NCOE School leaders are now able to move forward with the sale of bonds following the April election and are doing so. Kevin Wills, an Investment Banking Specialist with Bernardi Securities provided the Unit 3 School Board with insight at Wednesday night’s meeting. School Board president Matt McArthy hits the high points in his summary of Wills’ 36-minute presentation.
McArthy: Bond to not exceed $3.2 million…we’ve got a cap of 6% interest..that’s high end. We cannot exceed that if we pass this resolution. If we pass this resolution, we cannot sell a single bond that exceeds 6%. We anticipate being lower than that…that’s the top end. $260,000 or $265,000 payment?
Wills: $265,000 is the annual principal and interest, $260,000 is the annual principal. Again, I anticipate it being less than that, but wanted to leave flexibility.
McArthy: Right, that’s the cap, we can’t exceed that. And 22 years is the length of term. It cannot exceed 22 years.
Willis: Right and again, whether we go that long or not, we’ll have that discussion.
McArthy: And we get to choose, if we approve this resolution, whether we have bond insurance or not…which I anticipate we will because it’ll pay for itself.
The school board unanimously approved moving forward on the resolutions. Work is set to begin on floors, doors, and the Home Ec room on June 1st according to Superintendent Matt Vollman.
The board also heard reports from building principals and an update on the Booth Trust which stands at $49,159.
Breakfast and Lunch contract prices were set for WOVSED and ROE with a slight increase to $1.90 for breakfast and $3.65 for lunch daily. The board recessed into executive session at 8:10pm.
