Public Meeting Agenda: May 11, 2020 at 5:00 PM - Board of Education Regular Meeting

1. Milford Public Schools Board of Education Information

More Information: Mission Statement - Milford Public Schools will prepare all students to be successful citizens: Our Mission is fulfilled when all students read with comprehension, speak and write clearly, compute accurately, reason logically, understand and appreciate the fine arts, apply suitable strategies and habits of mind to solve problems, utilize technology to communicate and to understand information and behave morally.

This agenda contains a list of subjects known at the time of its distribution. A copy of the agenda reflecting any changes will be available for public inspection during normal business hours in the District Office. Except for items of an emergency nature, the agenda shall not be altered later than twenty-four hours before the meeting. The Board reserves the right to alter the order of items, as it deems necessary.

2. Opening Procedures

2.1. Call to Order, Roll Call

2.2. Excuse Absent Board Members (if needed)

2.3. Open Meeting Law

More Information:

Information concerning the Open Meeting Law, Chapter 84, Article 14 of Nebraska State Statutes, is posted on the bulletin board in the back of the meeting room.

2.4. Additions to Agenda

2.5. Welcome and Introduction of Visitors

2.6. Community Input

More Information:

This is the public’s opportunity to speak to items on the agenda. This is also the public’s opportunity to speak to any topic concerning the school district – since it is not an agenda item the board cannot discuss or take action on the matter at this time. Future discussion can be requested as an agenda item. To be recognized, all participants must complete the Request to Address the Milford Board of Education Form. No complaints regarding specific staff members will be heard during a public meeting. The District has established separate procedures for complaints against individual employees. Thank you for your participation.

3. Consent Agenda

Recommended Motion(s): Motion to approve the Consent Agenda as presented Passed with a motion by Board Member #1 and a second by Board Member #2.

3.1. Approve Minutes of Previous Meeting

3.2. Approve Payment of Claims

More Information:

General Fund for $31,098.64
Payroll for $584,778.06
Total $615,876.70
Bond Fund for $900.00

4. Reports

4.1. Administrative Reports

4.2. Review/Discuss Grade Level Student Enrollment Report

More Information: Same update as last month. No changes in numbers.

4.3. Discuss State Funding for Public Education

More Information:

Open discussion as needed.

4.4. COVID-19 Updates

More Information: The report is attached and will be reviewed at the meeting.

4.5. Construction Updates

More Information: Will give update at the meeting. Just a few punch list items on the elementary to complete. High school project is looking great. Cabinets and countertops are in the new rooms. Walls are starting to be placed in the remodeled area.

5. Board Commentary

6. Unfinished Business

7. New Business

7.1. Resolution: Act on resolution authorizing the district to enter into a lease-purchase agreement with a bank, in the principal amount not to exceed two million five hundred thousand dollars ($2,500,000) to provide financing for a portion of the costs of a six-classroom addition to the elementary school facilities and a storm shelter and related improvements in and for the district; providing for the pledge and levy of certain funds for the payment of such lease-purchase agreement; approving certain terms of such lease-purchase agreement and related documents; delegating authority to certain officers of the district to approve final terms related to the lease-purchase agreement and all necessary documentation; and related matters.

More Information: General comments on the attachments:

The purpose of the attached resolution is to move us from a construction loan to a lease purchase. We are not approving terms of the note.
You will see throughout the resolution the words "lease purchase" and "bonds" are used hand in hand. The bank will be selling bonds but this is not a "bond issue" for the district, we are approving a lease purchase. The bank will be dealing with the bonds that they use for this project.

Comments on the resolution:

A resolution is required by law.
It was written by Gilmore & Bell, P.C. out of Omaha. The same organization that we used to set up the construction note. They were recommended by Farmers & Merchants and KSB.
This resolution authorizes MPS to enter into a lease purchase agreement with Farmers & Merchants Bank.
The resolution does not set the terms of the note with the bank, only authorizes the use of a lease purchase.
Section 4 of the resolution recognizes the board president, vice-president, secretary, and the superintendent as acting agents or "authorized officers" and are directed to "execute and deliver" the agreement.
Exhibit "A" designates the superintendent as the compliance officer.
Once again, this does not set the terms of the lease purchase.

Comments on Document #2 - Financial Information for the Project

Section I - General Overview of TOTAL Expenditures

This broad section includes the total costs during construction and all expenditures that took place before the bidding process and for the bidding process.
Total expenditures are currently at $2,731,851
Percentage of funds: 8.49% from district funds and 91.51% from the approved construction note.

Section 2 - Expenditures AFTER Bid Approval

We awarded a bid of $2,737,000.
We have expended $2,626,077.95 to date.
This is $110,922.05 under the awarded bid amount.
More details are in the attachment.

Section 3 - Expenditures BEFORE Bid Approval

We expended $43,781.75 from Special Building Fund.
We expended $61,991.18 from General Fund.
Total expenditures were $105,772.93.
More details are in the attachment.

Comments on Lease Purchase Numbers Attachment

This attachment includes "projected" numbers based on a $2,500,000 lease purchase agreement. These numbers will not be finalized tonight. We will set these at a later date.
APR will be 1.724%. It was 2.7% when we discussed this during the bidding process.
We are projected to pay $174,375 of interest on the $2,500,000 note.
More details are in the attachment.

Comments on Change Order Attachment

This attachment lists the change orders to date.

Recommended Motion(s): Recommend motion to approve the resolution authorizing the district to enter into a lease-purchase agreement with a bank, in the principal amount not to exceed two million five hundred thousand dollars ($2,500,000) to provide financing for a portion of the costs of a six-classroom addition to the elementary school facilities and a storm shelter and related improvements in and for the district; providing for the pledge and levy of certain funds for the payment of such lease-purchase agreement; approving certain terms of such lease-purchase agreement and related documents; delegating authority to certain officers of the district to approve final terms related to the lease-purchase agreement and all necessary documentation; and related matters. Passed with a motion by Board Member #1 and a second by Board Member #2.

8. Executive Session

More Information:

The Board of Education reserves the right to enter into Closed/Executive Session for 1) the protection of the public interest, or 2) the prevention of needless injury to the reputation of an individual, and/or the individual has not requested a public meeting. When making a motion to enter into Closed/Executive Session, the member making the motion should be as specific as possible as to the reason(s) for executive session.

The Board President will restate the reason for Closed/Executive Session after the motion has been acted on.

8.1. Executive Session (if needed)

9. Adjourn

Recommended Motion(s): Motion to adjourn the meeting Passed with a motion by Board Member #1 and a second by Board Member #2.

May 11, 2020 at 5:00 PM - Board of Education Regular Meeting

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