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Itasca School District 10
Itasca, IL 60143-1722

MINUTES OF THE MAY 30, 2002, SPECIAL BOARD OF EDUCATION MEETING

THE PURPOSE OF THE MEETING WAS TO ISSUE REFUNDING BONDS, ISSUE CAPITAL APPRECIATIONG LIMITED SCHOOL BONDS, PURCHASE A SURETY BOND, AND OPEN A DEPOSITORY ACCOUNT AT LASALLE BANK

I. Call to order, roll call, and Pledge of Allegiance –

The meeting was called to order by vice president Mr. Torii at 6:04 PM. With the following ROLL CALL:

    PRESENT
    Mrs. Dale
    Mr. Hervas
    Mr. McCann
    Mrs. McDonald
    Mrs. Nolte (arrived after roll call)
    Mr. Powers (arrived after roll call)
    Mr. Torii
    ABSENT

II. Welcome to Visitors – Mr. Torii welcomed all visitors to the meeting.


III. Motion to waive the reading of the entire resolutions:

Motion made by Mr. McCann and seconded by Mr. Hervas that the reading of the entire resolutions contained herein be waived. Following an opportunity for questions, discussion and community input, the motion carried on the following ROLL CALL VOTE:

AYES NAYS
Mrs. McDonald
Mr. Hervas
Mr. McCann
Mr. Torii
Mrs. Dale

IV. Refunding Bonds Issue –

Motion was made by Mr. Hervas and seconded by Mr. Torii that the resolution providing for the issue of $1,995,000 School Refunding Bonds, Series 2002B, of Itasca School District #10, DuPage County, Illinois, and for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds by adopted. Following an opportunity for further questions, discussion, and community, Mr. Raymond Benson asked to speak. He asked questions regarding the nature of the HVAC project with Johnson Controls. He also asked about the bid process. He questioned why the Board was not using all or some of the working cash fund before borrowing through bonds. Dr. Cull explained the nature of the work and the RFP process.

Dr. Cull also summarized the funding options the Board considered and discussed the reason for settling on bonds. Mr. Hervas explained his interest and reasoning in preserving the working cash fund. Mr. McCann expressed his concerns with pending, open-ended expenses related to special education and the need to hold the Working Cash for those possibilities. Mr. Torii discussed our ability to opt out of the contract after the first year. Mr. Hervas informed Mr. Benson of the current state of school financing and the continuing drop in resources. Mr. Benson thanked the Board for their effort.

The motion passed on the following ROLL CALL VOTE:

AYES NAYS
Mrs. Nolte
Mr. Powers
Mrs. Dale
Mr. McCann
Mr. Hervas
Mrs. McDonald
Mr. Torii

V. Capital Appreciation Limited School Bonds Issue

A motion was made by Mrs. McDonald and seconded by Mr. McCann that the resolution providing for the issue of $3,798,591.30 Capital Appreciation Limited School Bonds, Series 2002A, of Itasca School District #10, DuPage County, Illinois, and for the levy of a direct annual tax to pay the principal and interest on said bonds be adopted. Following an opportunity for further discussion, questions, and community input, the motion carried on the following ROLL CALL VOTE:

AYES NAYS
Mr. McCann
Mrs. Dale
Mr. Hervas
Mr. Torii
Mrs. McDonald
Mrs. Nolte
Mr. Powers

VI. Surety Bond

A motion was made by Mr. McCann and seconded by Mrs. McDonald that the Board of Education approve the purchase of a Surety Bond through Marsh USA at a cost not to exceed $1,000.

AYES NAYS
Mr. Torii
Mr. Powers
Mrs. Nolte
Mr. McCann
Mr. Hervas
Mrs. McDonald
Mrs. Dale

VII. Depository Account

Motion made by Mr. McCann and seconded by Mr. Hervas that the Board of Education adopt a resolution to open a depository account at LaSalle Bank and assign PMA Financial Network, Inc., and PMA Securities, Inc. to serve as intermediaries for District #10 investments. Following an opportunity for questions, discussion and community input, Mrs. Nolte asked if the motion should be amended the to reflect the Board interest in keeping the working cash fund at the Itasca Bank and Trust. She indicated the importance of the Bank to the community and the long-standing relationship with the school district. Dr. Cull indicated that he was aware of that relationship and had directed officials from PMA to honor and support that relationship. Dr. Cull also indicated that should any funds be moved out of the working cash fund for expenses or reinvestment, the issue would come to the Board. Mrs. Nolte and the Board were satisfied with that approach. No amendment. Motion passed on the following ROLL CALL VOTE:

AYES NAYS
Mrs. Dale
Mr. Powers
Mrs. McDonald
Mr. Hervas
Mr. Torii
Mrs. Nolte
Mr. McCann

VIII. Adjournment

There being no further business, the meeting was adjourned at 6:46 p.m. by Mrs. Nolte, President.

    ___________________________________
    Mrs. Maureen McDonald, Secretary
    Board of Education
    ________________________________
    Susan Nolte, President
    Board of Education