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RSU 10 board approves $2.27 million lease-financing for EEI energy conservation project
Summary
The RSU 10 school board approved a resolution authorizing lease financing of $2,266,825 for an energy conservation project with EEI; board members discussed authorization language for signatories and clarified the 20-year term and 5.12% rate before unanimous approval.
The Western Foothills Regional School Unit 10 school board voted unanimously to approve a resolution authorizing lease financing for a $2,266,825 energy conservation project with EEI, the board heard at the meeting.
Board member Peter moved the resolution, which the agenda reproduced as: “I move that the resolution entitled resolution to authorize lease financing of a $2,266,825 energy conservation project at RSU schools be approved in the form presented to this meeting,” and Ed seconded. The board discussed the financing term, signatory language and administrative delegation before voting to approve the resolution.
Board members asked for clarification of a clause authorizing “the superintendent or any other RSU officer or official” and whether the board should name specific deputies who could execute financing documents if the named officials were unavailable. Board member Kristen asked who the deputies might be; an administrator responded that the practical deputies would be the assistant superintendent and the business manager and noted that legal counsel drafted the document. Leah (staff member) confirmed the financing terms discussed at the meeting: a 5.12% rate over 20 years with annual payments.
After clarification, the board voted unanimously to approve the lease financing resolution. No amendment to the resolution language was made at the meeting; one board member suggested a memorandum of understanding to record who would act in a deputy capacity if needed, and staff said legal counsel prepared the document.
What the action means: the approved resolution authorizes RSU 10 to enter the lease-financing arrangement at the terms presented; the superintendent will execute the documents if the board does not name alternate signatories. The board did not adopt a separate policy naming deputies at this meeting.
