Board Meeting Dates

Additional Details

Special Board of Education Meeting

AGENDA

Friday, July 27, 2012

7:30 AM

DeLayo-Martin Community Room, Alice and Bruce King Educational Complex, 6400 Uptown NE

Albuquerque, New Mexico

Minutes of Special Board Meeting

The Board of Education

Albuquerque Public Schools

A Special Board of Education meeting of the Albuquerque Public Schools Board of Education was held Friday, July 27, 2012, beginning at 7:30 a.m. in the DeLayo Martin Community Room, Alice and Bruce King Educational Complex, 6400 Uptown Blvd. NE.

I.             Call to Order

The meeting was called to order at 7:35 a.m.

A.            Roll Call

Present: Analee Maestas. Kathy Korte, Lorenzo Garcia, Martin Esquivel, Paula Maes, David Robbins (by phone)

Absent: David Peercy

B.            Adoption of the July 27, 2012, Special Board of Education Meeting Agenda (Discussion/Action)

Martin Esquivel motioned to adopt the agenda. Kathy Korte seconded the motion.  Board members unanimously adopted the July 27, 2012, Special Board of Education meeting agenda.

II.            Special Issues

1. A. Public Forum Regarding General Obligation Education Technology Notes

There were no participants in the public forum.

B.            Consideration to Adopt the Resolution Authorizing Entering into the Lease Purchase Arrangement and Issuing the Notes to Acquire Educational Technology Equipment in an Amount not to Exceed $13,000,000. (Discussion/Action)

Don Moya, chief financial officer, Art Melendres of Modrall, Sperling, Roehl, Harris & Sisk, P.A., and Paul Cassidy of RBC Capital Markets reviewed that the APS Board of Education approved a resolution in June 2012, which determined the necessity to issue Educational Technology Notes (ETNs).  They explained that the ETNs allow leasing, maintenance and support of technology, are part of the current capital master plan, and do not increase taxes and would not change the current capital master plan strategy.

Board members were requested to adopt the resolution authorizing entering into the lease purchase arrangement and issuing the notes to acquire educational technology equipment in an amount not to exceed $13 million and approve the sale of the ETNs series 2012 to George K Baum, Robert W. Baird & Co. and Stone & Youngberg

Board members requested information about the interest rates and concern about how the bonds related to the volatility of the bond market.

David Robbins motioned for adoption of resolution and sale.  Lorenzo Garcia seconded the motion.  Except David Peercy, who was absent from this meeting, board members unanimously adopted the resolution authorizing entering into the lease purchase arrangement and issuing the notes to acquire educational technology equipment in an amount not to exceed $13 million..

III.          Adjournment

The meeting adjourned at 7:47 a.m.