October 19, 2015 at 6:00 PM - REGULAR SCHOOL BOARD MEETING

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                ______________ (time)

     _____ Brandon Andersen
     _____ Kim Bolz-Andolshek
     _____ Mike Erholtz
     _____ Curt Johnson
     _____ Derrek Johnson
     _____ Susan Mathison-Young
     _____ Valarie Wallin
     _____ Chris Lindholm 
    

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Moved by ___________________, seconded by___________________ to approve the agenda as presented / amended.  Motion carried / failed by a ____________ vote.
    

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Description:  (Although board action is required, all items listed are considered to be routine and will be acted on by one motion, with no separate discussion.  In the event a board member wishes to discuss an item, that item will be moved for separate consideration.)

Moved by ___________________, seconded by ___________________  to approve consent agenda items, as presented.  Motion carried / failed by a ____________ vote.
     

Description:    -- September 21, 2015 - Regular Meeting
  -- October 5, 2015 - Special Meeting
  -- October 5, 2015 - Work Session
  -- October 6, 2015 - Negotiations Team

Description:       -- Accounts Paid in the amount of $721,359.19

Description:  (This is an annual statement of compliance required by the MN Dept. of Education.)
   

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Member ____________________ introduced the following resolution and moved its adoption:

RESOLUTION PROVIDING FOR THE SALE OF GENERAL OBLIGATION SCHOOL BUILDING REFUNDING BONDS, SERIES 2015A; AND COVENANTING AND OBLIGATING THE DISTRICT TO BE BOUND BY AND TO USE THE PROVISIONS OF MINNESOTA STATUTES, SECTION 126C.55 TO GUARANTEE THE PAYMENT OF THE PRINCIPAL AND INTEREST ON THESE BONDS 

BE IT RESOLVED by the School Board of Independent School District No. 186 (Pequot Lakes Public Schools), State of Minnesota, as follows:
 
1.   Bond Authorization.  The School Board has determined that it is necessary and expedient to issue $10,560,000 General Obligation School Building Refunding Bonds, Series 2015A.
2.   Sale.  The District has retained Ehlers & Associates, Inc. (Ehlers) in Roseville, Minnesota, as its independent municipal advisor for the Bonds.  Ehlers is authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9).  If the issuance of the Bonds is approved, the School Board shall meet at the time and place specified in the Official Statement to receive and consider proposals for the purchase of the Bonds.
3.   Official Statement; Negotiation of Sale.  Ehlers is authorized to prepare and distribute an Official Statement and to open, read and tabulate the proposals for presentation to the Board.
4.   Minnesota School District Credit Enhancement Program.  
     (a) The District hereby covenants and obligates itself to notify the Commissioner of Education of a potential default in the payment of principal and interest on the "Bonds" and to use the provisions of Minnesota Statutes, Section 126C.55 to guarantee payment of the principal and interest on the Bonds when due.  The District further covenants to deposit with the Registrar or any successor paying agent three (3) days prior to the date on which a payment is due an amount sufficient to make that payment or to notify the Commissioner of Education that it will be unable to make all or a portion of that payment.  The Registrar for the Bonds is authorized and directed to notify the Commissioner of Education if it becomes aware of a potential default in the payment of principal or interest on the Bonds or if, on the day two (2) business days prior to the date a payment is due on the Bonds, there are insufficient funds to make that payment on deposit with the Registrar.  The District understands that as a result of its covenant to be bound by the provision of Minnesota Statutes, Section 126C.55, the provisions of that section shall be binding as long as any Bonds of this issue remain outstanding. 
     (b) The District further covenants to comply with all procedures now and hereafter established by the Departments of Management and Budget and Education of the State of Minnesota pursuant to Minnesota Statutes, Section 126C.55, subdivision 2(c) and otherwise to take such actions as necessary to comply with that section.  The chair, clerk, superintendent or business manager is authorized to execute any applicable Minnesota Department of Education forms.

The motion for adoption of the foregoing resolution was duly seconded by Member_______________

Roll Call:

___ Brandon Andersen   ___ Kim Bolz-Andolshek   ___ Mike Erholtz   ___Curt Johnson
___ Derrek Johnson   ___ Susan Mathison-Young   ___ Valarie Wallin
 

Description:  (This public meeting must be held between the dates of  November 24, 2015, and December 28, 2015.  The recommendation is to set the Truth in Taxation public meeting for 6:00 p.m. Monday, December 21, 2015.  The regular meeting will follow beginning at 7:00 p.m.)

Moved by ___________________, seconded by ___________________  to set the Truth in Taxation public meeting to be held Monday, December 21, 2015, beginning at 6:00 p.m.  Motion carried / failed by a ____________ vote.
   

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Moved by ___________________, seconded by ___________________  to accept donations, as presented.  Motion carried / failed by a ____________ vote.
   

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Moved by ___________________, seconded by ___________________  to adjourn.  Motion carried / failed by a ____________ vote.  The meeting was adjourned at __________ p.m.