Posen Consolidated School District No. 9 Board of Education Meeting Minutes

Posen Consolidated 

School District No. 9

Board of Education 

Meeting Minutes

A special monthly meeting of the board of education was held Tuesday, November 24, 2015 in Mr. Palmer’s office.  President Kenneth Wozniak called the meeting to order at 10:33 a.m.

Members Present:  Kenneth Wozniak, Dennis Budnick, Jesse Chappa and Danielle Kowalski

Members Absent:  Andrew Stone, Anna Soik and Brian Konieczny.

Moved and supported whereas, Section 11a of the Revised Code, MCL 380.11a; authorized the school district to borrow money. The school district’s administration has recommended the school district borrow one hundred twenty five thousand dollars ($125,000) for general operating purposes.  It is in the interest of education for the district to borrow money from a bank or qualified financial institution.  The school shall arrange financing through a promissory note payable to First Merit Bank, at an interest of 1.95 percent to be repaid ninety (90) days from the date of closing.  The counsel for the school district has opined that the obligation is a tax-exempt obligation of the school district for the purpose of deduction of interest expense by financial institutions under Section 265(b) of the Internal Revenue Code of 1986, as amended (the “Code”).

Now, therefore be it resolved that the promissory note is hereby approved.  The Board designates the promissory note in accordance with Section 265(b)(3)(B) of the code as a “qualified tax-exempt obligation” for the purpose of deduction of interest by financial institutions under the provision of the IRS.  Issuance of this note does not exceed any statutory debt limitations.   The school district pledges for payment of principal and interest under the note monies in its general fund.  The school district shall set aside sufficient sums from these sources to pay the principal and interest under the note as they become due.

All resolutions and parts of resolutions insofar as they conflict with the provisions of this resolution be and the same are hereby rescinded.

= 'FFFFFF'; google_color_text = '333333'; google_color_url = '2666F5'; google_ui_features = 'rc:0'; //-->