PAWLING CENTRAL SCHOOL DISTRICT

MINUTES

BOARD OF EDUCATION

Pawling Central School

Date of Meeting:                     May 23, 2005

Time of Meeting:                     7:30 P.M.

Type of Meeting:                     Business Meeting

                                                PUBLIC HEARING on

ADVANCE REFUNDING

 

Place of Meeting:                    High School Library

 

Board Members Present:                        Henrietta Lodge, Board President

                                                                Pauline Kaplan, Vice President

                                                                Thomas Clark

                                                                Bruce Cunningham

                                                                Robert Gaglione

Dennis Munnelly

                                                                Teri Olson

                                                                                                                               

Board Members Absent:                         none

 

Admin. Staff Present:                              Frank DeLuca, Superintendent

                                                                Frank Tolan

                                                                Dr. Cheryl Thomas

                                                                Anthony Saracino

                                                                John Bellucci

                                                                Sonya Abbye Taylor

                                                                George Newman

                                                                Margie Clarke

                                                                Robert Hamilton

                                                                Evelyn Perrault

 

Business Meeting Called to Order by Board President

Roll Call was taken by the Board Clerk

Pledge to the Flag

 

Board President Comments – The public was thanked for coming out to vote and passing the budget.

 

Visitors Comments  - T. Hartford – Discussed the new assignments of teachers and questioned a shared decision-making process.

J. Sherlack – Discussed the availability of staff development for teachers.

L. Hahn – Asked why the teachers were being reassigned. 

K. Reid – Discussed the difficulty of the teachers’ ability to suddenly change assignments.

A. Empke  - Asked how  the decision will strengthen the school.

E. Munning – Asked why changes were not made in the middle and high schools as well.

H. Bellucci – Asked if the Board was approached about the changes.

M. Place – Discussed morale of the teachers.

M. Kim – Asked if teachers were first requested to change positions.

C. Reid – Discussed the long-term reliability on teachers and their positions.

M. McGrath – Asked who made the decision to change the teachers.

H. Grosso – Asked about the tests for grades 3-8.

Mr. Reid  - Suggested that the Board consider the issues.  Reminded the Board that education is too important to be left to the educators.

 

Board Remarks

                Review the May 17, 2005 affidavit ballots

Affidavit ballots were reviewed.  Among the 7 ballots, one was found to be that of an eligible voter.  That one vote was counted. 

The new total is reflected in the minutes of May 17, 2005.

Motion by Pauline Kaplan, seconded by Tom Clark and carried unanimously to accept the vote as amended.

Ms. Grosso was elected to the two-year term for Board of Education Trustee.

 

Presentations

            A. PUBLIC HEARING Re: District’s intent to consider proposals for the advance refunding of its outstanding indebtedness – Margie Clarke

            B.      Facilities Option Update

                           KG&D Architects

                           Triton Construction Managers

The two options of building were discussed:

       1) Adding on to the three school buildings 

       2) Building a new high school

 

Agenda order:  

Motion by Pauline Kaplan, seconded by Bruce Cunningham and carried unanimously to approve the following additions, deletions/changes and order of the agenda as presented:

ADD:     Presentation: Facilities Option Update

          8.2 D Appoint Magen Pfister as a substitute Teacher

        11.4 Approve Transportation Agreement with Pawling Recreation

 

The Items with a * are items the Superintendent recommended for the consent agenda. 

Motion by Pauline Kaplan, seconded by Dennis Munnelly and carried unanimously to approve the following as the consent agenda:

                8.1 Resignations

                                A. Elementary Teacher (retirement)

                                B. Spanish Teacher

                                C. School Monitor (playground and bus)

                                D. School Bus Driver

                8.2 Appointments:

                                A. Bus Driver                                        

                                B. Bus Driver

                                C. Per Diem Substitute Teacher

                                D. Senior Typist

                8.3 Grant Tenures

                                A. Guidance Counselor

                                B. Library Media Specialist

                                C. Special Education teacher

                9.1 Approve/Receive Financial Reports

                                Bank Reconciliations m/e March, 2005

                                Revenue/Expenditure Report m/e March 2005

                                Summary of Cash Balances m/e March 2005

                                Budget Transfer Report quarter ending March, 2005

                                Middle School Activity Report m/e March, 2005

                                High School Activity Report m/e March, 2005

                9.2 Accept Proposal of American Appraisal Associates

                10.1 Accept Individualized Education Plans

                11.1 Accept Donations

                       A. $1500 Donation from Quaker Valley Farm to HS Jazz Band

                       B. New and Used educational books for H.S. from N. Kardian

                       C. Ele. Readers etc. for Ele. School from N. Kardian

                 11.4 Approve Transportation Agreement with Pawling Recreation

Discussion: Mr. DeLuca said that he was pleased to be recommending those to whom tenure was being granted.

 

Minutes

Motion by Pauline Kaplan, seconded by Robert Gaglione that the Board of Education approve the minutes of the following meeting, as presented:

                May 9, 2005 meeting

Motion is carried unanimously.

                May 17, 2005 Budget Vote with amendments as discussed

Ms. Olson abstained.  Motion is carried .

 

Personnel

*  Approved as part of the consent agenda that the Board Education accept the following resignations:

With regret, Mary Lynne Oreson, elementary teacher, for the purpose of retirement, effective June 30, 2005.

 

Ronald Hammond, Spanish teacher, effective June 30, 2005.

 

Richard W. Grimes, from his positions as School Monitor (playground and bus),  effective May 21, 2005.

 

                Debra Smith, school bus driver, effective June 4, 2005.

 

* Approved as part of the consent agenda that the Board of Education approve the following appointments:

Cheryl Mirra, reinstated as a Bus Driver at the hourly rate of $17.62 (Step 5), effective June 1, 2005.

 

Arthur DeGaetano, school bus driver, effective May 24, 2005, at the hourly rate of $17.44 with a probationary period according to CSEA contract, contingent upon fingerprint clearance from New York Dept. of Motor Vehicle Bus Driver Certification Unit.

 

                Karl Rohde as a per diem substitute teacher, at the 4 year degree rate, for the remainder of the 2004-2005 school year.

 

                Melanie LaPierre, as a Senior Typist, at Salary Grade 8A, Step 5 ($32,382.16 prorated) effective June 13, 2005 with a probationary period according to CSEA contract and continuing employment dependent upon fingerprint clearance from the State Education Department.

 

                Magen Pfister as a substitute teacher for the remainder of the 2004-05 school year at the 2 year degree rate, with continuing employment dependent upon fingerprint clearance from the State Education Department.

 

* Approved as part of the consent agenda that the Board of Education, pursuant to section 3012 of the Education Law and in compliance with Part 30.3 of the Rules of the Board of Regents, upon the recommendation of Mr. Frank DeLuca, Superintendent of Schools, does hereby award tenure to the following school personnel:

     Debra Ahern, Guidance Counselor effective Aug. 31, 2005

     Diane Chambers, Library Media Specialist, effective Aug. 31, 2005

     Nicole (Holczinger) Moore, Special Education teacher, eff. Aug. 31, 2005

               

Financial

*   Approved as part of the consent agenda

                Bank Reconciliations m/e March, 2005

                Revenue/Expenditure Report m/e March, 2005

                Summary of Cash Balances m/e March, 2005

                Budget Transfer Report quarter ending March, 2005

                Middle School Activity Report m/e March, 2005

                High School Activity Report m/e March, 2005

                               

* Approved as part of the consent agenda that the Board of Education for the Pawling Central School District accept the proposal of American Appraisal Associates, Inc. to provide an updated fixed asset accounting at a cost not to exceed $5,370.00 and authorize the Assistant Superintendent for Finance to execute said proposal.

 

Motion by Pauline Kaplan, seconded by Tom Clark and carried unanimously that the Board of Education does hereby adopt the attached full resolution as provided under Section 90.10 of the Local Finance Law for the purpose of refunding the $15,570,000 outstanding aggregate principal balance of the refunded Bonds.        FULL RESOLUTION MADE  PART OF THE MINUTES

 

 

Committee on Special Education

*  Accept Individualized Education Plans

Approved as part of the consent agenda  that the Board of Education accept the following Individualized Education Plans:

For 2004-05 school year: 100043. 02009; for 2005-06: 100043

 

Board of Education

Approved as part of the consent agenda that the Board of Education accept with thanks the following donations:

·         $ 1,500 donation from Quaker Valley Farm to the High School Jazz Band, who will use the money to attend a music festival on Orlando, Florida next year.

·         New and used educational books for the High School Library and Special Education classes, with an estimated value of $600.00 donated by Nancy Kardian.

·         Elementary readers, reproducibles, videos, books and audiotapes, phonics workbooks, stickers with an estimated value of $1,650 donated by Nancy Kardian.

             

 

Motion by Pauline Kaplan, seconded by Bruce Cunningham and carried unanimously that the Board of Education approve the lease agreement by which the Pawling Central School District shall lease the Donaldson Center, located at 32 Holiday Hill Lane, Pawling, New York, from the Town of Pawling for a period of five years commencing July 1, 2005 and authorize the President of the Board of Education to execute said lease agreement.

 

Motion by Pauline Kaplan, seconded by Bruce Cunningham and carried unanimously that the Board of Education approve the lease agreement by which the Pawling Central School District shall lease a bus garage facilities and parking site, located at 178 Old Route 55, Pawling, New York, from West Pawling Properties LLC for a period of Five (5) years commencing July 1, 2005 and authorize the President of the Board of Education to execute said lease agreement.

Discussion: Thanked Senator Leibell and Assemblyman Stephenson for their assistance in making this possible.

 

Old Business

A. Building Level Teams

Ms. Lodge asked for a copy of the minutes of the meeting.

 

New Business

     A.  Discussed and agreed to moving June 27 meeting to Tuesday, June 28th (conflict with PTA golf- outing) – The Board agreed to sponsor a hole.

     B.  Discuss date for July Reorganization meeting and Board Retreat;

Thursday July 14 will be the Reorganization Meeting

Mr. DeLuca will look for a facilitator for the BOE retreat.

Discussed HALT meeting at Arlington /School Business Officials.  Ms. Grosso agreed to attend.

 

Administrative Reports

Superintendent - none

Elementary Principal – Discussed elementary field day, 3rd grade concert and kindergarten visitation.

Middle School Principal – Discussed 5th grade camp get-away, 8th grade trip to Washington, DC, the upcoming assessments and 7th and 8th grade band accomplishments.

High School Principal – Thanked Ms. Yankowich for her work on the prom and after prom party.  Discussed the PTA honor roll breakfast, peer leaders make-a-wish foundation, Senior Citizen Prom, foreign language induction ceremony and High School spring concert.  Also discussed National Honor Society, the art show and annual sports dinner.

Asst. Superintendent for Curriculum and Personnel – Discussed professional development opportunities.

Asst. Superintendent for Finance – Presently closing out the year and planning for next year.

Director of Special Education – Discussed PACE program and Nicole Moore’s presentation on autism and asperser’s.  More students are being received into the PACE program.

Dean of Students/Athletic Director – sports update

Director of Facilities and Operations - none

Supervisor of Transportation - 14 busses are out on trips.

 

 

Visitors’ Comments

D. Pagliaro – PTA president, discussed purchase of new lilac for school grounds.  Thanked the Board for supporting the golf outing.

P. Denema – Discussed the building level team.

V. Jorgenson – Commented on the issue of teachers being reassigned.

 

Executive Session

Motion by Pauline Kaplan, seconded by Teri Olson and carried unanimously that the Board of Education enters Executive Session to discuss specific personnel issues and legal issues.  Time: 9:25 PM.

 

The following was recorded by Henrietta Lodge, clerk pro tem:

Reconvene to Open Session: 

Motion by Robert Gaglione, seconded by Tom Clark and carried unanimously that the Board of Education reconvenes to open session for the purpose of adjournment.

                                                           Time: 9:55 PM.

 

Respectfully submitted,

 

 

Virginia Mold

District Clerk

CALL TO ORDER

ROLL CALL

PLEDGE

 

Board Pres. Comments

 

 

Visitor’s Comments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Board Remarks

 

 

 

 

 

 

 

 

PRESENTATION

PUBLIC HEARING

Facilities Option Update

 

 

 

 

 

 

 

AGENDA ORDER

 

 

 

 

 

 

 

 

 

APPROVE CONSENT AGENDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPROVE MINUTES

 

 

 

 

 

 

 

PERSONNEL

Resignations

 

 

 

 

 

 

 

 

 

 

 

Appointments 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant Tenures

 

 

 

 

 

 

 

 

FINANCIAL

Approve/Receive Financial Reports

 

 

 

 

 

 

Accept Proposal of American Appraisal Associates.

 

 

 

 

Adopt Full Resolution for Refunding the $15,570,000 Outstanding Aggregate Principal Balance of the Refunded Bonds

 

 

SPECIAL

EDUCATION

 

 

 

 

BOARD OF EDUCATION

Accept Donations

 

 

 

 

 

 

 

 

 

 

 

 

Approve Lease Agreement for Administrative Offices 

 

 

 

 

 

Approve Lease Agreement for Bus Garage Facilities

 

 

 

 

 

 

 

 

OLD BUSINESS

 

 

 

NEW BUSINESS

 

 

 

 

 

 

 

ADMINISTRATIVE REPORTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VISITORS’ COMMENTS

 

 

 

 

 

Executive Session

 

 

 

 

Reconvene to open session

 

 

 

 

ADJOURN

 

 

REFUNDING BOND RESOLUTION DATED MAY 23, 2005.

A RESOLUTION AUTHORIZING THE ISSUANCE PURSUANT TO SECTION 90.10 OF THE LOCAL FINANCE LAW OF REFUNDING BONDS OF THE PAWLING CENTRAL SCHOOL DISTRICT, DUTCHESS AND PUTNAM COUNTIES, NEW YORK, TO BE DESIGNATED SUBSTANTIALLY “SCHOOL DISTRICT REFUNDING (SERIAL) BONDS”, AND PROVIDING FOR OTHER MATTERS IN RELATION THERETO AND THE PAYMENT OF THE BONDS TO BE REFUNDED THEREBY.

WHEREAS, the Pawling Central School District, Dutchess and Putnam Counties, New York (hereinafter, the “District” or the “School District”) heretofore issued an aggregate principal amount of $9,748,000 School District (Serial) Bonds, 2000, pursuant to a certain bond resolution to pay the cost of the construction of additions to and reconstruction of District buildings in and for said School District, and a bond determinations certificate of the President of the Board of Education (hereinafter referred to as the “2000 Refunded Bond Certificate”), such School District (Serial) Bonds, 2000, being dated November 1, 2000 and maturing or matured on November 1 annually, as more fully described in the 2000 Refunded Bond Certificate (the “2000 Refunded Bonds”); and

WHEREAS, the School District heretofore issued an aggregate principal amount of $6,687,000 School District (Serial) Bonds, 2001, pursuant to a certain bond resolution to pay the cost of the construction of additions to and reconstruction of District buildings in and for said School District, and a bond determinations certificate of the President of the Board of Education (hereinafter referred to as the “2001 Refunded Bond Certificate”), such School District (Serial) Bonds, 2001, being dated November 15, 2001 and maturing or matured on November 15 annually, as more fully described in the 2001 Refunded Bond Certificate (the “2001 Refunded Bonds”); and

WHEREAS, the School District heretofore issued an aggregate principal amount of $700,000 School District (Serial) Bonds, 2003, pursuant to a certain bond resolution to pay the cost of the construction of additions to and reconstruction of the District building in and for said School District, and a bond determinations certificate of the President of the Board of Education (hereinafter referred to as the “2003 Refunded Bond Certificate”), such School District (Serial) Bonds, 2003, being dated October 1, 2003 and maturing or matured on October 1 annually, as more fully described in the 2003 Refunded Bond Certificate (the “2003 Refunded Bonds”); and

WHEREAS, the 2000, 2001 and 2003 Refunded Bonds are hereinafter sometimes referred to collectively as the “Refunded Bonds”; and

WHEREAS, it would be in the public interest to refund all, or one or more, or a portion of one or more, of the $8,745,000 outstanding principal balance of the 2000 Refunded Bonds, $6,150,000 outstanding principal balance of the 2001 Refunded Bonds, and $675,000 outstanding principal balance of the 2003 Refunded Bonds, (all such outstanding principal balances being stated as of the date hereof), each by the issuance of refunding bonds pursuant to Section 90.10 of the Local Finance Law; and

WHEREAS, each of such refundings will individually result in present value savings in debt service if so required by Section 90.10 of the Local Finance Law; NOW, THEREFORE, BE IT

RESOLVED, by the Board of Education of the Pawling Central School District, Dutchess and Putnam Counties, New York, as follows:


Section 1.              For the object or purpose of refunding the $15,570,000 outstanding aggregate principal balance of the Refunded Bonds, including providing moneys which, together with the interest earned from the investment of certain of the proceeds of the refunding bonds herein authorized, shall be sufficient to pay (i) the principal amount of the Refunded Bonds, (ii) the aggregate amount of unmatured interest payable on the Refunded Bonds to and including the date on which the Refunded Bonds which are callable are to be called prior to their respective maturities in accordance with the refunding financial plan, as hereinafter defined, (iii) the costs and expenses incidental to the issuance of the refunding bonds herein authorized, including the development of the refunding financial plan, as hereinafter defined, compensation to the underwriter or underwriters, as hereinafter defined, costs and expenses of executing and performing the terms and conditions of the escrow contract or contracts, as hereinafter defined, and fees and charges of the escrow holder or holders, as hereinafter mentioned, (iv) the redemption premium to be paid on the Refunded Bonds which are to be called prior to their respective maturities, and (v) the premium or premiums for a policy or policies of municipal bond insurance or cost or costs of other credit enhancement facility or facilities, for the refunding bonds herein authorized, or any portion thereof, there are hereby authorized to be issued not exceeding $18,000,000 refunding serial bonds of the School District pursuant to the provisions of Section 90.10 of the Local Finance Law (the “School District Refunding Bonds” or the “Refunding Bonds”), it being anticipated that the amount of Refunding Bonds actually to be issued will be approximately $15,820,000, as provided in Section 4 hereof.  The Refunding Bonds described herein are hereby authorized to be consolidated for purposes of sale in one or more refunding serial bond issues.  The School District Refunding Bonds shall each be designated substantially “SCHOOL DISTRICT REFUNDING (SERIAL) BOND” together with such series designation and year as is appropriate on the date of sale thereof, shall be of the denomination of $5,000 or any integral multiple thereof (except for any odd denominations, if necessary) not exceeding the principal amount of each respective maturity, shall be numbered with the prefix R-05 (or R with the last two digits of the year in which the Refunding Bonds are issued as appropriate) followed by a dash and then from 1 upward, shall be dated on such dates, and shall mature annually on such dates in such years, bearing interest semi‑annually on such dates, at the rate or rates of interest per annum, as may be necessary to sell the same, all as shall be determined by the President of the Board of Education pursuant to Section 4 hereof.  It is hereby further determined that (a) such Refunding Bonds may be issued in series, (b) such Refunding Bonds may be sold at a discount in the manner authorized by paragraph a of Section 57.00 of the Local Finance Law pursuant to subdivision 2 of paragraph f of Section 90.10 of the Local Finance Law, and (c) such Refunding Bonds may be issued as a single consolidated issue.  It is hereby further determined that such Refunding Bonds may be issued to refund all, or any portion of, the Refunded Bonds, subject to the limitation hereinafter described in Section 10 hereof relating to approval by the State Comptroller.

Section 2.              The Refunding Bonds may be subject to redemption prior to maturity upon such terms as the President of the Board of Education shall prescribe, which terms shall be in compliance with the requirements of Section 53.00 (b) of the Local Finance Law.  If less than all of the Refunding Bonds of any maturity are to be redeemed, the particular refunding bonds of such maturity to be redeemed shall be selected by the School District by lot in any customary manner of selection as determined by the President of the Board of Education.  Notice of such call for redemption shall be given by mailing such notice to the registered owners not less than thirty (30) days prior to such date and as otherwise provided in Securities and Exchange Commission Release No. 34‑23856, as the same may be amended from time to time.  Notice of redemption having been given as aforesaid, the bonds so called for redemption shall, on the date for redemption set forth in such call for redemption, become due and payable, together with interest to such redemption date, and interest shall cease to be paid thereon after such redemption date.

The Refunding Bonds shall be issued in registered form and shall not be registrable to bearer or convertible into bearer coupon form.  In the event said Refunding Bonds are issued in non‑certificated form, such bonds, when issued, shall be initially issued in registered form in denominations such that one bond shall be issued for each maturity of bonds and shall be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the bonds in accordance with the Book‑Entry‑Only system of DTC.  In the event that either DTC shall discontinue the Book‑Entry‑Only system or the School District shall terminate its participation in such Book‑Entry‑Only system, such bonds shall thereafter be issued in certificated form of the denomination of $5,000 each or any integral multiple thereof (except for any odd denominations, if necessary) not exceeding the principal amount of each respective maturity.  In the case of non‑certificated Refunding Bonds, principal of and interest on the bonds shall be payable by check or draft mailed by the Fiscal Agent (as hereinafter defined) to The Depository Trust Company, New York, New York, or to its nominee, Cede & Co., while the bonds are registered in the name of Cede & Co. in accordance with such Book‑Entry‑Only System.  Principal shall only be payable upon surrender of the bonds at the principal corporate trust office of such Fiscal Agent (or at the office of the School District clerk as Fiscal Agent as hereinafter provided).

In the event said Refunding Bonds are issued in certificated form, principal of and interest on the Refunding Bonds shall be payable by check or draft mailed by the Fiscal Agent (as hereinafter defined) to the registered owners of the Refunding Bonds as shown on the registration books of the School District maintained by the Fiscal Agent (as hereinafter defined), as of the close of business on the fifteenth day of the calendar month or first business day of the calendar month preceding each interest payment date as appropriate and as provided in a certificate of the President of the Board of Education providing for the details of the Refunding Bonds.  Principal shall only be payable upon surrender of bonds at the principal corporate trust office of a bank or trust company or banks or trust companies located or authorized to do business in the State of New York, as shall hereafter be designated by the President of the Board of Education as fiscal agent of the School District for the Refunding Bonds (collectively the “Fiscal Agent”).

Refunding Bonds in certificated form may be transferred or exchanged at any time prior to maturity at the principal corporate trust office of the Fiscal Agent for bonds of the same maturity of any authorized denomination or denominations in the same aggregate principal amount.

Principal and interest on the Refunding Bonds will be payable in lawful money of the United States of America.

The President of the Board of Education, as chief fiscal officer of the School District, is hereby authorized and directed to enter into an agreement or agreements containing such terms and conditions as he shall deem proper with the Fiscal Agent, for the purpose of having such bank or trust company or banks or trust companies act, in connection with the Refunding Bonds, as the Fiscal Agent for said School District, to perform the services described in Section 70.00 of the Local Finance Law, and to execute such agreement or agreements on behalf of the School District, regardless of whether the Refunding Bonds are initially issued in certificated or non‑certificated form; provided, however, that the President of the Board of Education is also hereby authorized to name the School District Clerk as the Fiscal Agent in connection with the Refunding Bonds if said Refunding Bonds are issued in non-certificated form.

The President of the Board of Education is hereby further delegated all powers of this Board of Education with respect to agreements for credit enhancement, derived from and pursuant to Section 168.00 of the Local Finance Law, for said Refunding Bonds, including, but not limited to the determination of the provider of such credit enhancement facility or facilities and the terms and contents of any agreement or agreements related thereto.

The Refunding Bonds shall be executed in the name of the School District by the manual or facsimile signature of the President of the Board of Education, and a facsimile of its corporate seal shall be imprinted thereon.  In the event of facsimile signature, the Refunding Bonds shall be authenticated by the manual signature of an authorized officer or employee of the Fiscal Agent.  The Refunding Bonds shall contain the recital required by subdivision 4 of paragraph j of Section 90.10 of the Local Finance Law and the recital of validity clause provided for in Section 52.00 of the Local Finance Law and shall otherwise be in such form and contain such recitals, in addition to those required by Section 51.00 of the Local Finance Law, as the President of the Board of Education shall determine.  It is hereby determined that it is to the financial advantage of the School District not to impose and collect from registered owners of the Refunding Bonds any charges for mailing, shipping and insuring bonds transferred or exchanged by the Fiscal Agent, and, accordingly, pursuant to paragraph c of Section 70.00 of the Local Finance Law, no such charges shall be so collected by the Fiscal Agent.


Section 3.              It is hereby determined that:

(a)           the maximum amount of the Refunding Bonds authorized to be issued pursuant to this resolution does not exceed the limitation imposed by subdivision 1 of paragraph b of Section 90.10 of the Local Finance Law;

(b)           the maximum period of probable usefulness permitted by law at the time of the issuance of the respective Refunded Bonds, for each of the objects or purposes for which such respective Refunded Bonds were issued is each twenty years as provided in the respective Refunded Bond Certificate;

(c)           the last installment of the Refunding Bonds will mature not later than the expiration of the period of probable usefulness of each of the objects or purposes for which said respective Refunded Bonds were issued in accordance with the provisions of subdivision 1 of paragraph c of Section 90.10 of the Local Finance Law;

(d)           the estimated present value of the total debt service savings anticipated as a result of the issuance of the Refunding Bonds, if any, computed in accordance with the provisions of subdivision 2 of paragraph b of Section 90.10 of the Local Finance Law, with regard to each of the Respective Series of Refunded Bonds, is as shown in the Refunding Financial Plan described in Section 4 hereof.

Section 4.              The financial plan for the aggregate of the refundings authorized by this resolution (collectively, the “Refunding Financial Plan”), showing the sources and amounts of all moneys required to accomplish such refundings, the estimated present value of the total debt service savings and the basis for the computation of the aforesaid estimated present value of total debt service savings, are set forth in Exhibit A attached hereto and made a part of this resolution.  The Refunding Financial Plan has been prepared based upon the assumption that the Refunding Bonds will be issued in one series to refund all of the Refunded Bonds in the principal amount of $15,820,000, and that the Refunding Bonds will mature, be of such terms, and bear interest as set forth on Exhibit A attached hereto and made a part of this resolution.  This Board of Education recognizes that the Refunding Bonds may be issued in one or more series, and for only one or more of the Refunded Bonds, or portions thereof, that the amount of the Refunding Bonds, maturities, terms, and interest rate or rates borne by the Refunding Bonds to be issued by the School District will most probably be different from such assumptions and that the Refunding Financial Plan will also most probably be different from that attached hereto as Exhibit A.  The President of the Board of Education is hereby authorized and directed to determine which of the Refunded Bonds will be refunded and at what time, the amount of the Refunding Bonds to be issued, the date or dates of such bonds and the date or dates of issue, maturities and terms thereof, the provisions relating to the redemption of Refunding Bonds prior to maturity, whether the Refunding Bonds will be insured by a policy or policies of municipal bond insurance or otherwise enhanced by a credit enhancement facility or facilities, whether the Refunding Bonds shall be sold at a discount in the manner authorized by paragraph e of Section 57.00 of the Local Finance Law, and the rate or rates of interest to be borne thereby, whether the Refunding Bonds shall be issued having substantially level or decli