[00:00:01]
[A. CALL TO ORDER: Establish a quorum]
ALL RIGHT. GOOD MORNING, EVERYBODY.THANKS, EVERYBODY, FOR GETTING UP THIS MORNING AND JOINING US.
A QUORUM HAS BEEN ESTABLISHED.
WHICH NOW BRINGS US TO OUR PUBLIC FORUM.
I'M PRETTY SURE WE DON'T HAVE ANYBODY SIGNED UP TO SPEAK.
SO THAT'S GOING TO TAKE US STRAIGHT INTO OUR ACTION ITEM FOR THE DAY.
[C.1. Consideration and possible adoption of the order authorizing the Issuance, Sale, and Delivery of Hays CISD Unlimited Tax School Building Bonds, Series 2023, and containing other matters related thereto]
THE SUBJECT OF THIS ACTION ITEM IS THE CONSIDERATION AND POSSIBLE APPROVAL OF THE ISSUANCE, SALE AND DELIVERY OF HAYS CISD UNLIMITED TAX SCHOOL BUILDING BONDS SERIES 2023.THERE WILL BE A MOMENT FOR A DISCUSSION.
I'M GOING TO START WITH THE SUGGESTED MOTION, WHICH IS THAT THE HAYS CISD BOARD OF TRUSTEES ADOPT THE ORDER AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT UNLIMITED TAX SCHOOL BUILDING BONDS SERIES 2023, AND CONTAINING OTHER MATTERS RELATED THERETO AS PRESENTED. MOVED BY MR. SEVERANCE. SECONDED BY MISS PETREA.
ANY FURTHER DISCUSSION? MISS PETREA? HI. YES. WE GOT A GOOD EXPLANATION AS TO WHY THIS IS COMING TO US.
KIND OF OFF CYCLE OUTSIDE OF A BOARD MEETING.
WRIGHT OR ANYONE ELSE LIKE TO JUST LET EVERYONE KNOW KIND OF WHY WE'RE DOING THIS TODAY.
MR. ROWLEY, YOU WANT TO COME UP AND LET US ALL KNOW WHAT'S GOING ON? YES. SO WHAT WE ARE TRYING TO DO IS TAKE ADVANTAGE OF OR GET AHEAD OF WHAT THE LEGISLATURE IS GOING TO COME IN, I GUESS, IN NOVEMBER WITH THE NEW LEGISLATION THEY ARE TAKING OUT TO VOTERS WHERE YOU CAN VOTE ON THE INCREASE IN THE HOMESTEAD EXEMPTION FROM $40 TO $100,000.
SO IN ORDER FOR THIS DEBT TO QUALIFY FOR HOLD HARMLESS OR EXISTING DEBT ALLOTMENT, WE'RE GOING TO, WITH THE HELP OF OUR FINANCIAL ADVISOR, MAKE A PAYMENT AHEAD OF TIME AHEAD OF SEPTEMBER 1ST SO THAT THIS DEBT WOULD THEN QUALIFY.
SO IN ORDER TO MEET THAT DEADLINE AND THEN MEET MARKET CONDITIONS OF SELLING BONDS, WE'RE TRYING TO GET THIS ORDER ESTABLISHED SO THAT WE CAN MOVE FORWARD ON THAT.
ANYBODY ELSE, MR. SEVERANCE? HEY, RANDY.
IT'S THE ONE. WE SELL THIS AND PUT IT INTO A SPECIAL FUND AFTER WE SELL THE BOND.
WHAT INTEREST RATE WILL THAT FUND BE? I'M SORRY? WHAT INTEREST RATE WILL THAT FUND BE WE'LL BE MAKING ON THIS MONEY? OH, FOR US, RIGHT NOW, OUR MOST OF OUR BOND FUNDS ARE PUT IN OUR INVESTMENT POOLS AND THEY'RE RUNNING RIGHT NOW ANYWHERE FROM 5 AND A HALF TO A LITTLE NORTH OF 5.6.
OKAY. SEEING NO FURTHER DISCUSSION.
ALL THOSE IN FAVOR? AYE. ANY OPPOSED? MOTION CARRIES FIVE ZERO.
ANYBODY HAVE ANY QUESTIONS YOU'D LIKE TO GET SUBMITTED TODAY SINCE WE HAVE IT ON THE AGENDA? ALL RIGHT. MS. RUNKLE, WOULD YOU LIKE TO RECAP THOSE QUESTIONS? I'M KIDDING. OKAY.
MS. PETREA, THANKS FOR ASKING FOR THE EXPLANATION.
I THINK THAT WAS A GOOD THING TO DO.
BUT OUR NEXT MEETING WILL BE AUGUST 21ST, RIGHT HERE AT THE KUNKEL ROOM AT 5:30 P.M.
[F. UPCOMING BOARD MEETINGS]
AND WITHOUT ANY FURTHER OBJECTION, WE STAND ADJOURNED.* This transcript was compiled from uncorrected Closed Captioning.