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Monroe Local School District Emergency Meeting Agenda for July 25, 2011
Friday, July 22, 2011 2:10:57 PM - Monroe Ohio

On Monday July 25, 2011 the Monroe School Bard will hold an emergency meeting for the purpose of authorizing the issuance of Tax Anticipation Notes. "...it is necessary to issue notes of the Board of Education in the principal sum of not to exceed $1,000,000 in anticipation of the Revenues..."  

REVISED 7/25/2011

On Monday July 25, 2011 the Monroe School Bard will hold an emergency meeting for the purpose of authorizing the issuance of Tax Anticipation Notes. "...it is necessary to issue notes of the Board of Education in the principal sum of not to exceed $1,500,000 in anticipation of the Revenues..."

 

This meeting is open to the public. 

MONROE LOCAL SCHOOL DISTRICT

500 Yankee Road

Monroe, Ohio 45050

EMERGENCY MEETING

July 25, 2011

3:30 p.m.

Monroe Board Office

 

  1. CALL TO ORDER -    Mr. Mike Lane, President
  2. Roll Call
  3. Brett Guido                  _____
  4. Mike Lane                    _____
  5. John MacDonald           _____
  6. Chris Snyder                 _____
  7. Leslie Stone                  _____  

 

  1. Pledge of Allegiance

 

  1. TREASURER’S BUSINESS – Mr. Ken Ulm, Interim Treasurer
  2. Approve the Resolution Authorizing the Issuance of Tax Anticipation Notes

WHEREAS, the county auditor of Butler County will certify that the estimated amount to be received from current tax revenues from January ___, 2011, or the date of certification (whichever results in the shorter period) until June 30, 2011, from all settlements of taxes for fiscal year 2010-11 as estimated by the budget commission, other than taxes to be received for the payment of debt charges and less all advances, is at least $2,000,000 (herein the “Revenues”);

WHEREAS, this board of education deems it necessary to issue notes in anticipation of the collection of the Revenues, pursuant to Section 133.10(C) of the Uniform Public Securities Law of the Ohio Revised Code, in the amount of not to exceed $1,000,000 to provide funds to be used only for the purposes for which the Revenues are levied, collected, distributed and appropriated;

NOW, THEREFORE, BE IT RESOLVED by the Board of Education (hereinafter called the “Board of Education”) of the Monroe Local School District (hereinafter called the “District”), Counties of Butler and Warren, Ohio:

SECTION 1.  That it is necessary to issue notes of the Board of Education in the principal sum of not to exceed $1,500,000 in anticipation of the Revenues, for the purposes for which the Revenues are levied, collected, distributed and appropriated, under authority of the general laws of the State of Ohio, particularly Section 133.10(C) of the Uniform Public Securities Law of the Ohio Revised Code.  Said notes shall be dated their date of issuance,  shall bear interest at the rate to be determined by the Treasurer without further action by this Board and set forth in the Certificate of Award, which rate shall not exceed five per centum (5.00%) per annum, shall be payable at maturity, and shall mature no later than June 30, 2011.  The aggregate amount of said notes shall not exceed one-half of the Revenues.  Said notes may be issued in such denominations of $100,000 or integral multiples of $5,000 in excess of $100,000 thereof as may be requested by the purchaser.

SECTION 2. That said notes shall be executed by the president or vice‑president and Treasurer of the Board of Education.  Said notes shall be designated “Tax Anticipation Notes,” shall be payable in lawful money of the United States of America at the bank selected by the Treasurer and set forth in the Certificate of Award, and shall be issued pursuant to the provisions of applicable law of the State of Ohio and this resolution.

SECTION 3. That for the payment of said notes and the interest thereon, the amount of the Revenues necessary to pay the principal of and interest on said notes as they mature shall hereby be deemed appropriated for such purposes, and this Board of Education further covenants that it will levy all property taxes to be collected in the calendar year following the current calendar year that are anticipated herein.  Said notes are special obligations of the Board of Education payable solely from the moneys received from the Revenues, which are hereby irrevocably pledged therefor.

SECTION 4. That it is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuance of said notes in order to make the same legal, valid and binding special obligations of the Board of Education, have been done, have happened and have been performed in regular and due form as required by law, and that said notes do not exceed any limitations fixed by law.

SECTION 5.  That said notes shall be sold to Fifth Third Securities, Inc., Cincinnati, Ohio, in accordance with its offer to purchase, which is hereby accepted.  The proceeds from the sale of said notes, except the premium and accrued interest, if any, shall be used for the purpose aforesaid and for no other purpose.  The premium and accrued interest, if any, shall be transferred to the bond retirement fund to be applied to the payment of the principal of and interest on said notes in the manner provided by law.

SECTION 6. That this Board of Education, for and on behalf of the District, hereby covenants that it will restrict the use of the proceeds of the notes hereby authorized in such manner and to such extent, if any, and take such other action as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute obligations the interest on which is subject to Federal income taxation or “arbitrage bonds” under Sections 103(b)(2) and 148 of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations prescribed thereunder.  The treasurer of the Board of Education or any other officer having responsibility with respect to the issuance of the notes is authorized and directed to give an appropriate certificate on behalf of the District, on the date of delivery of the notes, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to the use of the proceeds thereof and the provisions of said Sections 103(b)(2) and 148 and regulations thereunder. 

SECTION 7.  That it is found and determined that all formal actions of the Board of Education concerning and relating to the adoption of this resolution were adopted in an open meeting of the Board of Education, and that all deliberations of the Board of Education and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Ohio Revised Code.

SECTION 8. That the treasurer of the Board of Education is hereby directed to forward a certified copy of this resolution to the county auditors of Warren and Butler Counties.

 

MOTION:               _____

 

SECOND:               _____

 

Guido A/N    Lane A/N      MacDonald A/N      Snyder A/N     Stone A/N

 

Approved    _____        Not Approved   _____     Other Action   _____

 

  1. ADJOURNMENT

MOTION:   _____

 

SECOND:   _____

 

Guido A/N    Lane A/N      MacDonald A/N      Snyder A/N     Stone A/N

 

Approved    _____        Not Approved   _____     Other Action   _____                                      

THE BOARD OF EDUCATION – CITIZEN PARTICIPATION

The Board of Education recognizes the value to school governance of public comment on educational issues and the importance of allowing members of the public to express themselves on school matters of community interest.

The public may participate during the “Comments from the Public” time, or when recognized by the Board President or Superintendent.  Those wishing to address the Board must fill out request forms provided at the meetings. These should be submitted to the Treasurer before the meeting begins.  Persons addressing the Board must give his/her name and address. There will be a three minute limit for addressing the board.

Such requests shall be subject to the approval of the Superintendent and The Board President.  In order to permit the fair and orderly expression of such comment, the Board shall provide a period for public participation at every regular meeting of the Board and publish rules to govern such participation in Board meetings.

The presiding officer of each Board meeting at which public participation is permitted shall administer the rules of the Board for its conduct.

Upon request to the Superintendent, the District shall make reasonable accommodation for a disabled person to be able to participate in this activity.

  • Executive Sessions may be proposed at any time during the meeting by any Board Member for any purpose authorized by law.

 

  • Per Policy 0166, public complaints about district personnel may be heard in Executive Session.
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