BOARD OF TRUSTEES SPECIAL MEETING
The Board of Trustees of Anderson County School District Number Five met in the Offices of the Board this date with the following members present: Mr. David Alewine, Mr. Charles Lee Anderson, Mr. Rick Bradshaw, Dr. William Mack Burriss, Mr. John William Caldwell, Sr., Mrs. Ann W. Huitt, Mrs. Margaret Mack, Mr. Al Norris, Jr., and Dr. Paul A. Talmadge.
NOTICE TO MEDIA
In accordance with the S. C. Code of
Laws, 1976, Section
CALL TO ORDER
Dr. Burriss called the meeting to order at 5:34 p.m. for the purpose of considering a resolution for a bond referendum for building program unanimously approved by the Board at their regular January 16th Board Meeting.
Dr. Burriss then recognized Mrs. Bagley who recognized Mr. Brooks to continue with the Administration’s presentation.
In a PowerPoint presentation, Mr. Brooks reviewed an updated building program timeline with the additions of the Calhoun Auditorium and the Southwood Conversion Phase I. With these two additions, the estimated cost of the building program is approximately $139,255,567. He stated that the Board would need to consider a resolution for a bond referendum of approximately $140 million.
Next, Mr. Brooks reviewed the District’s Debt Service Millage History, stating that the millage rate has ranged from 27 mills up to 44.3 mills over the last ten years. Our current year’s millage is 32 mills. Mr. Brooks further stated that our calculation for this year would have been a little over 37 mills, but by using accumulated fund balance reserves, we were able to lower the millage to 32 mills.
Mr. Brooks reviewed the projected
payback schedule for the District’s existing outstanding debt service, the proposed
8% bond issue of $7.6 million that would be issued this spring for the
construction of classroom additions at Midway Elementary School and T.
Next, Mr. Brooks reviewed the projected millage rate analysis for the existing debt plus the proposed debt, stating that the projected millage rate peaks out at 38.16 mills and the estimated tax impact peaks out at $152.63 the same year on a $100,000 home, assuming the home is the primary residence with no other applicable tax exemptions.
Finally, Mr. Brooks reviewed the Existing Debt Service Millage versus the Proposed Debt Service Millage Tax Impact compared to the current year’s 32 mills debt service millage, stating that the estimated tax impact on a $100,000 home would be slightly higher for the first six years; the highest amount being $24.63.
Mrs. Bagley then stated that, if it is the consensus of the Board, the Administration would request other financial advisors to review the proposed bond sale to see if the debt service requirements to the taxpayer could be reduced. After some discussion, it was the consensus of the Board for the Administration to explore retaining a third party financial advisor for this purpose.
Assuming the Board approves a
resolution for a bond referendum, Mr. Dan McLeod of McNair Law Firm reviewed a
proposed referendum timeline ordering a bond referendum for
Mr. McLeod presented a revised Proposed Form of Question to be included in the resolution, pointing out that “existing elementary schools, middle schools, and high schools and” had been added to item #5 after “furnishing” for clarification.
Mr. Norris then suggested that item
#3 on the Proposed Form of Question needs to be more specific when it comes to
grade level. After some discussion, it
was the consensus of the Board to add (grades
6 through 12) after “
Mr. McLeod presented for Board
approval a Resolution ordering a Bond Referendum, the date being
Mr. Anderson made a motion the Board approve the Resolution as presented by McNair Law Firm ordering a Bond Referendum, the date being April 24, 2007, for approximately $140 million in general obligation bonds for the purpose of funding the building program amending the Proposed Form of Question by adding to item #3 (grades 6 through 12) after “Arts Magnet School” and by adding to item #5 “existing elementary schools, middle schools, and high schools and” after “furnishing” and with such revisions to the Proposed Form of Question throughout the Resolution. Mrs. Huitt seconded the motion, which carried unanimously.
Mr. Brooks then distributed to the Board as information an Invitation for Professional Services for architectural/engineering firms and a formal Request for Proposals (RFP) for real estate acquisition services. He stated that the advertisements for these two services would be placed in the newspaper February 4th. He further stated that the process for acquiring the architectural/engineering services is dictated by the District’s Procurement Code as well as the evaluation criteria for such services.
In response to a question about how
we would form the referendum committees, Dr.
· Finance Committee
· Fund Raising Committee
· High School Student Committee
· PTA/PTO Committee
· Parent Contact Committee
· Precincts Committee
· Media Committee
There being no further business, Mr. Caldwell made a motion to adjourn. Mrs. Huitt seconded the motion, which carried unanimously.
As Approved By Superintendent