001Good. All right. Good morning. It is 6:07. Um I call this meeting to order. Uh we do have a quorum. So, if you guys can join me for the pledge of allegiance. >> [clears throat] >> 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. I salute the flag of the state of New Mexico, the Zia symbol of perfect friendships among the United cultures. >> Okay. Awesome. Thank you for joining us today. Ms. Harris. Um All right. So, item two, consent agenda. We have a motion on the floor to consent the agenda. >> I move that we adopt the agenda. >> Okay, we have a motion on the floor. Do we have a >>
002Second. >> All in favor say I. >> I. Response? >> I. >> Thank you. Motion passes unanimously. Um item three, business. 3A, consideration of and approval of a resolution authorizing a lease purchase agreement. >> I can just speak to this. We're we're not here okaying the our bond advisor. Was it two meetings ago we spoke about this? >> She was scheduled to be on the day something may come up. >> Okay. >> But [clears throat] the application was taken to the NMFA, the New Mexico Finance Authority. They passed it, agreeing to to loan us a loan on this lease purchase. Um but they approved it, and now with the laws regarding the lease purchase, we have on this exact day, so many days after that approval, our board has to take action. >> Okay. >>
003This will be $650,000 that we can use towards technology. Um one nice thing about the is prospect notes is it's not strictly for students, so it can be used um if someone in this office were to need something for technology. Our goal though is to The reason we need have waited this long and haven't drawn this out is so that it would last for this new build. So >> Okay. >> we need to cover technology purchases for the new build. >> Okay. How much do we anticipate those costing? >> Well, we don't know. Um we we did some very broad estimates with a little bit of money set aside for things like you know, if we need other things not relating to the new build in case things come up in the district that IT
004needs to to purchase, but the majority of it and honestly um we we don't know yet. We haven't got price estimates from the consultants on what that's going to take. Really until we have we're in this next phases of the new build. >> Okay. >> And this time what's uh so so you said the loan, what's the time frame on that to pay back? >> So um we said 5 years. >> Okay. >> 5 years. The Ed Tech notes are short very short turnaround. And >> Okay. >> we will have to pay in 5 years. Normally our Ed Tech was about 400,000, um but because we have we have this free cash reserve in our taxes that the county has collected in our bank account, that money was able to go and we were able
005to invest it and we will pay that back. >> Awesome. >> That's cool. >> Sounds great. >> And it was just over 2% was the interest. >> Okay. >> So it's being in the meantime um helps the interest and also keeps the district from having to go out for a Moody's rating in order to go out for public bonds. Um because of size, it's hard to get a a we can't get a good Moody's rating, but with an MFA, um, they purchase these and our interest rates are >> Awesome. That's great. Okay. Any other questions or motions? >> I move that we approve a resolution authorizing a lease purchase arrangement. >> Okay, we have a motion on the floor. Do we have a second? >> I second that. >> Motion and a second. Do all
006in favor say I? I. Motion passes unanimously. Item 3B, consideration of and approval of a lease purchase agreement. >> This All of this has to do with Oh, it's all the same. >> Okay, so do we have to vote on B and C? >> Yes. >> Okay. So, this is we need a motion. >> Is there anything new or different to add with B or C? >> There's nothing different, and as soon after um, you pass these, we have documents the attorneys send over that you'll sign. It'll be the lease purchase agreement and all the paperwork referred to in the motions. >> Okay. >> I guess I something maybe anybody wants to know. So, the attorneys we use um, here are not the same attorneys we use typically for anything else. Um, they do all
007our bond advising, but then they also do all of our elections. So, whenever we go um, to election, like they handle all of that. So, >> Got you. >> that's part of our agreement with them, which is nice to help keep all the paperwork in line. >> Okay. >> Is it two separate lease purchase arrangements? Agreement and an agreement and an arrangement are the only separation? >> They're the all the same. It's all on the Ed Tech notes. It's all the one. It's just all the fact that we have to pass them as such. >> Okay, that makes sense. >> Um, our advisor >> language they provide to make sure we're following. >> Yeah. Okay. >> Yes. >> Okay. >> I move we approve the lease purchase agreement, item B. >> Okay. >> I second.
008>> There a motion and a second. All in favor say I. I. Motion passes unanimously. Item C, consideration of and approval of a capital projects escrow agreement. >> I move that we approve a capital projects escrow agreement. >> Motion and a second. Do we have a second? >> I second. >> Motion and a second. All in favor say I. I. Motion passes unanimously. Um anything else? Is there a second? Okay. Um item four, adjournment. Do we have a motion? >> I move we adjourn. >> Okay, we have a motion. Do we have a second? >> Second. >> Motion and a second. All in favor say I. I. Motion passes as well. Thank you guys for joining. Appreciate it. >> And really okay, then. Can I turn this thing off? >> Mhm.