Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Facilities Energy Efficiency topic
No spam. Unsubscribe anytime.
Board approves $2.8 million lease to fund Jack Memorial energy-efficiency project
Summary
The board unanimously approved a lease to finance a $2,805,605 energy-efficiency project at Jack Memorial, accepting a 4.96% proposal from Capital One after suspending the usual reading rules because the project is time-sensitive.
The Regional School Unit MS 86 Board of Education on a unanimous vote approved a lease to finance an energy-efficiency project at Jack Memorial that district staff said costs $2,805,605. The board suspended its normal reading rules so it could act at the meeting.
The superintendent introduced the item and the board heard the financial details from district staff. "The leasing is for the, what we've been calling the EEI project, at Jack Memorial," Bullard said, describing planned insulation, a new boiler and HVAC overhauls. Bullard told the board that Capital One provided the winning lease quote at 4.96 percent, with Webster Bank at 5.05 percent and First Security at 5.15 percent. She said other typical municipal lessors did not submit qualifying bids.
The board first voted to suspend rules to allow both readings to occur at the same meeting. Dr. Moran moved to suspend the rules and omit the reading because the item was time-sensitive; Dr. Sergeant seconded. After discussion, Dr. Moran moved to approve the resolution and Dr. Sergeant seconded; the motion passed unanimously.
Bullard also told the board that EEI has already started work and that municipal-leasing firms contacted declined to match the offered rate. The district did not propose any alternative financing in the meeting record.
The board did not identify a specific implementation timeline beyond staff statements that work is underway, and the resolution language passed at the meeting was procedural approval of the lease terms and authorization to proceed with the financing.
Notes: the board recorded an unanimous vote with eight members present and two excused; no roll-call vote record with individual names was read into the transcript during the action.
