October 25th 2004 Special School Board Meeting Minutes

TROY AREA SCHOOL DISTRICT

TROY, PENNSYLVANIA

October 25, 2004

A special meeting of the Troy Area School District Board of Education was called to order at 6:00 p.m. in the library of the Troy Middle School by President Morgan. The following members were in attendance:

Mr. Balmer Mrs. May Mr. Olsyn

Mr. Curren Mr. Morgan

Mrs. Fox Mrs. Morse

Also in attendance were: Mr. Grantier, Superintendent; Mrs. Decker, Business Administrator, and Solicitor Williams.

RESOLUTION – DEBT REFINANCING

Mr. Les Bear from Arthurs, Lestrange and Company, Inc. presented the directors with information for the district to recognize approximate savings of $ 81,882 by refinancing $ 3,240,000.00 outstanding debt under General Obligation Bond Series of 2001. Mr. Bear stated the amortization schedule on the district’s current debt service payments would not be elongated by this transaction.

Mr. David Unkovic, bond counsel, with Saul Ewing LLP, reviewed and explained the resolution to the directors for the establishment of General Obligation Bond Series of 2004.

It was moved by Mr. Olsyn, second by Mr. Curren to approve the following resolution:

BE IT HEREBY RESOLVED by the Board of School Directors of Troy Area School District as follows:

The Board of Education, with the financial advisor, Arthurs, Lestrange & Company, Inc. and bond counsel, Saul Ewing LLP, may act to approve a resolution to refund $ 3,240,000.00 of General Obligation Bonds, Series of 2004. The proceeds of the refunding will be used to advance a portion of the school district’s General Obligation Bonds, Series of 2001, which will achieve debt service savings in future years. The resolution accepts a bonds purchase proposal from Arthurs, Lestrange and Company, Inc., for the purchase of the 2004 Bonds, and approves other documents and actions necessary to issue the 2004 Bonds.

The roll call was as follows:

Mrs. Fox – Yes Mr. Olsyn – Yes

Mrs. May – Yes Mr. Balmer – Yes

Mr. Morgan – Yes Mr. Curren – Yes

Mrs. Morse - Yes

The text of the complete resolution is attached hereto and incorporated herein.

ADJOURNMENT

On a motion by Mr. Curren, second by Mrs. Morse, the meeting adjourned at 6:28 p.m. into an Executive Session for the purpose of legal issues.

Laura Decker

Secretary to the Board


Home DEPARTMENTS Board of Education Food Service Prof. Development Transportation RESOURCES Check the Weather in Troy, PA District Calendar Student Resources Parent Resources Teacher Resources Delay/Closing Info Graduation Requirements Parents, Students and Teachers: You can print the form you need here Forms	TROY AREA SCHOOL DISTRICT TROY, PENNSYLVANIA October 25, 2004 A special meeting of the Troy Area School District Board of Education was called to order at 6:00 p.m. in the library of the Troy Middle School by President Morgan. The following members were in attendance: Mr. Balmer Mrs. May Mr. Olsyn Mr. Curren Mr. Morgan Mrs. Fox Mrs. Morse Also in attendance were: Mr. Grantier, Superintendent; Mrs. Decker, Business Administrator, and Solicitor Williams. RESOLUTION – DEBT REFINANCING Mr. Les Bear from Arthurs, Lestrange and Company, Inc. presented the directors with information for the district to recognize approximate savings of $ 81,882 by refinancing $ 3,240,000.00 outstanding debt under General Obligation Bond Series of 2001. Mr. Bear stated the amortization schedule on the district’s current debt service payments would not be elongated by this transaction. Mr. David Unkovic, bond counsel, with Saul Ewing LLP, reviewed and explained the resolution to the directors for the establishment of General Obligation Bond Series of 2004. It was moved by Mr. Olsyn, second by Mr. Curren to approve the following resolution: BE IT HEREBY RESOLVED by the Board of School Directors of Troy Area School District as follows: The Board of Education, with the financial advisor, Arthurs, Lestrange & Company, Inc. and bond counsel, Saul Ewing LLP, may act to approve a resolution to refund $ 3,240,000.00 of General Obligation Bonds, Series of 2004. The proceeds of the refunding will be used to advance a portion of the school district’s General Obligation Bonds, Series of 2001, which will achieve debt service savings in future years. The resolution accepts a bonds purchase proposal from Arthurs, Lestrange and Company, Inc., for the purchase of the 2004 Bonds, and approves other documents and actions necessary to issue the 2004 Bonds. The roll call was as follows: Mrs. Fox – Yes Mr. Olsyn – Yes Mrs. May – Yes Mr. Balmer – Yes Mr. Morgan – Yes Mr. Curren – Yes Mrs. Morse - Yes The text of the complete resolution is attached hereto and incorporated herein. ADJOURNMENT On a motion by Mr. Curren, second by Mrs. Morse, the meeting adjourned at 6:28 p.m. into an Executive Session for the purpose of legal issues. Laura Decker Secretary to the Board
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