Thursday, February 25, 2021
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Home Government School Board to Hold Public Hearing on SAVE Bonds

School Board to Hold Public Hearing on SAVE Bonds

With the agenda for tonight’s Pella Community School District Board of Education meeting released prior to Gov. Kim Reynolds’ order rescinding all coronavirus-related restrictions, it will still be held virtually.

Click HERE to participate in the meeting, which will be held with the board members in person at the Pella High School library. Click HERE for the full agenda.

The first meeting of each month is a work session. In the case of tonight’s meeting, the work session will include a public hearing on a proposal to issue $8.2 million in new bonds tied to the district’s school infrastructure funds. Following the hearing, the school board will consider the approval of the following resolution to relating to the bond issue, which was approved at an election in November of 2019:

WHEREAS, the School District receives revenue from the State of Iowa Secure an Advanced Vision for Education Fund (“SAVE Revenue”) pursuant to Iowa Code Section 423F.2; and

WHEREAS, pursuant to Iowa Code Chapter 423F and an election duly held in accordance therewith on November 5, 2019 approving a revenue purpose statement (the “Revenue Purpose Statement”), the Board of Directors is currently entitled to spend SAVE Revenue for school infrastructure purposes; and

WHEREAS, the Board of Directors is in need of funds for the following school infrastructure project: to currently refund the outstanding School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2016, dated April 25, 2016, including costs of issuance and a debt service reserve fund if required by the purchaser; and

WHEREAS, the Board of Directors has deemed it necessary and advisable that the District issue School Infrastructure Sales, Services and Use Tax Revenue Refunding Bonds, which may be issued in one or more series over multiple fiscal years pursuant to Iowa Code Section 423F.2 and 423E.5, in the approximate amount of $8,200,000 for the purpose of providing funds to currently refund the outstanding School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2016, dated April 25, 2016, including costs of issuance and a debt service reserve fund if required by the purchaser.  Any bond proceeds remaining after completion of this project will be used for other school infrastructure projects as authorized by the School District’s Revenue Purpose Statement; and

WHEREAS, the Board of Directors has complied with the provisions of Iowa Code Section 423F.4 by providing notice and holding a public hearing on the proposal to issue such Bonds:

NOW, THEREFORE, it is resolved:

  1. The Board of Directors supports the proposal to issue approximately $8,200,000 School Infrastructure Sales, Services and Use Tax Revenue Refunding Bonds, which may be issued in one or more series over multiple fiscal years pursuant to Iowa Code Section 423F.2 and 423E.5, for the purpose of providing funds to currently refund the outstanding School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2016, dated April 25, 2016, including costs of issuance and a debt service reserve fund if required by the purchaser.  Any bond proceeds remaining after completion of this project will be used for other school infrastructure projects as authorized by the School District’s Revenue Purpose Statement.
  2. Eligible electors of the school district have the right to file with the Board Secretary a petition pursuant to Iowa Code Section 423F.4(2)(b), on or before close of business on February 22, 2021, for an election on the proposed bond issuance.  The petition must be signed by eligible electors equal in number to not less than one hundred or thirty percent of those voting at the last preceding election of school officials under Iowa Code Section 277.1, whichever is greater.
  3. In the event a petition containing the required number of valid signatures is filed with the Secretary of the Board on or before close of business on February 22, 2021, the President shall call a meeting of the Board to consider withdrawing the proposed Bond issuance, or directing that the question of the proposed Bond issuance be submitted to the qualified electors of the School District.

If the Board determines to submit the question to the electors, the proposition to be submitted shall be as follows:

Shall the Board of Directors of the Pella Community School District in the Counties of Marion, Mahaska and Jasper, State of Iowa, be authorized to issue approximately $8,200,000 School Infrastructure Sales, Services and Use Tax Revenue Refunding Bonds, which may be issued in one or more series over multiple fiscal years pursuant to Iowa Code Section 423F.2 and 423E.5, in the approximate amount of $8,200,000 for the purpose of providing funds to currently refund the outstanding School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2016, dated April 25, 2016, including costs of issuance and a debt service reserve fund if required by the purchaser; with any bond proceeds remaining after completion of this project used for other school infrastructure projects as authorized by the School District’s Revenue Purpose Statement?

Click HERE to see a complete timeline of events relating to the pending sale of school infrastructure bonds. At tonight’s meeting, the school board will consider setting a special meeting date for April 5 to ensure the timeline for sale of the new bonds and retirement of the 2016 series bonds is met.

The school board will also consider approval of the 2019-20 school year audit report, the first reading of the revised 500 series of district policies, and a user agreement for the high school golf teams with Pella Golf & Country Club.

There will also be a closed session at the end of the meeting to discuss ongoing employment contract negotiations.

For more news and information – “just about Pella” – visit www.pella-news.com.

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