Abby OKs promissory note
The Abbotsford School Board came together for their monthly meeting in the Abbotsford high school community room on May 16. They met with Kevin Mullen, a representative from Baird Financial which is the company that is helping the Abbotsford School District through the FEMA process. BMO Harris Bank is one of the two banks that met all the specifications for a promissory note at $1,500,000 for four years, with an average interest rate of 3.72 percent and they will receive the note on June 6. The promissory note was voted on through the referendum pertaining to FEMA funds.
The other bank that met all the specifi cations was Zions Bancorporation. BMO Harris was the all-inclusive lowest rate. Mullen was at the meeting to discuss the promissory note.
“When we put the term sheet together, there was two things that we wanted the bidders to understand and respond to. We wanted all flexibility. We wanted flexibility because we feel like it will save you money down the road. We also wanted to preserve all the $1,500,000, so what we said when they put their bids in for the $1,500,000 we also had them submit all their additional costs,” said Mullen.
“The bidder in the early years is at 5.44 percent for an interest rate, this is to pay for expenses. After 2024 the interest rate will drop. You’re only paying the higher rate for two maturities,” said Mullen.
Other Business
_ Ida Miller, a cook helper, Maria Aguilera, a teacher assistant, Lindsi Starrett, an elementary school music teacher and Lance Bloch, the assistant track coach have all resigned from the Abbotsford School District.
_ A motion was approved to allow for out of state travel for Mrs. German’s Spanish class next summer, they are planning to go to Belize. The total cost of the trip will be $3,000 per person and those attending will do fundraising for the trip.
_ A new refrigerator for milk and food will be coming in shortly. Currently their milk vendor comes three times a week. With a new refrigerator they will only need the milk vendor come once a week.
_ The board approved a motion for additional staffing of a counselor that the superintendent highly recommends.
_ The board approved a motion to change short/long term disability to United of Omaha and to add life insurance to their employee benefits.
_ A motion was approved to renew liability insurance.
_ Another motion was approved for the summer school proposal.
