Board Finance Corporation approves bond sale for AES roof repair project

Posted June 2, 2020 at 1:01 pm

The Clinton County Board of Education held a special meeting last Thursday evening via teleconference–jointly with the Finance Corporation, which consists of the school board members.

The only item of business was the approval of a resolution between the two entities pertaining to the bond sale and advertisement for sale of bonds on the partial roof replacement project at Albany Elementary School.

After approving the meeting agenda, the school board voted for approval of the bid for the AES roof project and approved a resolution entering into a contract, lease or option with the Clinton County Finance Corporation and agree to pay annual rental equal to debt payments on the bonds.

The board then “recessed” and called the District Finance Corporation (made up of the board) into session.

The Finance Corporation then approved the resolution entering into the contract, lease and option with the Clinton County Board of Education and approved advertisement and sale of bonds.

The following actions were taken by the board/Finance Corporation during the session:

* Approved, on a motion by Kevin Marcum, a BG-1 for the Albany Elementary School partial roof replacement.

* On a motion by Gary Norris, approved a bid for the partial roof replacement from D. Riney Roofing, LLC from Louisville in the amount of $164,527.00.

* Approved the following Resolution on a motion by Marcum: Resolution of the Board of Education authorizing and approving the execution of a lease agreement with the Clinton County School District Finance Corporation…approving certain architect plans for the construction of a certain building project and execution of continuing disclosure procedures and plan of financing of said project.

The board then recessed and the Finance Corporation, also on a motion by Marcum, approved the following: Resolution of the District Finance Corporation, relating to and providing for the issuance of $156,000 principal amount (subject to a permitted adjustment of $15,000) of special obligation bonds (school building revenue bonds)…to provide funds for school building purposes…said Corporation in connection with the operation of school property, the creation of funds sufficient to pay the principal of and interest on said revenue bonds… and insurance funds…and authorizing the execution of a lease of such foregoing property to the Board of Education Clinton County School District.

The Finance Corporation meeting was then adjourned and the regular meeting called back in session.

With no further items of business on the agenda, the meeting was adjourned.

The next work session of the board is scheduled for June 11 and the next regular meeting for June 15, both at 5 p.m. with the location and meeting format to be announced later.