MORMON TRAIL COMMUNITY SCHOOL DISTRICT
SPECIAL BOARD MEETING
May 26, 2020
Board President Evans called the special meeting of the Mormon Trail Board of Directors to order at 5:00 pm via a ZOOM electronic meeting. Answering roll call via ZOOM were board members Dachenbach, Bear, Cromer, Smiarowski and Evans. Board Secretary Peggy Rash and Superintendent Phillips were also present via ZOOM. One guest, Matthew Gillespie from Piper Sandler was also present via ZOOM.
The agenda was approved with a motion by Cromer and a second from Bear. Dachenbach, Bear, Cromer, Smiarowski and Evans voted aye to approve.
The Superintendent of Schools and Secretary of the Board of Directors of the Mormon Trail Community School District in the Counties of Wayne, Clarke, Decatur and Lucas, State of Iowa, and the Financial Advisor for the District, met telephonically in the Superintendent’s Office, at 12:00 Noon on the above date to open sealed bids received and to then refer the bids to the Board of Directors for further action at its meeting to be held at 5:00 P.M. on this date at the Mormon Trail Community School District, Humeston, Iowa.
This being the time and place for the opening of bids for the sale of not to exceed $5,515,000 General Obligation School Bonds, Series 2020, the meeting was opened for the receipt of bids for the Bonds.
Sealed bids were filed and listed in the minutes while unopened, as follows:
Name & Address of Bidders:
Robert W. Baird & Co., Inc., Milwaukee, Wisconsin
D.A. Davidson & Co., Denver, Colorado
Northland Securities, Inc., Minneapolis, Minnesota
FHN Financial Capital Markets, Memphis, Tennessee
BOK Financial Securities, Inc., Dallas, Texas
The Superintendent, Secretary of the Board, and Financial Advisor opened the sealed bids received, and the best sealed bid was as follows:
Name & Address of Bidder: Robert W. Baird & Co., Inc., Milwaukee, Wisconsin
Purchase Price: $5,704,824.75
Net Interest Cost: $1,173,808.58
True Interest Cost: 1.815069%
The Superintendent, Secretary of the Board, and Financial Advisor for the School Board referred the bids to the Board of Directors of the Mormon Trail Community School District for further consideration at its meeting to be held at 5:00 P.M. on this date in the District Office, 502 E. Main Street, Garden Grove, Iowa.
This is the time and place for the sale of General Obligation School Bonds, Series 2020. The bids were previously received and opened by the Superintendent of Schools, Secretary of the Board, and the Financial Advisor at a meeting held in the Superintendent’s Office at 12:00 Noon on this date. The following bid was determined by the Superintendent, Secretary of the Board, and Financial Advisor as the best bid received.
Director Bear introduced the following Resolution and moved its adoption. Director Cromer seconded the motion to adopt. The roll was called and the vote was:
|
AYES: |
Pat Evans, Marc Smiarowski, Stephanie Bear, Elizabeth Dachenbach, Jeremy Cromer |
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NAYS: |
None |
The President declared the Resolution adopted.
RESOLUTION DIRECTING THE SALE OF $5,515,000 general obligation school bondS, SERIES 2020
WHEREAS, pursuant to notice as required by law, bids have been received at public sale for the Bonds and evaluated; and the best bid was determined:
NOW, THEREFORE, IT IS RESOLVED BY THE Board of Directors OF THE Mormon Trail Community School District:
Section 1. That the bid for the Bonds was determined by the Superintendent of Schools, Secretary of the Board, and the Financial Advisor to be the best and most favorable bid received. Bonds are awarded, based on the following bid:
Bidder: Robert W. Baird & Co., Inc. of Milwaukee, Wisconsin
Purchase Price: $5,716,277.80
Net Interest Cost: $1,124,402.20
True Interest Cost: 1.799220%
Section 2. That the form of contract for the sale of the Bonds is approved and the President and Secretary are authorized and directed to execute the contract for sale of the Bonds on behalf of the School District.
Section 3. That all acts of the Superintendent of Schools, Secretary of the Board, and Financial Advisor done in furtherance of the sale of the Bonds are ratified and approved.
Section. 4. The execution and delivery of the Representation Letter to DTC by the Issuer, in the form presented at this meeting with such changes, omissions, insertions, and revisions as the Secretary shall deem advisable is hereby authorized and execution of the Representation Letter by the Secretary shall be conclusive evidence of such approval. The Representation Letter shall set forth certain matters with respect to, among other things, notices, consents, and approvals by Bondholders and payments on the Bonds.
PASSED AND APPROVED this 26th day of May, 2020.
There were no discussion items.
Cromer motioned to adjourn the meeting. Bear seconded followed by ayes from Dachenbach, Bear, Cromer, Smiarowski and Evans.
President Evans closed the meeting at 5:36 p.m.
The next regularly scheduled meeting of the Mormon Trail Board of Directors will be held June 10, 2020 @ 6:30 pm in the District Office in Garden Grove and/or via ZOOM.
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President, Board of Education Secretary, Board of Education
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Date Date
These minutes are written as recorded by the board secretary and subject to approval at the next regular board meeting. Peggy Rash, Board Secretary/Treasurer