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School Board Emergency Meeting Minutes from July 25, 2011
Friday, August 05, 2011 10:31:48 AM - Monroe Ohio

 

RECORD OF PROCEEDINGS

MONROE LOCAL BOARD OF EDUCATION

Minutes of July 25, 2011 Emergency Meeting

 

The Board of Education of the Monroe Local School District in the County of Butler, State of Ohio, held an emergency meeting on the 25th day of July 2011 in the Monroe Board Office, located at 500 Yankee Road in Monroe, Ohio.

 

Mr. Mike Lane, President, called the meeting to order at 3:30 p.m.

 

Roll call – showed the following members present Mr. Mike Lane, Mr. Chris Snyder, and Mrs. Leslie Stone. Mr. John MacDonald and Mr. Brett Guido were absent. Also present was Superintended, Dr. Elizabeth Lolli and Interim Treasurer, Ken Ulm.

 

Resolution No. 11-116  Authorizing the Issuance of Tax Anticipation Notes

 

               Mr. Snyder moved and Mrs. Stone seconded the motion to approve the resolution authorizing the issuance of tax anticipation notes for cash flow borrowing.

 

WHEREAS, the county auditor of Butler County will certify that the estimated amount to be received from current tax revenues from July 25, 2011, or the date of certification (whichever results in the shorter period) until June 30, 2012, from all settlements of taxes for fiscal year 2011-12 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 $1,500,000 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 interim-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, 2012.  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 interim-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 interim-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 therefore.

 

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 interim-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. Resolve that the interim-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.

 

 

               Roll Call:              AYES (3)               Mr. Lane, Mr. Snyder, Mrs. Stone

                                             NOES (0)             

                                             ABSENT (2)          Mr. Guido, Mr. MacDonald

                                                           

                                                            The president declared the motion carried.

 

Resolution No.   11-117  Adjournment

              

               Mr. Snyder moved, and Mrs. Stone seconded the motion to adjourn the emergency meeting at                3:36 p.m.

 

               Roll Call                              AYES (3)               Mr. Lane, Mr. Snyder, Mrs. Stone

                                             NOES (0)

                                             ABSENT (2)          Mr. Guido, Mr. MacDonald

                                                           

                                                            The president declared the motion carried.

 

 

 

              

 

              

 

 

 

 

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