MORMON TRAIL COMMUNITY SCHOOL DISTRICT
SPECIAL BOARD MEETING
May 28, 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.
With a motion from Bear, the Board adopted a resolution introduced by Matthew Gillespie directing the sale of the SAVE Bonds to the most favorable bidder.
RESOLUTION DIRECTING THE SALE OF $1,738,000 SCHOOL INFRASTRUCTURE SALES, SERVICES AND USE TAX REVENUE BONDS, SERIES 2020
This is the time and place for the sale of School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2020 (the “Bonds”);
WHEREAS, the School District has received proposals for the sale of the Bonds and has arranged for the sale of these Bonds to Pinnacle Public Finance, Inc., at a purchase price of par, plus accrued interest to date of delivery:
NOW, THEREFORE, IT IS RESOLVED BY THE BOARD OF DIRECTORS OF THE MORMON TRAIL COMMUNITY SCHOOL DISTRICT IN THE COUNTIES OF WAYNE, CLARKE, DECATUR AND LUCAS, STATE OF IOWA:
Section 1. The sale of $1,738,000 School Infrastructure, Sales, Services and Use Tax Revenue Bonds, Series 2020, to be dated the date of delivery, for the purpose to construct, build, furnish and equip an elementary school addition and to improve the site, upon the following terms, is approved and confirmed.
Section 2. That the President and Secretary are authorized and directed to issue and deliver $1,738,000 School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2020, in the aggregate principal amount of $1,738,000, each in the denomination of $100,000 or integral multiples of $1,000 in excess thereof, bearing interest and maturing as follows:
Principal Amount Interest Rate Maturity Date
$1,738,000 2.85% July 1, 2030
See attached
Section 3. That all acts of the Superintendent of Schools and Board Secretary done in furtherance of the sale of the Bonds are ratified and approved.
PASSED AND APPROVED this 28th day of May, 2020.
Cromer seconded followed by ayes from Dachenbach, Bear, Cromer, Smiarowski and Evans to approve.
There were no discussion items.
Cromer motioned to adjourn the meeting. Dachenbach seconded followed by ayes from Dachenbach, Bear, Cromer, Smiarowski and Evans.
President Evans closed the meeting at 5:08 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