ZEELAND PUBLIC SCHOOLS
BOARD OF EDUCATION
SPECIAL BOARD AGENDA & MINUTES
December 18, 2017
183 W. Roosevelt
PRESENT: Board of Education: Todd Brennan, Linda Bush, Tom DenHerder, Rick Dernberger, Ron Scott
Administrators: Cal De Kuiper, Lynn VanKampen, Jon Voss
ABSENT: Board of Education: April DeWitt, Mark Snyder
GUESTS: Jeff Soles, Thrun
I. CALL TO ORDER: 12:00PM Ron Scott
A. PLEDGE OF ALLEGIANCE: Cal De Kuiper
B. ACKNOWLEDGEMENT OF VISITORS:
II. SUPERINTENDENT COMMENTS
III. AGENDA MODIFICATIONS
A. Refunding of Bonds
ZPS has refinanced bond series a few times these past five years. On November 13, we were advised that we may want to refinance a set of 2010 bonds, valued at about $14,000,000. The potential change in the Federal Tax Law, disallowing early refunding of bonds, required the district to make a quick decision on whether to move forward. The bonds in question are callable in May of 2020, the new legislation states bonds can only be refunded three months in advance, or for this set of bonds, February of 2020. If the Federal legislation passes before December 31, 2017, a window closes meaning we could not save the taxpayers these funds. However, depending on future interest rates and the specifics of our bonds at the time of the 2020 window, we might be able to save more, less, or similar funds. We should not let a window of opportunity pass without due consideration for our taxpayers. At the November 20 regular board meeting, the Board approved moving forward in the process within a set of parameters - see the resolution for detail. Since that time, the District was successful in refinancing these bonds within the parameters. With the Districts credit rating improving to “A” rating with a stable outlook, ZPS taxpayers were able to save more than the conservatively anticipated $650,000; the savings to taxpayers was just over $1,000,000.
A. REFUNDING OF BONDS:
Tom DenHerder moved and Linda Bush supported the motion to approve the ratifying resolution for the sale of the 2010 Refunding Bonds.
ROLL CALL: YEA: Brennan, Bush, DenHerder, Dernberger, Scott
VIII. CLOSED SESSION 12:18PM
Linda Bush moved and Tom DenHerder supported the motion that the Board of Education of Zeeland Public Schools convene in closed session for the purpose of negotiations per Section 8(c) of the Open Meetings Act.
The Board returned to open session and adjourned at1:00PM.