Norwalk-Ontario-Wilton School District

Special Meeting of the Board of Education

Board Meeting Minutes

January 26, 2016

I.                   Call to Order

The Special Meeting of the Norwalk-Ontario-Wilton Board of Education was called to order by Board President Kurt Radke at 7:02 p.m.

II.                Roll Call

Board members present were; Mr. Streeter, Mrs. Wang, Mr. Bauman, Mr. Arndt and Mr. Radke. Mr. Burhop, District Administrator, was also present.

III.             Legal Meeting Determination

Motion to approve this as a legal meeting with proper notice was made by Mr. Bauman, seconded by Mrs. Wang. Motion passed unanimously.

IV.             Approval of the Agenda

Motion to approve the agenda as posted was made by Mrs. Wang, seconded by Mr. Streeter. Motion passed unanimously.

V.                Public Comments

There were no public comments.

VI.             Purpose of Special Meeting

A.    Approve the Notice of Full Call on the Taxable General Obligation Refunding Bonds Dated May 1, 2016

Mr. Burhop reviewed the history of the refinancing of the unfunded liability in 2006. Mr. Burhop informed the Board that by paying off the debt ten years early, approximately $150,000 of interest payments would be saved. Mr. Burhop also informed the Board that a Notice of Full Call is required for the holders of the bonds. The holders of the bonds then have by law a minimum of thirty-five days to redeem the bonds. At that point interest on the bonds will cease to accrue on March 18, 2016. Mr. Burhop stated that the district would be invoiced by Associated Bank for the final payment amount on March 18, 2016, which would be approximately $416,000. Motion to approve the Notice of Full Call on the Taxable General Obligation Refunding Bonds Dated May 1, 2016 was made by Mr. Arndt, seconded by Mr. Bauman. Roll Call Vote: Mr. Streeter (Aye), Mrs. Wang (Aye), Mr. Bauman (Aye), Mr. Arndt (Aye), Mr. Radke (Aye).

B.     Approve FFA Overnight Field Trip

Mr. Burhop informed the Board that the overnight field trip would be in Wisconsin Rapids in mid-February. Four FFA students would be attending the FFA Farm Forum and would be under the supervision of Mr. Von Ruden. Motion to approve the FFA overnight field trip as presented was made by Mr. Radke, seconded by Mr. Streeter. Motion passed unanimously.

VII.          Adjourn

Motion to adjourn the meeting at 7:06 p.m. was made by Mr. Bauman, seconded by Mrs. Wang. Motion passed unanimously.