PRESENT: R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch

Buchanan Virtual Academy:  Sarah Jones and Caitlin Benjamin

Buchanan Step Up: Constance Marie Innamorato

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

MOTION BY Member R. Writer, SECONDED BY Member S. Tobler, The Buchanan Board of Education approves the annual Truancy Academy Cooperative Education Agreement allowing applicable students to attend the Truancy Academy within the Berrien Springs Public Schools.

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

1.        Competitive bids for the purchase/acquisition of the Property, as required by the School Code of 1976, as amended, have been submitted, and the Issuer has complied with all legal requirements with respect to competitive bidding related to the acquisition of the Property.

2.        The Board determines that it is in the best interest of the Issuer to accept the offer from the Credit Union to finance all or a portion of the cost of the acquisition of the Property through Installment Purchase Agreements among the Issuer, the Credit Union and the Contractors/Sellers for a total amount not to exceed Four Hundred Thirty Thousand Five Hundred Sixty-One Dollars ($430,561), at an interest rate of one and seventy-five hundredths percent (1.75%) per annum over a period of not to exceed seven (7) years with annual principal and interest payments beginning January 2, 2018, with annual interest thereon, based upon a 360-day year, 30‑day month. An Authorized Officer (defined below) is authorized, within the parameters established in this section, to determine the final principal amounts for the Installment Purchase Agreements.

3.         The Superintendent of Schools, Business Manager, or the President, Vice President, Secretary or Treasurer of the Board (each an “Authorized Officer”) shall execute the Installment Purchase Agreements in substantially the form attached hereto as Exhibit A on behalf of the Issuer, and the executed Installment Purchase Agreements shall be delivered to the Credit Union.

4.       The Installment Purchase Agreements may be prepaid in whole or in part at any time without penalty, with funds withdrawn from the Issuer’s cash reserves.

5.         The Issuer hereby irrevocably pledges to make the principal installments and interest payments on the Installment Purchase Agreements, beginning with the fiscal year 2017-2018, and during each fiscal year for which an operating budget is adopted, the first operating budget obligation within its authorized millage until such time as the principal installments and interest payments have been paid in full.

6.         The Issuer hereby pledges its limited tax full faith and credit for the payment of the principal installments and interest payments on the Installment Purchase Agreement, payable from ad valorem taxes which will be levied within the authorized constitutional and statutory operating millage rate available to the Issuer and an irrevocable appropriation of a sufficient amount of taxes will be made each year from said millage rate for the payment of principal installments and interest payments on the Installment Purchase Agreement.

The obligation to pay the principal installments and interest payments will be the limited tax general obligation of the Issuer, and if tax collections are insufficient to pay the principal of or interest on the borrowings when due, the Issuer pledges to use any and all other resources available for the payment of principal and interest on the Installment Purchase Agreement.

7.        The Authorized Officers are further authorized to execute any documents or certificates necessary to complete the transaction. Any of those officers may designate, in writing, an individual to act in their place with respect to the powers conveyed in this paragraph.

8.           The useful life of the Property is hereby determined to be not less than seven (7) years.

9.           The Issuer hereby covenants to comply with all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied subsequent to the execution of the Installment Purchase Agreements in order that interest thereon be or continue to be excluded from gross income for federal income tax purposes, including the filing of Form 8038-G or 8038-GC with the Internal Revenue Service.

10.        The Issuer hereby designates the Installment Purchase Agreements as “qualified tax-exempt obligations” for purposes of deduction of interest expense by financial institutions under the Internal Revenue Code of 1986, as amended. In making said designation, the Board determines that the reasonably anticipated amount of tax-exempt obligations which will be issued by the Issuer or entities which issue obligations on behalf of the Issuer during calendar year 2017 will not exceed $10,000,000.

11.        The outstanding balance of all of the Issuer’s contractual agreements for the purchase of real or personal property, exclusive of interest, does not exceed 1.25% of the taxable valuation of real and personal property in the Issuer.

12.        The advance payment for the Property is hereby approved, and the monies are authorized to be advanced from monies on hand in the General Fund or Sinking Fund, which monies will be repaid to the General Fund or Sinking Fund from the proceeds of the Installment Purchase Agreements when received. The Issuer shall reimburse the General Fund or Sinking Fund not earlier than the date on which the expenses are paid and not later than the later of:

(a)            the date that is eighteen (18) months after the expenses are paid, or

(b)           the date the Property is placed in service or abandoned, but in no event more than three (3) years after the expenses are paid.

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

14.

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

–       The four courses that currently reflect an incomplete (Economics, Geometry B, World History A and World History B) will be completed upon the end of summer school, 2017.

–       Any serious disciplinary infraction after readmission may result in permanent expulsion.

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

ROLL CALL VOTE:  R. Writer, J. DeVlaminck, C. Lee, S. Tobler & K. Laesch NAYS:  None     MOTION  ADOPTED

NEXT REGULAR BOARD MEETING

Monday, August 21^st , 6pm @ Gardner School