Proceedings of the Board of Trustees
Lockwood School District No. 26
Yellowstone County, Billings, MT
Special Meeting of January 8, 2007
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Page 2

CALL TO ORDER

The special meeting of the Board of Trustees of School District No. 26, Lockwood Schools, Yellowstone County, was duly held in the Board Room, 1932 U.S. Highway 87, Billings, Montana on Monday, January 8, 2007.  Chairperson Teresa Stroebe led those present in the Pledge of Allegiance and called the meeting to order at approximately 12:10 p.m.

Trustees and officers present were Trustees: Becky Malenowsky, Sue Vinton, Teresa Stroebe, Thomas Jones, and Tim Trafford, Superintendent Eileen Johnson, and District Clerk Diane Brook. Trustees Greg Bochy and Barbara Forrester Frank were absent.

Bridget Ekstrom, Vice President of Public Finance for D. A. Davidson, was also present to assist with the electronic bidding process and bid tabulations.

Eight bids were submitted and electronically received for $12,860,000 General Obligation School Building Bonds, Series 2007.  The bid summary sheet is attached.

After review of the bid submissions, Tim Trafford moved to adopt the attached Resolution Relating to $12,860,000 General Obligation School Building Bonds, Series 2007; Awarding the Sale Thereof and Approving the Official Statement Relating Thereto awarding the bond purchase to UBS Securities, LLC, in New York, New York who was determined to have complied with the notice of sale and submitted the most favorable bid.  Thomas Jones seconded the motion.  Teresa Stroebe, Tim Trafford, Sue Vinton, Becky Malenowsky, and Thomas Jones voted in favor of the motion.  It passed five to zero.

Selecting a paying agent was the next item of business.  Bridget Ekstrom gave a brief explanation of their duties, saying they act as a third party trustee for making the bond payments.

Wells Fargo: Acceptance Fee:
Paying Agent Fee:
$250
$500
Out-Of Pocket Expense:
Total 20-year Cost
At Cost
$10,000
        Total Cost $10,250
U.S. Bank: Acceptance Fee:
Paying Agent Fee:
$350
$300
Out-Of Pocket Expense:
Total 20-year Cost
At Cost
$6,000
        Total Cost $  6,350

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Page 2
Special Meeting
January 8, 2007

Thomas Jones moved to select U.S. Bank as Paying Agent for Lockwood School District No. 26 for $12,860,000 General Obligation School Building Bonds, Series 2007.  Becky Malenowsky seconded the motion.  Teresa Stroebe, Tim Trafford, Sue Vinton, Becky Malenowsky, and Thomas Jones voted in favor of the motion.  It passed five to zero.
           
Sue Vinton moved to adjourn the meeting at 12:45 p.m.  Thomas Jones seconded the motion. Tim Trafford, Teresa Stroebe, Sue Vinton, Thomas Jones, and Becky Malenowsky voted aye.  The motion passed five to zero.

 

Teresa

Respectively Submitted,

___________________________      ___________________________
Teresa Stroebe, Chairperson                  Diane M. Brook, District Clerk

 

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