Bid res.pdf

BID RESOLUTION--GENERAL OBLIGATION BONDS

Vanderbilt Area Schools, Otsego, Charlevoix and Cheboygan Counties, Michigan (the

“Issuer”)

A regular meeting of the board of education of the Issuer (the “Board”) was held in the

Vanderbilt Area School library , within the boundaries of the Issuer, on the 12th day of March, 2025, at 6:00 o’clock in the p.m. (the “Meeting”).

The Meeting was called to order by Kim Synder, President.

Present: Members AnnaMarie Detter, Barbara Rickard, Kim Synder, Margaret

Schweitzer, Randy Reynolds

Absent: Members

The following preamble and resolution were offered by Member Margaret Schweitzer and supported by Member Barbara Rickard. :

WHEREAS:

1. On November 20, 2024, this Board authorized the issuance of bonds designated

2025 School Building and Site Bonds in the principal sum of not to exceed Two Million Four

Hundred Twenty Thousand Dollars ($2,420,000) (the “Bonds”).

2. On the date hereof, the Issuer received one (1) bid for the purchase of the Bonds, which were presented to the board of education at a public meeting of the Board.

3. The bid attached hereto as Exhibit A and incorporated herein by reference was received from Robert W. Baird & Co., Inc.

4. It is necessary for the Issuer to appoint a paying agent-bond registrar for the Bonds.

NOW, THEREFORE, BE IT RESOLVED THAT:

1. The bid of Robert W. Baird & Co., Inc. for the purchase of the Bonds of the Issuer in the mutually adjusted aggregate principal amount of $2,415,000, authorized by the electors of the Issuer at an election held on Tuesday, November 5, 2024, be accepted. Because the Bonds are being issued at a premium and a portion of that premium is being deposited into the 2025 Capital

Projects Fund, the Board hereby acknowledges that no voter authorization remains for any future bond issuance.

2. The Bonds shall be dated as of the date of delivery and shall mature, bear interest, and be payable as to principal and interest as shown on Exhibit B.

3. The Bonds or portions of Bonds in multiples of $5,000, maturing on or after May

1, 2036, shall be subject to redemption prior to maturity, at the option of the Issuer in such order as the Issuer may determine and by lot within any maturity, on any date occurring on or after

May 1, 2035, at par plus accrued interest to the redemption date.

4. The Treasurer is hereby authorized and directed to open a special bank account with

Huron County Bank within which the Issuer shall establish two separate funds to be designated

2025 CAPITAL PROJECTS FUND and 2025 BOND ISSUANCE FUND.

5. The Treasurer is further directed to cause the proceeds from the sale of the Bonds to be credited to the herein established BOND ISSUANCE FUND in the amount of the anticipated costs of issuance for the Bonds and the remainder of the bond proceeds to be deposited in the herein established CAPITAL PROJECTS FUND and to cause the premium that is intended to be used for capital purposes, if any, to be deposited to the CAPITAL PROJECTS FUND and other premium and accrued interest received at the time of delivery to be transferred to the 2025

SCHOOL BOND DEBT RETIREMENT FUND. Any amounts remaining in the BOND

ISSUANCE FUND after payment of all costs of issuance for the Bonds shall be transferred to the

CAPITAL PROJECTS FUND.

6. The Issuer hereby appoints The Huntington National Bank, Grand Rapids, Michigan, as Paying Agent-Bond Registrar and directs the Superintendent of Schools to execute for and on behalf of the Issuer a Paying Agent-Bond Registrar Agreement.

7. The Issuer hereby designates the Bonds of this issue as “qualified tax-exempt obligations” for purposes of deduction of interest expense by financial institutions under the provisions of 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

2025 will not exceed $10,000,000.

8. All resolutions and parts of resolutions insofar as they conflict with the provisions of this resolution are hereby rescinded.

Ayes: Members AnnMarie Detter, Barbara Rickard, Kim Synder, Margaret Schweitzer, Randy Reynolds

Nays: Members

Resolution declared adopted.

Secretary, Board of Education

The undersigned duly qualified and acting Secretary of the Board of Education of

Vanderbilt Area Schools, Otsego, Charlevoix and Cheboygan Counties, Michigan, hereby certifies that the foregoing constitutes a true and complete copy of a resolution adopted by the Board at the

Meeting, the original of which is part of the Board’s minutes. The undersigned further certifies that notice of the Meeting was given to the public pursuant to the provisions of the Open Meetings

Act (Act 267, Public Acts of Michigan, 1976, as amended).

Secretary, Board of Education

CJI/baf

EXHIBIT A

EXHIBIT B