FINAL OS Minutes 2018-10-16.pdf - Laserfiche WebLink

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ACTION 2018#71 Moved(Stulin)and seconded(Leone) To approve the request to table the list of School Committee Goals and Actions for 2018-2019 to the next scheduled School Committee meeting, VOTE: 8 members in room at time of vote Weighted Vote present: 69.99% Weight needed: >34.99% Names of towns opposing or abstaining: none Final percentage results of vote: 69.99% Final status of the vote: Unanimous c. Subcommittee Assignments for 2018-2019 Ms. Flood stated that the Finance Committee is still in need of a new member. ACTION 2018#72 Moved(Stulin)and seconded(Leone) To approve the Subcommittee Assignments for 2018-2019, as presented, VOTE: 8 members in room at time of vote Weighted Vote present: 69.99% Weight needed: >34.99% Names of towns opposing or abstaining: none Final percentage results of vote: 69.99% Final status of the vote: Unanimous Mr.Horton announced that the Agenda would be taken out of order for the presentation by Ms. Lynne Foster Welch of Unibank. 4. ASSISTANT SUPERINTENDENT'S REPORT,Kevin Mahoney a. General Obligation Bond The Assistant Superintendent for Finance introduced Lynne Foster Welch of UniBank Fiscal Advisors. Ms. Foster explained that in the next phase of financing,a second bond rating needed to be secured. She referenced the AA Long Term Bond rating received from Standard&Poor, included in the packet,noting the efforts of Mr. Mahoney to establish policies that would be looked upon favorably in the assessment. Ms. Foster Welch explained this is the 30-year $46M General Obligation School Bond sale to finance the second of three bond offerings for the school building project. Ms.Foster Welch also noted that in addition to an impressive eight syndicates bidding,as well as the structure being a level debt, she explained that with the recent uptick in interest rates and the yield curve coming in quite flat, the rate of 3.85%was not a bad rate in today's market. She also noted that of the $99.7M that is the District's share, we have already locked in to $82M worth of bonds and $1M plus in net premium. The net premium will be applied to the project costs. She also explained that Bond No. 3 will be issued after receipt of the MSBA audit at the end of the project. She discussed the change in interest rates and the positive timing of the District to lock this in. She confirmed the District's credit rating of"AA"with Standard&Poor. Ms.Foster Welch addressed questions related to interest rates,level debt,the criteria for credit rating,as well as some caution arising from the recent history of the new Regional Agreement, towns leaving, and enrollment uncertainty. -2-