeah. >> But most of the time it's like twice a month for payroll and bills. Pretty standard, >> right? Well, this is a question I maybe should know the answer to. Do we have a credit card? >> We have a credit card, >> maybe two, I guess. It's used to like >> and it's run by Yes. managed by K and Teresa >> mostly for travel. >> Yeah. And it does do those expenditures come through on like the I mean it's not a technical electronic funds transfer but it's kind of in that >> it would probably be in a bill report, right? >> They get they get paid through >> the bills. >> The bill gets paid through electronic transfer and the bill has every thing on it. >> It's got it all itemized on
028there. Okay. very detailed. >> Yeah. Cool. Great. Um Okay. Um any other further discussion on on that questions? Uh Rogers >> I. >> Jansen. >> Hi. >> McClo. >> Readex. >> I. >> Shirley. >> I. Motion carries. All right. Um 6.4 are our committee assignments. Um this is we've got the current slate in the packet here. Um we don't our policy doesn't have us take action on this. This is technically determined by the board chair although our practice has been a little bit more democratic than that. Um, but that being said, I as we kind of lead into this, um, happy to get people's feedback if they're have a particular interest about a change or something, but my recommendation is to not make any changes, um, in particular around um, the negotiation teams. We're midstream
029of negotiations with the teachers. Um, we're about to tee up the confidential employees. We kind of talked about this last year, but we haven't started that process yet. So, my recommendation would be to leave them as is um since we're kind of in the middle of the process. >> We do it like every other year. So, this group other than Reena and I who are in it haven't like we haven't actually done last year's job. >> Exactly. Exactly. probably discussed it deeply at that time, >> right? So changing it now. Yeah, exactly. >> Midstream. >> It doesn't make sense. So I that makes sense to me too as you >> so um so I would you know for the negotiations I've and then as far as the other pieces here um you know certainly welcome
030to this discussion on that but I would otherwise just keep that the same as well. Eric, you still good with being the LEC um liaison? >> Yep. >> Great. Um and Quinn, you've been participating in community ed advisory. Have you been able to part like attend those meetings? They're not quarterly maybe. >> I've been at a few I had a few. Do I feel like I I missed one and then I maybe they tapered out a little bit or >> it every other >> missation too on Wednesdays at 8:30. >> I intend to go both. Yes. So >> it's a drop off day. >> Um well, yeah, if it's maybe yeah, a good time to reconnect with those that are in charge and be like, "Hey, remember to keep me on that list." >> Yeah,
031totally. >> So, okay. Um, all right. Well, we'll we'll move on from this. We'll keep it like this for this year and then we'll talk about it again next year. >> We can grade each other on how we did in our negotiations after completed them. >> I mean, it's as long as everything goes well, then you get an A+. >> I think that's true. >> Um, okay. Uh 6.5 is to establish the compensation rates for schoolboard members. Um this is something that see our current is in the packet here. Um, we get a we basically we get an annual stipen and some additional for negotiation and the IRS >> mileage open to discussion on this. Um, I don't personally have a recommendation for making a change. We just made a change last year, didn't we?
032>> Was it last year? >> Somewhere recently we made a change somewhere recently. I don't think it was might have been the year before, but yeah, it was recent. >> Yeah. >> One year like way now it's been a long time ago. So, I think this marks like I've been like been on the board for a decade now. So, maybe it seems like these kids keep growing but I'm not aging. Um, but one year early on in my time on the board, I did a ton of research about what other boards made and blah blah blah blah. And I was honestly curious and it's all over the place and there's no consistency and and lots of different ways to do it. And >> it's true. >> And then I think we all kind of were
033like moderately disinterested like giving it's weird to give yourself a raise but >> for sure >> our time is of value. >> It's true. I'm not going anywhere with that other than >> Well, there if you know it it's it is true and that was compiled into a spreadsheet or something that >> Yeah, I think you were on the board when I did that. >> Yeah. And it was interesting. I don't know if that that spreadsheet is somewhere but it might be you know Quinn might be interested in looking at that or something because it it is pretty diverse for sure. And we were like >> there was nothing about our rates that were an outlier up or down. They were like just kind of in there in terms of >> they were so all
034over the board too that there was hard to even choose like a median >> form. >> For sure. >> Definitely. Some people make more and some people make less. >> Yep. I mean it's it's true that valuing people's time makes the job more accessible to people to participate and that's important for sure. Um, >> that was maybe what you proposed two years ago, if I recall, was making sure that it that it helped people have the option to to run to at least say like it's not costing me my gas money. It's, you know, >> but I never had any idea when I ran that >> there was any compensation. >> You could in theory find out. I don't know if I knew either when I ran, but there's got to be a way to
035find out. >> Yeah, that's a good point that maybe that's fraarted. That should be part of the >> maybe we should advertise that because sometimes we've had a real lack of interest in >> all I know is um in that last election I spent my whole year's amount on adsense signs. >> Yeah, >> you did too. >> Yeah, you guys I'm still this is I've run opposed every single or run unopposed every time. So, it never occurred to me to spend more than my $2 to or $2 or whatever that I spend at the courthouse. Well, I I get compensated by that in the end. >> Okay. So, we do need to take action on this one. I'm >> so make a motion that we just um leave the compensation where it is. >> Okay.
036>> I Yeah, I second that. >> Okay. Further discussion. All right. All right, I'll do the roll call. Rogers, >> hi. >> Jansen, >> hi. >> Mlo, Redex, >> I. >> Shirley, I >> and the motion carries. Okay. Um 6.6 Six is to approve the financial instit institutions um for the district as uh the Grammar State Bank, Minnesota Trust with PTMA, MSDLAF and the Northshore Federal Credit Union. And again, these are all the same >> that we've been working with. >> I'll make a motion to um approve the current financial in institutions moving ahead to the next year. >> I'll second it. >> Uh further discussion. >> I think just for the sake of if somebody watches this, maybe there should be a why do we choose these or some you know. >> Yeah. a
037quick breakdown. What do we do with these different because we've got a few. >> So, Grand Marray State Bank is our our major cash flow bank where we're running payroll and uh bills and and things like that through it. Uh the Federal Credit Union manages we have our scholarship funds in there which is a fair chunk of change. Uh and then the other two are more investments. So um MSDL that is where we put money to stay invested in and we draw out of that for cash flow purposes um and DTMA it's uh the organization same thing investments and um those are our advisors on cash flow. >> Do we have a ton of other options? Why did we choose these? Why did we choose these originally or we just >> these have been in
038place as long as I've been here. There's not been any reason to need to change anything. I think if I was to make an assumption that someone back in the day said, "Well, we should spread our business around to a couple local banks." >> Mhm. >> Um, and then use the heavy hitters for the investments. >> So, the bond money goes where when we get that. >> I wish Teresa was on this call. Um, probably PTMA. >> Okay. >> Yeah. And then our general fund that would be in the DLAF fund has a large $7 million pot of money that you pull through Grim Ray State Bank >> every day. >> And those and we're able to earn a little bit on those. >> Yep. That's exactly what the DAFF fund is for. their expertise
039is in in schools because there's specific laws like we can't we can't go out and play the stock market with public dollars. So, you've got to have a qualified public investor that knows where those caps are. >> Sure. >> They're endorsed by MSBA and MASA. >> Sure. >> Okay. Yeah. Thank you. >> Thank you. I feel like those are the types of things our constituents will >> for sure >> want us to be asking questions about. >> Um, okay. Any other questions or discussion? All right, I'll do the roll call. Uh, Rogers, >> hi. >> Jamson, >> hi. >> Mlone, >> I reex >> I. >> Shirley, I and the motion carries. Okay. Okay. 6.7 is to approve the official uh district newspaper for uh public notices. And the recommendation is the Cook County News
040Herald and they have their rates in our packet >> that have been the same for the last six years. >> Okay. >> I will make that motion. I'll second it. >> Any further discussion? >> Do we have other options? Why do we choose them? The basics things. >> No one else has bid. So, and it's the main local paper. >> And then what all do we publish in the paper? >> Minutes. Um, >> job ads. >> Yeah, we pay for job ads. Uh, but we're required to do minutes. And, um, trying to think what else we're required to do. bid postings, >> things like that that are required. >> Our agenda isn't posted. >> You know the agenda, right? >> No, just minutes. >> Okay. >> Is there I mean is is there are there
041requirements that a paper has to hit to be >> like a newspap you haven't met but I this isn't leading anywhere. I'm just curious like is it do you know what do they have to be an official newspaper somehow? you know, >> and that actually was in the legislature being debated last legislative cycle because there were some districts, the law says you have to publish in a local newspaper. >> Um, and there were some districts that have lost their local newspaper. >> And so they they were struggling at the legislature. Well, what do you do if you don't have one? You know, um, I don't know about parameters other than they need to be considered like local and um, >> and then it's a bidding process, right? If you if you got three bids, then
042you have the opportunity to pick based upon the rates that they provide. And I suppose thoughts about coverage and things like that. But I've never been in a district that had more than one bid. >> So even in reasonably small districts, this is >> Yeah. >> You know, it's just >> there's Yeah, >> they're local paper. >> You've had bigger districts you've been in, too, though. >> Yeah. And sometimes those get wonky because like Burnsville's three counties and >> Yeah. >> three to four, five different municipalities. So, I don't really know how we picked on that one. >> The New York Times hasn't bid. >> Oh, shucks. >> Okay. Um, did we had a motion and a second? Okay. >> All right. And I'll start the roll call then. Uh, Rogers, >> I >> Jansen.
043>> Hi. >> Mlo. >> Hi. >> Reex. I >> Shirley I motion carries. All right. Uh 6.8 is to designate uh authorized contacts um to contact uh legal on behalf of the district. Um and the recommendation is to designate the superintendent, the board chair and district office personnel on behalf of the superintendent or chair. Um, this is >> in the district office. Would that be K and Teresa? >> Most likely Teresa. Once in a while it might be Josh if it's the student discipline issue >> and I need him to hear directly from the attorney like how to steer something. >> Is he considered district office personnel? I'm just wondering if we're like is there some semantic there that we're missing to make sure we >> Well, I think it's it's not Um, I don't
044know that that's necessarily necess it's not like nobody can talk to the lawyer but these people. It's like initiating that that contact. >> Sure. >> Lawyer might lawyer might need to interview three staff members or whatever. Yeah. >> Right. Okay. >> Um, >> yeah, for sure. >> If Josh is if Chris is like, Josh, you need to talk to the lawyer. You know, that isn't necessarily >> this situation. It's more like nobody can just people can't just do that randomly because the cost right >> so somebody who has to authorize that contact right >> and the lawyers are also the school attorneys know that this exists and they will want to know like if you were to call them up and say hey >> I've got an issue they're going to be like are you
045an authorized contact they'll want to verify that >> correct So, it's all to suppress the rest of us board members. >> It's all to make sure it's >> all to make sure somebody is to make sure that the board's represented here, right? >> But also to mitigate a little bit of risk of like not everybody just calling a lawyer all the time and running up a rock. >> Yeah, that's we don't want that. >> That wasn't Rock Ridge. >> So, >> okay. seen a little of that at the county level too. >> Um, okay. Motion. >> I'll second it. >> Okay. Further discussion. >> All Oh no. Uh, do this. Roll call. Rogers. >> Hi. >> Jansen. >> Hi. >> McClo. >> I. >> Reex. >> I. >> Shirley. >> I. All right. Motion carries.
046Um, okay. 7.0. Our discussion and action items 7.1 is to approve the bond sale um ratification resolution as presented here in the packet. >> So moved. >> I second. >> Uh okay. Further discussion because we had them on there. >> It was a good day for us on that. >> That was I feel like I want to ask the due diligence questions but we already did. >> We already did. Y >> yeah. Right. So, anybody watching this, we had our presentation at the top of the meeting um from PTMA and the cliff notes are the bond sale went really well, favorable interest rate and that is great and this is a formality in order to take it to the next step to close the sale. >> Great. >> So, okay. Uh Rogers, >> hi >>
047Jansen. Hi, >> Mlo. I reex >> Shirley. I and the resolution has been adopted. All right. >> Motion to adjurnn. >> Okay. Uh at 43.