The Greene County Schools board of education met in special session early Wednesday morning to finalize more details of the issuance of general obligation bonds for construction of the new high school.
The board reviewed documents prepared by Ahlers & Cooney law firm, and the approved a resolution to appoint Bankers Trust Company of Des Moines as the paying agent, bond registrar and transfer agent (appointed by the bond issuer to perform services on the issuer’s behalf).
The board discussed where the funds from the bond sale should be deposited and invested until they’re needed to pay project costs. Board secretary Brenda Muir had explored interest rates and investment options from Iowa Joint Investment Trust (ISJIT) and The Education Liquidity Fund (TELF).
Home State Bank and Peoples Bank also expressed an interest in accepting the funds and agreed to match the rates offered by ISJIT and TELF.
The board approved a motion to open a checking account at Home State Bank for the construction project, and to invest the proceeds from general obligation bonds, series 2018, in both Home State Bank and Peoples Bank, as equally as feasible. The banks will use a combination of liquid money market funds and certificates of deposit.
Finally, a depository resolution approved at the August regular meeting for 2018-19 was amended increasing deposit limits by $8 million in both Peoples Bank and Home State Bank.
The actual sale of the general obligation bonds will be Sept. 12.
