001All of our hands go up. We welcome everyone to this February 23rd, 2026 meeting of the course board of trustees. This is a regular board meeting and all items that will be discussed have been posted. While this is a meeting in public, it's not a meeting of the public. The board's role is to set goals, approve personnel budgets, make policy, and provide oversight. We're not here to manage or solve individual problems. Management is a responsibility of the superintendent. As a board, we believe we must educate every child, provide every child the greatest opportunity to learn, maintain a safe and secure environment mentally, physically, emotionally, and academically. These are our core values. We appreciate your interest in the students of CSD. Everyone's here. We have a quorum. And I guess we'll do the blazes. >> All
002right. So tonight from Collins Intermediate, we have the Hope Squad. Members include Addison Fona, Bryce Ward, Malaya Montgomery, Mason Pertie, and Naveen Budon. 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 aliance to thee Texas one state one and indivisible. >> Thank you all. Okay, we now do the invocation by Juan Carlos. >> In the name of the Father and of the Son and of the Holy Spirit. Amen. Blessed are you, God, King of the universe, eternal father, for giving us this time in preparation for the celebration of the pascal mystery, your son's death, resurrection, and ascension. Send your holy spirit upon the members of the board of trustees of Corsana Independent School Tish.
003Guide them in their discussions and give them wisdom for their decisions and hundfold for their generous service. We ask that you keep our schools safe. Grant the faculty encouragement and reward their efforts in answering the call to teach future generations. Give the staff of the schools the strength to continue serving in their roles. Enlighten the students that they may grow in knowledge and virtue. Help their families to support and form them according to your will. Also, we beseech you to take care of those on the east coast who are suffering from inclement weather and give peace to those in Mexico affected by the outbreak of violence. We ask this through Jesus Christ our Lord. In the name of the Father and of the Son and the Holy Spirit. Amen. Uh, mayor, do we have any
004guests? >> Yes, sir. >> Thank you. Uh, next thing is Bonnie is shoot Roberts. >> President Farmer, members of board, is how Jeff Robert with Hilltop Securities. Um, talk a little bit about the bond issue. Before I do, uh I haven't been before the board since you guys passed the election. So, congratulations. I know a lot of a lot of effort uh involved in that and I know it's going to be very very meaningful to the community, the school district, and uh the the kids and teachers here at the district. So, I'm going to go through a a presentation and if you have any questions, please don't don't hesitate to stop me. I'll do the best that I can to answer them. Um just in terms of timing and and take a step back. So,
005so what we're here for tonight is to ask for the board's consideration of what's called a parameter bond order. And within that parameter bond order, it would delegate pricing authority to Miss Howell andor Mr. K's to finalize the pricing of bond issues subject to it meeting parameters that are included in the order and I'll go over that in just a second. Um, with regard to where we are currently on interest rates, a lot going on right now with with tariff discussion, a lot going on right now with kind of uh what we call geopolitical activities, whether it's what's going on in Mexico as what's going on in in Iran. A lot of different factors involved right now. But so this first page, this graph that you hopefully you can see there is just to give
006you a general idea of where long-term taxexempt interest rates are right now and where they've been. And this is what's called the 20-year bond buyer index. It's not an applesto apples comparison uh to your bond issue, but it's just to give you again general idea of where interest rates are. The white background graph, the large one, goes all the way back to the early 80s. You can see over on the right where we are currently few years back during CO, you can see how low rates got during that time, all the way down to 2% on the 20-year rate. And then the blue graph just shows what this index has done over the past year. It comes out every Thursday. Um, and since I sent this on Monday, the new Thursday rate came out. It
007was at$479. The week before last, uh, this last Thursday was 475. So, it's come down just a little bit. The next slide, just a very general summary of what we feel like the INS tax rate is going to do after this bond issuance. I've assumed up at the top, I've assumed 4.7%. I think we'll be closer to 4.5, um, which will hopefully make this look a little better. I do believe we'll be at that 50 cent level for one year and then with very conservative taxbased growth assumptions I think that you'll see that rate come down year to year. So I think the second year we got it down to about 47 and a half should trickle down thereafter. And to give you an idea I assumed I assumed 0% growth for next year and
008then 1% for four years a half a percent for five years and then a quarter of a percent thereafter. So very very low. And again if those uh if those tax base assumptions are outpaced by actual growth then that blue line will come down even further. And and the only reason why that first year is going to be at 50 cents is because we have more than 12 months of interest acrruel in that first year because we're talking about selling this week receiving the funds in March. So that first year goes from really March uh late March all the way through August of 27. So we've got about a kind of a 15 month first year and then after that that's one of the reasons why it'll come down. So oh and I should have
009should have just shown this. I'm sorry I didn't realize I had this. These are the growth assumptions I'm using as I mentioned half a percent excuse me 1% for four years half a percent and then 25 basis points thereafter. Uh and hopefully again we'll outpace those by by quite a bit. The perimeter bank bond order itself is allowable under Texas government education code. Um again board would delegate final pricing authority to uh to Miss Miss How and Mr. K's the parameters that you're included in there your maximum interest rate your your maximum principal amount final day and the expiration of that authority and again the pricing officers can only approve if those parameters are met. So, what we have in the uh in the parameter that's prepared by the district's bond council, which is Chris
010Settle of uh of McCall Park, Christian Horton, um maximum principal amount is the entire $25 million. I've got the true interest cost at 5 a.5. That's just in case we see just a little bitty blip in interest rates. I wouldn't want to have to come back to you to get reapproved. I don't think that's going to happen, but I think it'll be closer to four and a half. And we're talking about pricing as early as as this Wednesday, but I've got that in there just to be conservative. The final maturity date, it is a 30-year issuance and the uh the delegation expiration is 180 days. I don't expect that we'll push that at all. I think we should be pricing this week. And then lastly, um a lot goes into kind of getting to this
011point um of of the ability to sell. Miss How, Mr. K's have spent a lot of time on phone calls, uh rating agency questions, uh underwriter due diligence questions, um filling in information requests for myself and my assistant. So, I appreciate the time and and effort that they've put in uh to get us to this this this point in this process. So, with that, I'd be happy to answer any questions if you have any. >> So, you add so you assuming that we're going to grow, you know, the growth rate, you gave us that, but let's just assume um that we do grow faster. So we will essentially that rate will come down. Correct. >> Correct. So that that blue line that you already see kind of coming down very quite a bit the first
012year about two and a half cents and then very gradual. You'll see it less gradual meaning you'll see a more pronounced >> decrease in the in the INS tax rate should the uh the tax base exceed those assumptions. Yes sir. >> Is there any penalty for paying off early? Well, so taxes and bond issues come with a a 10-year call provision. So, they can be called after 10 years. Now, you can put money into an interestbearing escrow account to pay off bonds early. It's called the defeasence. So, that's an option as well. Um, sometimes, and this is kind of getting in the weeds, but sometimes those defecances may not be as economical because let's say you're paying off a 4% bond with an invested escrow account that's only earning 3%. So, you have the option
013to pay off bonds, but it might cost you more than a dollar to pay off a dollar in bonds. But once you get to that 10-year call provision, you can redeem them dollar for dollar. And the only reason why we don't have a shorter call provision is because if you do anything shorter than 10, then you see your initial interest rate higher as a result of that since you're kind of subjecting the investor to reinvestment risk. >> So, that that that's kind of how that how that works. you can pay them off, but I think it'll be kind of on a on a case by case scenario to say, "Okay, it makes sense for us to or maybe it doesn't make sense and maybe we would just uh put money into the interest and syncing
014fund and then when the bonds do become called, we'll we'll start paying those off." >> Mr. Mr. President, I move to adopt an order authorizing the issuance and sale of Corsana Independent School District unlimited tax school building bond series 2026. >> Second. >> We have a motion and second to adopt an order authorizing the issuance of and sale of the course school district unlimited tax school building funds series 2026. All those in favor say I. All right. Uh all the post say no. The motion passes adopt an order authorizing issuance and sale of course school district unlimited tax school building bond series 2026. Thank you. >> Thank you. Appreciate it. Thank you. The next thing is uh 2026 2026 27 calendar. >> Good evening, President Farmer. Miss Hall, members of the board, I have our
015proposed district um calendar for the 2026 2027 school year. After the stakeholder survey, option B was the winner with 44% of the vote of the votes. Um so just some quick highlights. School would start on August 12th. Um, fall break would be the same as this year, the last week of September, moving into the first week of October. So, September 28th through October 2nd, of course, Thanksgiving break, um, teacher staff work day right after Christmas break. Um, the biggest change with this calendar is in February. So, February, the whole week of February 8th would be a school holiday for students. We would we would have two staff development days on the 8th and the 9th and then the 10th is a comp day. So if teachers received their training in the summer, they basically trade
016that day and they would get three days off um in February as opposed to the Friday Monday that we did this year. Um and then we would have another staff de staff development day in April. School would end on the 21st with graduation being on that Friday as well. and our fall uh fall break alliance with our week. >> Yes, ma'am. We specifically waited for that to come out. >> And then our spring break lines with the barrow. >> Yes. >> Um how many bad weather days do you have built in? >> There are um only one and a half a little over one and a half banked days with this calendar. Um, so hopefully that we didn't have to use those and if we did, Miss H and I have talked about some creative
017options to get our minutes in. >> We also have uh May 25th and 26 if you'll see after that comm days. Those are also bad weather days. Worst case scenario, we could go those days or even April the 12th. If that's a, you know, it's a work day for teachers, but if we happen to have bad weather, we could use that day as well. >> Yeah. Any other questions? >> I move that we approve the 2026 2027 option B extortional calendar as presented. >> Second. >> We have a motion and a second to approve the 2026 2027 option B instructional calendar as presented. All in favor say I. >> I. >> All those post say no. The motion passes resume. Thank you. The next thing is internet contract approval. Right. >> Good evening. All right.
018Board President, Mr. Sal, distinguish members of the board. Thank you for allowing me to present you all this evening. Tonight, I'm asking the board to approve and award a bid a competitive bid for internet services to internet service provider FiberFed. Recently, the district went out for competitive bid for internet services in alignment with the -ray program, which is a program that allows us to gain access to internet services at a really discounted rate. Um, with the school district using as funding vessel, we will receive a 90% discount on the total dollar uh amount of the contract. Um, that percentage is a direct reflection of our district's free and reduced lunch numbers. And so with FiberFed winning the bid, they offered a 36-month or a three-year contract. Uh that is a 10 gig fiber handoff that
019will be handed off to the CIT equipment in our data center. Um and the total dollar amount for that three-year contract is $63,867.92. But because the district is only responsible for 10% of that contract over the three years, we will pay $6,300 uh $386.79. And so that will just break down uh annually to $2,128.93. So it's a tremendous program. It's something that we really rely on uh as a school district. And uh talk about fast internet for cheap, man. It's uh it's great. And so um there were there were four total bidding companies. Those companies were Next Link, Barrow Fiber, which is the new ISP you guys have probably seen running fiber in town, AT&T, and then lastly, FiberFit. So happy to answer any questions from the board. >> Sorry, ma'am. What do >> we
020currently have? We use NextLink and uh surprisingly they came in as the highest bidder. So, >> do you happen to know what we pay currently? >> I believe the contract that we're just ending is around 57,000. Uh I'll double check that and get that to you. >> But that came in. >> Yes, ma'am. >> Much much higher. >> So, contract will start in July. And so, we'll work with them in June to make sure we're ready to turn that circuit up July 1st. And you said it's three-year contract. >> Yes, ma'am. >> Any other questions? >> Mr. President, I move to approve the new contract with fiber fed for internet service. >> Second. >> We have a motion and a second to approve the new contract with fiber fed for internet service. All those in
021favor say I. I. >> Thank you guys. >> All those post say no. The motion passes presented. >> Thank you. Thank you. I have the next consent agenda. >> I move to approve the consent agenda. >> I second. >> We have a motion and a second to approve the consent agenda. All in favor say I. >> I. All oppose say no. The motion to approve the consent agenda passes. We will adjourn. Now return to close session as per government code section 551-01. Thank you everyone.