LINCOLN PARISH SCHOOL BOARD
Ruston, Louisiana
SPECIAL CALLED SESSION
Wednesday, June 9, 2004 12:00 Noon
The Lincoln Parish School Board met in Special Called Session on Wednesday, June 9, 2004 at 12:00 noon in the Board Room of the Lincoln Parish School Board Office, 410 South Farmerville Street, Ruston, Louisiana. Members present were President Rob Shadoin, Ms. Lisa Best, Mr. Curtis Dowling, Ms. Mattie Harrison, Ms. Lynda Henderson, Mr. Jim Kessler, Mr. Flynn Ludley, Mr. George Mack, Mr. Ted McKinney, and Ms. Jo Tatum.
Mr. Otha Anders and Mr. Joe Mitcham were absent.
Mr. Rob Shadoin called the meeting to order and Mr. Ludley gave the invocation. Mr. Shadoin led in the Pledge of Allegiance to the American flag.
President Shadoin asked those present to spend a few minutes in silent reflection in honor of the recent death of former United States president Ronald Reagan.
Upon a motion by Mr. Kessler, seconded by Ms. Tatum, the Board unanimously voted to adopt the agenda as presented.
Mary Null, Supervisor of Elementary Education, presented a list of broken and obsolete property from Ruston Elementary which has been stored for years. They requested permission to properly dispose of the property if the Board declared as surplus.
Upon a motion by Ms. Tatum, seconded by Ms. Harrison, the Board unanimously voted to accept the administration's recommendation to declare the items on the list from Ruston Elementary as surplus to be properly disposed.
The time having arrived for the sale of $15,000,000 of General Obligation School Bonds, Series 2004 of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana, scheduled for twelve o'clock noon, prior to the opening of bids, the President called upon Mr. Grant Schlueter of Foley & Judell, L.L.P., Bond Counsel, to advise the Lincoln Parish School Board, acting as the governing authority of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana, as to what action was necessary in order to proceed with the reception of bids and sale of the Bonds.
The first order of business, according to Mr. Schlueter, was to open the bids received for the issue and to formally approve the official Notice of Bond Sale and the Official Statement that was prepared and distributed to the purchaser in connection with the sale of the Bonds. He stated that the Official Statement had been prepared with the assistance of the officials and staff of the Governing Authority and the Assessor's office and other local public officials, and that all members of the Governing Authority have been furnished a copy of the same for their review and approval.
Mr. Schlueter confirmed that the Bonds had been assigned a rating of "A-" by Standard and Poors Corporation.
Mr. Schlueter then announced that it was time to open the sealed bids received for the purchase of the captioned Bonds, said Bonds having been advertised for sale by virtue of a resolution adopted on May 4, 2004. It was then stated that the Notice of Bond Sale which had been issued on May 4, 2004, calling for sealed bids for the purchase of the Bonds had been published in The Daily Journal of Commerce, New Orleans, Louisiana and the Ruston Daily Leader, Ruston, Louisiana, in their issues of May 12, 2004.
Upon a motion by Mr. Kessler, seconded by Mr. Mack, that Board unanimously voted to adopt the following:
RESOLUTION
Providing for the opening of sealed bids received for the purchase of Fifteen Million Dollars ($15,000,000) of General Obligation School Bonds, Series 2004 of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana, approving the Official Notice of Bond Sale and Official Statement in connection therewith, and authorizing the President and the Secretary of the Lincoln Parish School Board to sign copies thereof as evidence of the approval thereof.
After calling for sealed bids for the purchase of the Bonds, it was announced that four bids had been received for the purchase of the Bonds. Bids on the Bonds which included bond insurance were received from:
Morgan Keegan & Co. of New Orleans, Louisiana 4.6621%
Stevens, Inc. of Little Rock, Arkansas 4.6324%
UBS Financial Services Inc. of Dallas, Texas 4.6245%
Legg Mason Wood Walker, Inc. Winston-Salem, North Carolina 4.6285%
After announcing that all of the firms will insure payment of the principal and interest, Mr. Schlueter wholeheartedly recommended acceptance of the bid of 4.62% from UBS. He indicated that UBS agreed to wire $150,000 in good faith monies to the LPSB by the end of the day. These monies would be credited toward the final payment due, along with the bonds, on July 21, 2004.
Upon a motion by Ms. Best, seconded by Mr. McKinney, the Board unanimously voted to approve the following:
RESOLUTION
Accepting the bid of UBS Financial Services Inc., of Dallas, Texas, for the purchase of Fifteen Million Dollars ($15,000,000) of General Obligation School Bonds, Series 2004 of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana.
The final resolution to complete the Bond sale, which Mr. Mack wanted to vote on by roll call,
was authorizing the incurring of debt and the issuance of bonds.
Upon a motion by Mr. Mack, seconded by Ms. Tatum, the Board unanimously voted by roll call to adopt the following:
RESOLUTION
Authorizing the incurring of debt and issuance of Fifteen Million Dollars of General Obligation School Bonds, Series 2004, of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana; prescribing the form, terms and conditions of said Bonds; designating the date, denomination and place of payment of said Bonds; providing for the payment thereof in principal and interest; and providing for other matters in connection therewith.
Following a question regarding the order of the capital improvement projects, the meeting adjourned at 12:31 p.m.
___________________________ ____________________________
Charles R. Scriber, Secretary Robert E. Shadoin, President