TRUSTEE BOARD MEETING

Minutes

19 March 2008

The meeting was called to order at 5:10 pm by Blaine Robertson, chairman. Board members present were Gordon Timothy, Pam Beard, Blaine Robertson, Tricia Galer, and Judy Dewey, clerk.

The minutes of the last meeting were approved by acclamation. Gordon moved and Pam seconded the motion to approve the bills. The checks paying the bills were signed.

Budget Hearing

The budget hearing for the fiscal year 2008-2009 was set for August 20, 2008, at the regular meeting time of 5:00 pm. Judy will notify the county clerk.

New Library

Financial Advisors Discussion

Two representatives from Zions Bank, one for Salt Lake City and the other from Boise, Idaho, presented information about the bond election. They represent public entities, helping them go through the bond election, including the public information campaign. Since 2000 they’ve worked on 22 successful school bond elections. Following a successful bond election, they broker the bond, helping the library district gets the very lowest interest rate. The library would be going for a General Obligation Bond. If the board were to hire them, the charge to get us through the election would be $20,000; to serve as bonding agents, $7,000. After much discussion, Pam made the motion and Gordon seconded it to hire Zions Bank to serve as financial advisors to the library district for the purposes of guidance and assistance through the election and, if successful, as bonding agents. The vote was unanimous in the affirmative. We can give them the information they need to produce a brochure. It was also pointed out that the Foundation and other volunteers can help with advertising.

Bond Counsel Discussion

Blaine had been in touch with a law firm in Boise to act as Bond Counsel once the bond election has been held. Bond counsel makes certain everything is in compliance with the law. Compensation is $8,500 plus out-of-pocket expenses. If the bonds are not issued (the election is not successful), they would charge their normal hourly rate with a maximum of $1,000 plus expenses. Gordon made the motion to hire the law firm as bond counsel, Tricia seconded the motion, and all voted in favor.

Election Date

The date of the election was the next topic for discussion. State mandated dates are May 27, 2008, and August 5, 2008, for library districts. The advantages to waiting until the August 5^th date are: 1) There has been an indication from the public that they want the school district bond settled; therefore, the library feels to be a good citizen and wait until after the school district bond election; 2) We want to show that we have made a concerted effort to raise capital from donors, and waiting will give us time to do this. Pam made the motion to not hold the election in May. Tricia seconded the motion and it passed unanimously. Tricia then made the motion to set the bond date for August 5, 2008. Gordon seconded the motion and it passed unanimously.

Multiple Use Agreement

It was noted that Mayor Larsen of the City of Rexburg and the chairman of the library board, Blaine Robertson, have signed the Multiple Use Agreement regarding the parking lots owned by the two entities around the library and next to the Civic Tabernacle.

Election

Someone asked if we can hire the Madison County election office to run the election. The answer was yes.

Upon Tricia’s motion, the meeting was adjourned at 6:30 pm.

Blaine Robertson, Chair of the Board                 Judith M. Dewey, Secretary