BOARD FINANCE COMMITTEE MINUTES

OCTOBER 3, 2005

 

Members of the Board Finance Committee met on Monday, October 3, 2005, at 6:45 p.m. in the Superintendent's Conference Room. Present were School Board Members Charlene Koch, Diane Rowe, Dr. Craig Haytmanek, Rosario Amato, William Heske, Margaret Williams, Julie Venanzi, and Loretta Leeson. Also present were Dr. Joseph A. Lewis, superintendent of schools, Stanley J. Majewski, Jr., assistant to the superintendent for finance and administration, Robert R.Gross, III, assistant superintendent for human resources, Jamie Shelby from Arthurs LeStrange Company, and members of the press.

 

Courtesy of the Floor - None

 

Open Forum - The committee discussed the information presented by Mrs. Leeson at the September 26, 2005, Regular Board Meeting concerning suspicious activity at a bus stop involving Notre Dame Elementary school students, and a document dated September 14, sent to parents from the school.

 

It was agreed that any information known by school directors that may involve student safety should be provided to the superintendent promptly, and not wait until the next public meeting.

 

Tiger Den Easement - Mr. Majewski advised the committee that an amendment to the easement and agreement to convey real estate to Tiger Den Partners will be presented at the October 17 board meeting for approval. The amendment will include a request for a $50,000 letter of credit which will ensure that all parties fulfill their obligations. The Deed of Dedication will be between the City of Bethlehem and the school district and will also appear as an agenda item for October 17, 2005. It was previously approved as a transfer of Deed to the Commonwealth Department of Transportation, but the entity obtaining the property has changed.

 

Financing Options - Mr. Majewski discussed with the committee the opportunity to pursue entering into a variable-to- fixed agreement with the funds from the 1997 financing, if market conditions permit, and asked for permission to proceed with gathering information for the Forward Starting Swap Agreement for the funds needed for Broughal Middle School construction, and other potential capital improvements.

 

Discussion followed regarding long-term interest rates and the district's needs for future growth and capital projects. The committee was polled, and unanimously agreed to have Mr. Majewski move forward with regard to an Interest Rate Swap Agreement, preliminary information gathering, and analysis of this data. He will present his findings at a future meeting.

 

The meeting adjourned at 7:30 p.m.

 

Minutes prepared by

                        Adele Embardino, Confidential Secretary to the Assistant Superintendent for

                        Finance and Administration