Aug 09, 2010 August 9, 2010 Regular Board Meeting - 7:00 p.m. (Copy)

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12. Approval of District Policy IGBJ and IGBJ-R, Online Learning

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E. Non-Consent Agenda

18. 2010-11 Budget, Public Hearing and Adoption, Resolution No. 2063

20. Board Policies - Executive Limitations (EL), First Reading EL-1, Global Executive Constraint; EL-2, Emergency CEO Succession; EL-3, Communication and Counsel to the Board; EL-4, Annual Report to the Public; EL-5, Treatment of Parents and Citizens; EL-6, Student Learning Environment; El-7, Instructional Program; EL-8, Instructional Materials Selection; EL-9, District Calendar; EL-10, Student Discipline; EL-11, District Staff; EL-12, Budgeting/Financial Planning; EL-13, Financial Administration, EL-14, Asset Protection; EL-15, Facilities; EL-16, Technology

21. Board Policies - Governance Process (GP), First Reading GP-1, Governance Commitment; GP-3, Board Job Description; GP-5, Board Committee Principles; GP-6, Annual Agenda Planning; GP-8, Board Member Conflict of Interest; GP-9, Process for Addressing Board Member Violations, GP-10, Handling Requests or Complaints

22. Board Policies - Board/CEO Relationship (B/CR) , First Reading B/CR-1, Governance and Management Connection; B/CR-2, Unity of Control; B/CR-3, Accountability of the CEO

23. Monitoring Board Policy, EL-11, Staff Treatment

24. Monitoring Board Policy, EL-14, Budgeting/Financial Planning

25. Monitoring Board Policy, EL-15, Financial Administration

Motion to approve bond sale reslultion Moved by Doug Eglington, seconded by Nancy Bernard.

Vote to approve bond sale reslultion (Approved) (Recorded at 00:23:42)

Chip presented Resolution No. 2060 Authorization to Sell Bonds. Explained resolution - this methodoogy approving givng supt the authorization over next 60 days to approve the sell of the bonds it maximum flexibiity in order to get all paper proces and timing of the sale of the bonds. Jack Eaton as well as Cynthia Weed to answer question - large bond sale - give opp to ask any question os that you wish. Jackie - remind our public - bonds approved in 2006. for the current modernization plan Chip - phase 2 of modernization and just remidner - phase 2 authorized by the voters fund the modernization of 11 schols in 8 years. LWHS and Finn Hil Jr. High just start6ed, Muir, Keller, Sandburg - those are the schols in pipline and getting ready - this bond sale supprots that activity. Chris - total authroziat of bond sale. Chip - sale number 3 - 80, 40, and 20 Janene - this is the fifthe sale - if we sale the entire 120 - we have 36 million left. Doug - combination of the timing when the money is needed for construction but also most opportune time period in which to get the lowest interest rates - Jane - correct - interest rates are low and take full advanatge of that and take advantage of that- interest rate are low and ocnstruction are low and getting projects on line as fast as possible. In addition number of federal programs stimulus part o the sale could be through ABS and take advantage of those opportunty (federal program ABS) Doug - strong psoition with our bond rating Janene - was recent relook at comparing the ratings of govt entity and bond rating moved to Triple AAA - first which will also help us int he market. Doug - Great leadership on aprt of the supt, board and staff - congrats. Chip - that bill floating around called jobs bil essentailly to increase indebedness which could reduce our bond rating becasuse the it is impacted in part by the states bond rating. Nancy - keep us updated on that XXXXX - the jobs bill (State) Chip - why reserve 36 million Janen - when we sell the bonds we need assuranced will spend85 percent in three years - based on our cash flow schedule. Ravi - bond rating before Janene AA1 Ravi - how much basis points will we save. Jack - never sold LW bonds as AAA - interest rates are so low because of the differentiation -make huge difference on ASB bonds - different in the way the bonds are marketed - getting better rate than prior meeting - I can say 2 or 3 basis points that can change because of the marekt Chip - fair to say because of the current marekt that makes them marketable and sellable. John - sell them the day of board meeting and/or special board meeting - now we can market the bonds and get the best possible rates. Jackie - been able to save the taxpayers quite a bit because of how they are sold. Chip - a number of the bonds Jack helped us refin the bonds becqause the rates became attractive - saves us million of dollars. Jack - the build america bill bond ends Dec. 31 - if reauthorized that number is going down - so maxmimize your return as much as we can. Ravi - what are the municap bond rates Jack - 20 year munical bond AA3 went just earlier this week 3.76 percent - 20 year, a one year .33 percent.

18. 2010-11 Budget, Public Hearing and Adoption, Resolution No. 2063

20. Board Policies - Executive Limitations (EL), First Reading EL-1, Global Executive Constraint; EL-2, Emergency CEO Succession; EL-3, Communication and Counsel to the Board; EL-4, Annual Report to the Public; EL-5, Treatment of Parents and Citizens; EL-6, Student Learning Environment; El-7, Instructional Program; EL-8, Instructional Materials Selection; EL-9, District Calendar; EL-10, Student Discipline; EL-11, District Staff; EL-12, Budgeting/Financial Planning; EL-13, Financial Administration, EL-14, Asset Protection; EL-15, Facilities; EL-16, Technology

21. Board Policies - Governance Process (GP), First Reading GP-1, Governance Commitment; GP-3, Board Job Description; GP-5, Board Committee Principles; GP-6, Annual Agenda Planning; GP-8, Board Member Conflict of Interest; GP-9, Process for Addressing Board Member Violations, GP-10, Handling Requests or Complaints

22. Board Policies - Board/CEO Relationship (B/CR) , First Reading B/CR-1, Governance and Management Connection; B/CR-2, Unity of Control; B/CR-3, Accountability of the CEO

23. Monitoring Board Policy, EL-11, Staff Treatment

24. Monitoring Board Policy, EL-14, Budgeting/Financial Planning

25. Monitoring Board Policy, EL-15, Financial Administration

Motion to approve bond sale reslultion Moved by Doug Eglington, seconded by Nancy Bernard.

Vote to approve bond sale reslultion (Approved) (Recorded at 00:23:42)

Chip presented Resolution No. 2060 Authorization to Sell Bonds. Explained resolution - this methodoogy approving givng supt the authorization over next 60 days to approve the sell of the bonds it maximum flexibiity in order to get all paper proces and timing of the sale of the bonds. Jack Eaton as well as Cynthia Weed to answer question - large bond sale - give opp to ask any question os that you wish. Jackie - remind our public - bonds approved in 2006. for the current modernization plan Chip - phase 2 of modernization and just remidner - phase 2 authorized by the voters fund the modernization of 11 schols in 8 years. LWHS and Finn Hil Jr. High just start6ed, Muir, Keller, Sandburg - those are the schols in pipline and getting ready - this bond sale supprots that activity. Chris - total authroziat of bond sale. Chip - sale number 3 - 80, 40, and 20 Janene - this is the fifthe sale - if we sale the entire 120 - we have 36 million left. Doug - combination of the timing when the money is needed for construction but also most opportune time period in which to get the lowest interest rates - Jane - correct - interest rates are low and take full advanatge of that and take advantage of that- interest rate are low and ocnstruction are low and getting projects on line as fast as possible. In addition number of federal programs stimulus part o the sale could be through ABS and take advantage of those opportunty (federal program ABS) Doug - strong psoition with our bond rating Janene - was recent relook at comparing the ratings of govt entity and bond rating moved to Triple AAA - first which will also help us int he market. Doug - Great leadership on aprt of the supt, board and staff - congrats. Chip - that bill floating around called jobs bil essentailly to increase indebedness which could reduce our bond rating becasuse the it is impacted in part by the states bond rating. Nancy - keep us updated on that XXXXX - the jobs bill (State) Chip - why reserve 36 million Janen - when we sell the bonds we need assuranced will spend85 percent in three years - based on our cash flow schedule. Ravi - bond rating before Janene AA1 Ravi - how much basis points will we save. Jack - never sold LW bonds as AAA - interest rates are so low because of the differentiation -make huge difference on ASB bonds - different in the way the bonds are marketed - getting better rate than prior meeting - I can say 2 or 3 basis points that can change because of the marekt Chip - fair to say because of the current marekt that makes them marketable and sellable. John - sell them the day of board meeting and/or special board meeting - now we can market the bonds and get the best possible rates. Jackie - been able to save the taxpayers quite a bit because of how they are sold. Chip - a number of the bonds Jack helped us refin the bonds becqause the rates became attractive - saves us million of dollars. Jack - the build america bill bond ends Dec. 31 - if reauthorized that number is going down - so maxmimize your return as much as we can. Ravi - what are the municap bond rates Jack - 20 year munical bond AA3 went just earlier this week 3.76 percent - 20 year, a one year .33 percent.

Aug 09, 2010 August 9, 2010 Regular Board Meeting - 7:00 p.m. (Copy)

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