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DEPARTMENTS

TROY AREA SCHOOL DISTRICT

TROY , PENNSYLVANIA

 

September 9, 2003

 

 

  Due and legal notice having been given, a special meeting for general business purposes of the Troy Area School District Board of Education was called to order at 7:00 p.m. in the Middle School Library by President Morgan. The following members were in attendance:

  

    Mr. Balmer     Mrs. Fox     Mr. Morgan

    Mr. Curren     Mrs. May     Mrs. Morse

    Mr. Debach     Mrs. McKerrow   Mr. Olsyn

 

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

 

Resolution     

On a motion made by Mrs. Morse, seconded by Mr. Debach, the board of directors acted to adopt a Resolution authorizing the incurrence of a debt for two million dollars ($ 2,000,000.00) on a line of credit as interim financing pending the receipt of state funding. The roll call was as follows:

      Mr. Balmer - Yes       Mrs. McKerrow - Yes

      Mr. Curren - Yes       Mr. Morgan - Yes

      Mr. Debach - Yes       Mrs. Morse - Yes

      Mrs. Fox - Yes       Mr. Olsyn - Yes

      Mrs. May - Yes

 

Line of Credit - Borrowing     

The following proposals were received by the Troy Area School District

from local financial institutions including Citizens and Northern Bank, First Citizens National Bank and First National Bank of Canton to enable the district to borrow Two Million Dollars ($ 2,000,000.00) on a line of credit pending the expected distribution of funds to the district from the Commonwealth:

 

Citizens and Northern Bank:   

  

Interest:   Variable at 80% of Wall Street Journal Prime (WSJP) with a floor of 2.00% and a ceiling of 4.50% on the interest rate.

 

Term:   12 Months; Principal on demand. Interest shall be payable monthly or at the notes maturity, whichever the borrower chooses.

Bank Fees:   Waived   

 

First National Bank of Canton :

 

Interest:   2.8% Variable - Wall Street Journal Prime (WSJP) minus 1.20% or 3.45% fixed rate

 

Term:     12 Months; Payment would be made in a single payment of principal plus accrued interest due at loan maturity.

Bank Fees:   Not specified.

 

First Citizens National Bank:

Interest:   2.50% Variable - Wall Street Journal Prime (WSJP) minus 1.5% with a floor of 2.00%

Term:     6 Months

Bank Fees:   Waived

Mr. Olsyn made the motion, seconded by Mr. Debach, to accept the proposal as submitted by First Citizens National Bank with a variable rate of Wall Street Journal Prime minus 1.5%, currently 2.5% for the term of 6 months. The roll call vote was as follows:

 

Mr. Curren - Yes       Mr. Morgan - Yes

Mr. Debach - Yes       Mrs. Morse - Yes

Mrs. Fox - Yes       Mr. Olsyn - Yes

Mrs. May - Yes       Mr. Balmer - Yes

Mrs. McKerrow - Yes

 

Employment - T. Cora

On a motion made by Mr. Debach, seconded by Mrs. Morse, the directors

approved the employment of Theresa Cora as a personal care aide assigned to the Middle School. Mrs. Cora's salary will be step 1, personal care aide category within the 2002/03 Support Personnel Contract with an associated rate of $ 7.65/hour. Her employment will be retroactive to September 2, 2003 . When a new contract is ratified, if a salary adjustment is necessary, it will be made at that time. The roll call was as follows:

 

Mr. Debach - Yes       Mrs. Morse - Yes

Mrs. Fox - Yes       Mr. Olsyn - Yes

Mrs. May - Yes       Mr. Balmer - Yes

Mrs. McKerrow - Yes       Mr. Curren - Yes

Mr. Morgan - Yes

    

 

Adjournment     

On a motion made by Mr. Curren, seconded by Mrs. Fox, the Board of directors adjourned to executive session for personnel reasons at 7:24p.m. before beginning their regularly scheduled work session.

Laura Decker

Secretary to the Board