School Board Meeting Highlights
Election of Board President and Vice President
David Kennedy and Lisa Roth were unanimously voted to resume the President and Vice President roles.
Installation of Newly Elected Board Members
Linda Perlman-McKenna and Marie Maritch were installed as newly elected Board Members.
Regular Board Meeting
Presentation of Parameters Resolution
Jens Damgaard of Rhoads & Sinon LLP is a Bond Counsel Attorney and specializes in federal security and tax laws surrounding borrowing of funds by school districts. He gave a presentation about the parameters resolution that the Board was asked to approve during the meeting. He stated that there is a high demand for Parkland bonds because of our high credit rating (AA) and that most districts only have an "A" rating. Parkland has enjoyed an AA rating for the last five years. We do not need to purchase bond insurance due to this rating.
In year's past, school districts had to go to market on the date of the school board meeting. A parameters resolution allows school districts to instead lock in a rate a date when interest rates are favorable to the school district (when there is not a lot of supply of bonds in the market) and maximize its borrowing opportunity. The intent is only to borrow what the district needs and also take advantage of federal tax law when total borrowing is $10M or less in a calendar year. The Board approved the resolution and borrowing is predicted to occur in early 2018.
Borrowed funds will be used as follows:
TO: (1) CONSTRUCT A NEW ELEMENTARY SCHOOL, (2) CONSTRUCT IMPROVEMENTS TO OTHER SCHOOL BUILDINGS AND FACILITIES, (3) PURCHASE AND INSTALL TECHNOLOGY INFRASTRUCTURE UPGRADES, SECURITY SYSTEMS AND COMPUTERS, (4) PURCHASE BUSES, AND (5) PAY ISSUANCE COSTS; ACCEPTING A BOND PURCHASE AGREEMENT; SETTING FORTH THE PARAMETERS, SUBSTANTIAL FORM OF AND CONDITIONS FOR ISSUING THE BONDS; PLEDGING THE FULL FAITH, CREDIT AND TAXING POWER OF THIS SCHOOL DISTRICT TO SECURE THE BONDS; APPOINTING A PAYING AGENT AND SINKING FUND DEPOSITORY; AND AUTHORIZING RELATED DOCUMENTS AND ACTIONS.
Everyone welcomed new members Linda Perlman-McKenna and Marie Maritch as well as congratulated David and Lisa for being re-elected President and Vice President.
David Kennedy commented that the Heroes and Helpers event was wonderful today. He thanked the Parkland Education Foundation, Target and Woodlawn Fire Dept for their donations as well as the police departments for shopping with our students. This program pairs public safety officials with community youth for holiday shopping sprees at Target stores.