Bill Clevenger, President | Decatur Public Schools
Bill Clevenger, President | Decatur Public Schools
Decatur Public School District 61 Facility Committee met Oct. 1.
Here are the minutes provided by the committee:
Present: Bill Clevenger, Jason Dion, Kent Metzger, Maria Robertson, Dr. Curry, Sam Mills, Scott Johnson, David Campbell, Bryan Carper (Broeren-Russo), Floyd Bolt, Dr. Gray, Jennifer Sommer, and Steve Adams (PMA) Ellsworth Dansby Jr. Magnet School Update (Bryan Carper)
• Notable Tasks:
o Monumental sign installed
o Sound pixies installed
o Landscaping complete minus a few small areas
o Poured in place flexible ground to happen 10/07 (playground)
o Gym is painted / wood flooring to start in mid-October
o Graphics package field measured
o Elevator installation started
o Food service equipment installation starts on 10/07
o Lockers arrive later this month
o Starting commons area ‘cloud feature’ wall
o Starting glass railing cleats to field measure glass railings
Health Life Safety Discussion
• Overall dollar amount – urgent items – approximately $100K
o B required items - 5 year start to finish timeline - $20 million
o Take out roofing (can’t go without) at around $11 million
o Part includes American Dreamer ($3.2 million)
o Two Dennis buildings are not on report
• What are we going to do to raise the funds?
o $2 million coming in each year for sales tax monies – using on other “as needed” repairs
o Dedicating $4 million to pay off previous bonds until 2045
• No funds left in Health Life Safety
o $1.9 million left – but is ear-marked for projects
Health Life Safety Bond Discussion
• Two bond options
o Working Cash Bond – petition period
o Health Life Safety Bond – matches up with 10-year safety review
• Once BOE decides what needs to be done; Dr. Curry would like to bid out underwriter process
o Would also like to have municipal advisor between DPS and underwriters
• Steve Adams with PMA presented information on Municipal Advisors
o Role of Municipal Advisor
▪ Develop the finance plan
▪ Communicate the finance plan
▪ Pre & Post issuance compliance
▪ Minimize the cost of borrowing
o Comparison of Fees (example)
▪ Issue without a Municipal Advisor
• Issuance Size: $20,000,000
• Underwriter Spread (Fee): 0.70% ($7.00 per $1,000 of bonds)
• Total Fee to Underwriter: $140,000
▪ Issue with a Municipal Advisor
• Issuance Size: $20,000,000
• Underwriter Spread (Fee): 0.35% ($3.50 per $1,000 of bonds)
• PMA Municipal Advisor Fee: 0.319% ($3.19 per $1,000 of bonds)
• Aggregate Fee: 0.669% ($6.69 per $1,000 of bonds)
• Total Fee: $133,800
o Value of Municipal Advisor
▪ Devote time and resources to educating the administration, Board and community
▪ Help manage costs of issuance
▪ Help with the District weigh pros and cons of different financing options/structures
▪ Help the District achieve the lowest cost of financing by having access to market data and other resources to negotiate with the underwriter during the pricing process
o Next Steps – conversation needs to happen regarding how the Board wants to proceed
Parsons Kitchen Equipment
• M J Kellner won bid - $92,455.70
• Parsons would be the second satellite kitchen location (Muffley was the first)
• Bid will be recommended for approval at the October 8th Board of Education meeting
Meeting adjourned at 5:30PM
https://www.dps61.org/cms/lib/IL50010903/Centricity/Domain/30/APPROVED%20Minutes%2010.01.24.pdf
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