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MSD of New Durham Township board adopts lease amendment and authorizes bond documents for building project
Summary
The school board held a public hearing with no comments, then approved a lease amendment and a package of resolutions to assign construction bids to the district’s building corporation and to authorize bond issuance and related disclosure procedures for planned school building renovations.
Board President Karen Jedrysek presided over the Feb. 12, 2020 meeting of the MSD of New Durham Township School Board, which adopted a resolution authorizing execution of a proposed lease amendment and approved related bond and disclosure documents to support planned renovation work. The hearing on the lease amendment was published Jan. 9 in the Westville Indicator and the Herald Argus; no members of the public spoke during the hearing.
The actions taken include adopting the resolution authorizing execution of the lease (Exhibit A), approving a resolution to assign construction bids to the school building corporation once bids are received, approving the form of the Master Continuing Disclosure Undertaking tied to bond issuance, and adopting amended and restated post-issuance procedures. Motions for these items were made, seconded and carried during the meeting; the board directed that bids and contracts assigned to the building corporation would be funded with bond proceeds as planned.
Superintendent Sandra Wood noted that the plans, specifications and estimates for the renovation are on file in the district office. The board confirmed proof of publication for the required hearing notice and closed the hearing with no public comment. The board did not record a roll-call vote tally for each resolution in the minutes beyond the motion/second and the clerk’s notation that motions carried.
Why it matters: the resolutions collectively create the financing and administrative framework for awarding construction contracts and using bond proceeds to pay for the renovation project. The board’s adoption of post-issuance procedures and the continuing disclosure form are standard steps for municipal bond financings that help ensure compliance with securities disclosure obligations and allow the building corporation to accept and finance construction contracts.
Next steps: the district will receive construction bids, assign eligible bids and contracts to the building corporation as authorized, and proceed with bond issuance under the adopted disclosure and post-issuance procedures. Performance Services, which will present a solar update, is scheduled to appear at the March board meeting to provide an annual report.
