001See, like >> it's wonderful meeting when you're really good. How often you ask >> the title of the document title document >> things that will school district. So I always do. Got it. We have Yeah, I can hear you. You can hear me. >> Okay. Thanks. Hopefully you won't have to do I'll call this special meeting to order. Laura Lee, will you call the role, please? >> Stu Boyd >> here. >> Denise Chapman >> here. >> Lori Goel, >> present. >> Don Kirk, >> here. >> Alexander Lesum. >> Nancy Rumfelt >> here. >> Mike Schaw >> here. >> Right. Nancy, will you lead us in the pledge of >> allegiance? Aliance to the flag of the United States of America and to the republic for which it stands, one nation under God, indivisible, with liberty
002and justice for all. >> All right, we have one piece of business to take care of this afternoon. It's listed on your agenda as 2.1 approval of the final 2026 mill levy certification. And >> will you approve the agenda first, Ste? >> Oh, where's that? >> Do you have an old >> Okay, I have an old one and it's not on here. Sorry. Yes, let's approve the agenda. All right. Um, I'll take a motion to approve the agenda. >> So moved >> and a second. All right. Is there any discussion about the agenda? >> Is there uh question uh President Boyd? Uh is there discussion or excuse me public comment at a special meeting? >> I think usually not. That's been my recollection. Anyway, >> just want a clarification. Thank you. Okay. Could you tell
003me who seconded please? Denise. Denise. All right. Hearing no discussion. Laura Lee, will you please call the role? >> Yes. Stu Boyd. >> I. >> Denise Chapman. >> Hi. >> Lori Goel. >> I. >> Don Kirk. >> I. >> Alexander Lesome. >> Nancy Rumfelt. >> I. >> Mike Schul. >> Hi. >> All right. Now then we will assume we will return to the uh discussion action items beginning with and this is actually the only one 2.1 approval of final 2026 mill levy certification and I'll turn this over to Bob Ibsol. >> Uh good uh good afternoon uh Mr. President members of the board uh Dr. Heler Bobby Ibers, chief financial officer. Uh you're here today again because I made a mistake in my calculation process of the mill levy process. Um I put a nine
004instead of an eight which created a overvaluation of our district which would have been nice to do to raise more taxes but even if that were the case uh my numbers don't fly. It it goes from what the county. So as a result what has been given to you is the revised numbers and the assessed value. Um the um uh the adjustment um is minor for the total mills. So the the it ends up u providing the information. The 27 mil is the general one that comes from the state. The overrides are the first two. we've exceeded um we've met the dollar amount that the mill levy override for those. So every year that mill uh goes down. Uh 2018 is the one that was not capped at a dollar level but just at a
005mill level. That one adjusts abatements. We get to raise taxes for what was not collected for the prior year. bond redemption is the same as what was discussed in both the memo to the board uh regarding the 2018 bond that the the level of the debt has gone up and the difference between that and the 6.075 is what is available to pay the first year's payment for the 2025 bond redemption which will be next June's interest payment and next December's interest and principal payment. So that brings us to the amount uh raised about approximately 164 million between all of those mills >> available if there's any questions. >> All right, any questions? Go ahead. >> Um so I just have um a couple quick um statements and then I do have one question. So I
006I've had a cons I've had a couple calls with some people regarding how this is calculated. Your memo was um very helpful in understanding and explaining. And so while some of these cons are technically correct about it's being assessed on a rears for 2025 property but the standard practice is to collect pay forward and so that they're right in that it's technically not the correct way but in me looking through it and actually doing a cash flow out. It's not practical to do it any other way. As well as to your point, it would actually cause us to have a higher interest rate because the investors like to see that we've already we've already basically assessed to collect that money. Um, the only point I would make on that is maybe for next year we
007could find a way to reduce the amount of Kush because when I did cash flow it out there's like at the end of the December there's like maybe around 4.7 million. Now that could be needed due to some of the difficulties in collecting 100%. Um, but I think with your new reports going forward on budgeting we'll probably be able to see that [cough] throughout the year as we go forward. My only question is when you're calculating the interest only for June and the principal and interest for December on the new bonds, when I look at the resolution for Wednesday that we're supposed to vote on, everything is blank there, you know, as far as interest rate and all of [snorts] that. So either you're really magic magical and have an incredible crystal ball or will
008those blanks obviously be filled in and by the by Wednesday >> uh the the rates and the interest will not be in there. You're authorizing us to go out and seek bids in the market. That does not actually happen until January. Uh and then we actually will be issuing the bonds in February. So our calculations is the maximum amount and we will literally back into the dollar amount in the mill levy to match what was voted here. We cannot go above it and so therefore if the interest would be this amount and the principal and we have a little extra we will pay down the principal additionally at that point. >> I but the resolution on Wednesday we'll be left with blanks. it it you're authorizing us to borrow and you're authorizing us to borrow
009the 99 million, but you're not actually telling us what the rates are because we will not know those until actually done. >> Okay. As far as for today's vote, I think I'm I'm fine. The other part we can talk some more about >> the the just to follow up with you. Um uh based on your your raising and and as I've learned over my uh almost year time here now is that every time I touch something, I'm learning something new. We do have additional money in the bond redemption fund. It's not the bond fund, it's the bond redemption fund. Majority of that is interest that is earned on the money that we keep there until we actually make the payment. We've talked with bond council to see what we can use with that and our
010it's it's at this point it's our expectation that we'll be using that to help pay principal down as we go forward in the future. So the we were we're going to figure out what's the appropriate reserve, how much we should actually have in there, and we would be coming back to the board to come up with a board policy that we would my recommendation to you would be that we should use the annual interest earned to pay down debt going forward in the future, keeping an adequate reserve. >> Does that take care of your question? Okay, I think we'll move this way uh with questions. Mike, do you have a question or a comment for Bob? All right. No, I'm good. Thank you. >> All right, Lori. Question or comment? >> Thank you. Um, I
011guess just hearing that we will use that interest earned to pay down principle. Um um my husband is uh one of those I I despise paying interest whenever possible and so being able to pay down extra additional on the principal I think that's a very good thing to hear uh for us to be you know the best stewards we can of the public's money. So thank you for that. >> Thank you. >> Anything else? Okay, Don, we'll move down here to you. Any questions, Denise? >> No questions. >> And I don't either. So, I'll entertain a motion then to approve the final 2026 mill levy certification as presented. >> So moved. >> Right. A motion by Nancy, second by Denise. Is there any further discussion? Hearing none. Lori, will you please call the role? Stu
012Boyd. >> I >> Denise Chapman. >> Hi. >> Lori Goel. >> Hi. >> Don Kirk. >> Hi. >> Alexander Lesum. >> Nancy Rumfelt. >> Hi. >> Mike Schaw. >> Hi. >> Right. The vote was um six to zero with one board member absent. There are no other items on the agenda. Meeting adjourned.