Elmhurst Community Unit School District 205 Board of Education met July 11.
Here is the minutes provided by the board:
James E Collins, Margaret Harrell, Karen Stuefen, Kara Caforio, Chris Kocinski, Courtenae Trautmann, Elizabeth Hosler
Mr. David Moyer, Mr. David Smith, Mrs. Beverly Redmond
Mrs. Nikki Tammaru, Mr. Scott Grens, Mr. Mark Cohen
1. Opening of Meeting
A. Call to Order
B. Roll Call
C. Pledge of Allegiance
2. Public Comments
A. The Board will receive public comments for up to three minutes concerning items on this agenda, as well as communication, petitions, reports from citizens or representatives of other public agencies
No public comments.
3. Discussion Topic
Referendum Financing Update
Mr. Collins provided an overview of current interest rate trends and issuance of debt. He then introduced Mrs. Elizabeth Hennessey, Managing Director of Raymond James Public Finance.
Mrs. Elizabeth Hennessey provided an overview of the global market and how it affects District 205 Referendum bond issuances.
She provided an overview of what was promised during the District 205 bond referendum.
She provided an overview of the two bond issuance options:
Option 1: $168.5M Bond Referendum through Illinois Finance Authority
(Issue $60M in 2019, $50M in 20201 with refundings, and $58.5M in 2023)
Option 2 -$168.5M Bond Referendum through Illinois Finance Authority
(Issue $50M in 2019, $50M in 20201 with refundings, and $68.5M in 2023)
Mrs. Hennessey provided a Tax Rate Comparison chart and compared the short term benefits vs. long term benefits.
The Board discussed interest rate assumptions and IFA issuances. The Board also discussed accelerated timelines for projects and the current EAV.
Mrs. Hennessey and the Board noted the importance of communication.
Mrs. Hennessey provided an overview of a parameters board resolution.
The Board discussed the pros and cons of each option.
4. Upcoming Meetings
A. Tuesday, July 16, 2019 - Board of Education Meeting - 7:00 p.m. - District 205 Center
B. Tuesday, August 13, 2019 - Board of Education Meeting - 7:00 p.m. - District 205 Center
5. Closed Session
Dr. Harrell moved and Mrs. Trautmann seconded to enter into closed session for the purposes of:
A. Litigation, when an action against, affecting or on behalf of the particular public body has been filed and is pending before a court or administrative tribunal, or when the public body finds that an action is probable or imminent, in which case the basis for the finding shall be recorded and entered into the minutes of the closed meeting (5 ILCS 120/2(c)(11))
B. The setting of a price for sale or lease of property owned by the public body (5 ILCS 120/2(c)(6))
C. The purchase or lease of real property for the use of the public body, including meetings held for the purpose of discussing whether a particular parcel should be acquired (5 ILCS 120/2(c)(5))
Roll Call Vote: Ayes: Collins, Harrell, Caforio, Hosler, Stuefen, Trautmann, Kocinski
Motion declared carried and the Board entered into closed session at 7:08 p.m.
The Board returned to open session at 8:50 p.m.
6. End of Meeting
Mrs. Caforio called the meeting adjourned at 8:51 p.m.