2006 Bond Update #1
With the passage of Measure 20-118 we have lots of work ahead of us. This is an exciting time for the district and Creswell. I have outlined a few of the immediate events that will need board attention.
Determination of Elections Results
The board will have a resolution
at the December meeting to determine the election results based on the
Passage of a bond issue is one of the exceptions to Local Budget Law that allows expenditure without formal appropriations by the governing body. The presumption is that the electorate has created that authorization through the election. I recommend the board approve a resolution to formalize the construction fund budget for the current fiscal year and propose to bring the resolution to the December board meeting.
Use of Proceeds Resolution
The passage of Measure 50 tightened the list of items that can be funded with bond proceeds. Specifically, it excluded stand alone computers and library books. It also allows taxpayer challenge of any expenditure they deem inappropriate, so I will present a resolution at the December meeting specifying to authorize uses of proceeds of bonded indebtedness. Once approved, a notice will be published of this adoption in the Creswell Chronicle within 15 days. Then an affected taxpayer has 60 days from the adoption of the resolution to challenge what we say we are going to spend the proceeds on. If we do not go through this step, then an affected taxpayer has 180 days after the actual expenditure is made. This would leave the district subject to legal challenge of bond expenditures for a much longer period of time.
Bond Sale Resolution
Seattle Northwest, bond underwriters, will assist us in selling the bonds. Currently we are targeting February for the sale. The board will have a resolution at the January board meeting regarding the sale.
During the last bond projects the district employed the used of a project manager to oversee the design and construction of the bond projects. The firm used was Heery International. Currently Heery’s fees are approximately $2.50-$3.00 per hundred of expenses. It is our intent that Dr. Stuber and Mrs. Heiss will act in this capacity for this bond as both have experience. By doing so, we should save the district these additional fees.
Technology Integration & Design
Joel Higdon will work closely with
the architect and serve on the bond design committee to ensure that the
technology is designed to meet the needs of
Bond Counsel and Financial Advisor
The District has designated Mersereau & Shannon LLP as bond counsel for the Bonds and Charles Carter Company as financial advisor for the Bonds.
Recommended Board Advisory Committees
Dr. Stuber has sent information to the board recommending two new standing committees be appointed: Bond Oversight and Bond Design.
Jennifer Heiss, Business Manager