Bond County Community Unit School District No. 2 Board of Education met Jan. 9.
Here is the minutes provided by the Board:
Board President Edmar Schreiber called the meeting to order at 7:37 p.m.
Those present were board members Doll, Prater, Schreiber, Timmermann, Workman, Young, and Zykan. Others present were Superintendent Wes Olson; Tim King, and Emily Laesch.
Executive Session
Motion by Timmermann, second by Doll, that the board of education enter into executive meeting at 7:38 p.m. to discuss the appointment, employment, Compensation, discipline, performance, or dismissal of specific employees of the District or legal counsel for the District, including hearing testimony on a Complaint lodged against an employee or against legal Counsel for the District to determine its validity. Roll call vote: Doll, yes; Prater, yes; Schreiber, yes; Timmermann, yes; Workman, yes, Young, yes, Zykan, yes. Motion carried 7-0
Motion by Timmermann, second by Doll, that the board of education return to open session at 7:48 p.m. Roll call vote: Doll, yes; Prater, yes; Schreiber, yes; Timmermann, yes, Workman, yes; Young, yes, Zykan, yes. Motion carried 7-0.
Kings Financial Consulting Inc., Presentation
Tim King of Kings Financial Consulting Inc. was present to share information regarding the District's Debt Services Extension Base (DSEB). In the future, the District may become subject to the Property Tax Extension Limitation Law (PTELL or "tax caps") limiting the amount of new borrowing that may be completed without referendum approval. The District has existing Building Bonds that were passed by referendum and would not qualify for establishing a base if the District becomes subject to tax caps. In order to increase the District's DSEB, it was recommended to abate the 2013 Building bond levy by $627,000 using the working cash proceeds to make the Series 2013 11/1/2017 and 5/1/2018 payments. The District would then levy $627,000 to repay the Working Cash Bonds. The result is no different for taxpayers, as the bond levy does not change, but the character of the levy is now a non-referendum working cash bond that will produce an additional $627,000 DSEB if the District becomes capped for a total DSEB of $1,320,000.
Resolution to Issue Working Cash Bond
Motion by Timmermann, second by Zykan, to adopt the resolution of intent to issue up to $1,300,000 working cash fund bonds to increase the working cash fund of the District. Roll call vote: Doll, yes; Prater, yes; Schreiber, yes; Timmermann, yes; Workman, yes; Young, yes; Zykan, yes. Motion carried 7-0.
Adjourn
Motion by Timmermann, second by Zykan, that the meeting be adjourned at 8:24 p.m. Voice vote. Motion carried 7-0.
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