Farmington River Regional School District
Meeting #242 - Farmington River Elementary School
555 North Main Road, Otis, MA 01253
Monday, May 4, 2009 – 7:00 PM
MINUTES
Members Present: Pat Barrett, Ernie Hood, Laurie Nikituk, Roberta Sarnacki, John Skrip, Anita Weinstein, Jane Gleason, Jo Ann Austin.
Guests: Carol Blakeslee
Call to Order: The meeting was called to order by Laurie Nikituk at 7:05 PM
Approval of Minutes of Meeting #240: The Minutes of Meeting #240 were accepted as submitted. Moved Ernie Hood, Seconded Anita Weinstein. Voted Unanimous.
Approval of Minutes of Meeting #241: The Minutes of Meeting #241 were accepted as submitted. Moved Ernie Hood, Seconded Anita Weinstein. Voted Unanimous.
Approval of Minutes of Executive Session: The Minutes of Executive Session were accepted as submitted. Moved Anita Weinstein, Seconded John Skrip. Voted Unanimous.
Bond Refunding: David Eisenthal of UniBank, presented the motions required for the official school committee vote to approve the refunding of the school construction bond.
Motion: To authorize the District to issue $1,120,000 General Obligation School Refunding Bonds dated May 1, 2009 (the “Bonds”) under G.L.c.44 §21A to refund the District’s $5,750,000 General Obligation School Bonds dated Nvoember 15, 1997 maturing November 15 in the years 2009 through 2017, inclusive, in the aggregate principal amount of $2,565,000 (the “Refuned Bodns”), including the payment of the principal, interest and redemption premium applicable to Refunded Bonds and the costs of issuance related to the Bonds. Moved John Skrip, Seconded Ernie Hood. Voted Unanimous.
Motion: That the sale of the Bonds to Roosevelt & Cross, Incorporated at the price of $1,130,698.40 and accrued interest is hereby approved and confirmed. The Bonds shall be payable on November 15 of the years and in the principal amounts and bear interest at the respective rates, as follows:
Interest Interest
Year Amount Rate Year Amount Rate
2009 $110,000 5.00% 2014 $120,000 2.50%
2010 $165,000 3.5% 2015 $110,000 2.75%
2011 $155,000 2.125% 2016 $100,000 2.625%
2012 $145,000 2.125% 2017 $ 85,000 3.125%
2013 $130,000 2.25%
Moved John Skrip, Seconded Anita Weinstein. Voted Unanimous.
Motion: That in connection with the marketing and sale of the Bonds, the preparation and distribution of a Notice of Sale and Preliminary Official Statement dated April 22, 2009 and a final Official Statement dated April 29, 2009 (the “Official Statement”), each in such form as may be approved by the Business Manager be and are hereby are ratified, confirmed approved and adopted. Moved John Skrip, Seconded Anita Weinstein. Voted Unanimous.
Motion: To confirm the provisions of the Bond Purchase Agreement dated April 29, 2009, including the consent to the purchase of the Bonds by Roosevelt & Cross Incorporated on a negotiated basis. Moved John Skrip, Seconded Anita Weinstein. Voted Unanimous.
Motion: That the Bonds may be secured in whole or in part by insurance or by letters or lines of credit or other credit facilities, as shall, in the discretion of the Assistant to the Superintendent, Chairman of the Regional School District School Committee or the District Treasurer, be in the best interests of the District. Moved John Skrip, Seconded Ernie Hood. Voted Unanimous.
Motion: That the District Treasurer and the Chairman of the Regional School District School Committee be, and hereby are, authorized to execute and deliver a limited continuing disclosure undertaking in compliance with SEC Rule 15c2-12 in such form as may be approved by bond counsel to the District, which undertaking shall be incorporated by reference in the Bonds for the benefit of the holders of the Bonds from time to time. Moved John Skrip, Seconded Anita Weinstein. Voted Unanimous.
Motion: That each member of the Regional School District School Committee, the Assistant to the Superintendent, the Secretary and District Treasurer be and hereby are, authorized to take any and all such actions, and execute and deliver such certificates, receipts or other documents as may be determined by them, or any of them, to be necessary or convenient to carry into effect the provisions of the foregoing votes. Mvoed John Skrip, Seconded Anita Weinstein. Voted Unanimous.
Motion: To adjourn the meeting at 8:30 PM. Moved Roberta Sarnacki, Seconded John Skrip. Voted Unanimous.
Respectfully submitted,
Jane E. Gleason
Assistant to the Superintendent
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