4A. In response to a "point of order" question by Mr. Pollitt, Mr. Stevens explained that research had indicated that a majority vote of the School Committee was sufficient to proceed with the refunding of the District's refunding bonds.

Mr. Turner then distributed the final results of the refunding process, which indicated that the actual savings would be $191,000, rather than the previously projected $107,000. He requested permission to re-work the member towns' capital assessments and to re-certify the District's Capital FY'05 budget to the towns, based upon the savings.

Mr. Mielke and Mr. Pollitt noted that questions had arisen as to whether the savings from the refunding was legally due back to the towns in FY'05 or whether the District could wait until FY'06 for return. Mr. Rowell suggested that if the Committee opted to recertify the Capital Budget, they should make it contingent upon delivery of the bonds within the next week.

Mr. Turner offered to check with the towns and see if the tax rates are already set. However, he said that his intent was that once the bonds are sold, he and Ms. Brown could make up a new schedule of payments from the towns and reduce the second request for Capital payment. However, he suggested that perhaps the Committee would wish to wait until the next meeting to make the final decision in that regard.

Mr. Pollitt stated that the question that had arisen pertained to whether the Department of Revenue mandated that the funds be returned this year or not.

Mr. Mielke said that he would like to see if the other towns have a preference regarding the return of the funds.

Mr. Witdorchic then moved to approve the following:

Voted: to authorize the district to issue $3,730,000 Refunding Bonds under G.L. c.44, §21A to refund the District's $6,620,000 Refunding Bonds dated July 15, 1993 maturing in the years 2005 and 2010 in the aggregate principal amount of $3,590,000, including the payment of the principal, interest and redemption premium applicable to such bonds and the costs of issuance related to the refunding bonds.

Further Voted: that the sale of the $3,730,000 Refunding bonds of the District dated September 1, 2004, to Eastern Bank at the price of $3,772,442.60 and accrued interest is hereby confirmed. The bonds shall be payable on April 15 of the years and in the principal amounts and bear interest at the respective rates, as follows:

Interest Interest

Year Amount Rate Year Amount Rate

2005 $765,000 2.75% 2008 $550,000 2.75%

2006 710,000 2.75 2009 520,000 3.00

2007 685,000 2.75 2010 500,000 3.00

Further Voted: that the bonds shall be issued as Additional Bonds under the Trust Agreement dated November 6, 1990 between the District and U.S. Bank National Association, as successor to Shawmut Bank, N.A., as Trustee and shall be secured by the funds subject to the Trust Agreement equally and ratably with all other bonds as defined and described in the Trust Agreement.

Further Voted: that the bonds shall be secured by a Financial Guaranty Insurance Policy issued by MBIA Insurance Corporation ("MBIA") and the District hereby agrees to comply with the obligations of the District set forth in the document entitled "Payments Under the Policy/Other Required Provisions" referenced in and attached to the Commitment to Issue a Financial Guaranty Insurance Policy between MBIA and the District dated August 13, 2004, and incorporated herein by reference.

Further Voted: that the Treasurer is authorized to execute such other documents as may be necessary or desirable to carry out this transaction.

Mr. Pollitt seconded the motion, and it was so voted, unanimously. (Copy, as certified by the Secretary of the School Committee, on file with these minutes.)

Committee members congratulated and thanked Mr. Turner and Mr. Rowell for their efforts in the refunding process.

On a motion by Mr. Witdorchic, seconded by Mr. Mielke, a 15-minute break was taken for the official signing of papers.

The meeting resumed at 7:38 p.m.

4B. Ms. Tomich moved to approve requests from local ski areas to distribute information regarding special rates/programs offered to District students.

Discussion followed.

• Ms. LeGeyt requested additional information from Catamount prior to approval.
• Superintendent Spriggs explained that although the Committee had ceded the decision back to her in 2003, she had brought the requests forward to be sure they wished to again do so.
• Ms. Brown noted that it would be important for Catamount to add a disclaimer to their literature which would state that the program was offered by Catamount, and not the Southern Berkshire Regional School District.

Mr. Witdorchic then moved to amend the motion, and to approve the distribution of the materials, contingent upon the superintendent receiving the requested information and approving such. Mr. Mielke seconded the motion, and it was so voted, unanimously.

Mr. Stevens then called a vote on the original motion, and the Committee gave its unanimous approval.

4C. Ms. Spriggs explained professional development planned for District administrators in 2004-05. She shared the resume of Ms. Bobbie D'Alessandro, who will serve as mentor to the principals and their assistants, and explained the contract. Mr. Witdorchic expressed concern that Ms. D'Alessandro should be paid for whatever amount of time she may need to spend in the District. Ms. Spriggs explained that although Ms. D'Alessandro could likely draw a much larger stipend than requested, she was very aware of the financial problems of all public schools and sensitive to the needs. Mr. Pollitt and Mr. Mielke noted areas of the contract which they suggested be more specific in terms. Mr. Mielke noted his approval that the District is doing something a out of the ordinary with its professional development.

4D. Updates:

• FY'05 State Budget: Ms. Brown explained that when the FY'05 Cherry Sheets had been released, the District received an additional $127,012 in Chapter 71 transportation funds, beyond those budgeted. She stated that, consistent with the School Committee vote certifying the budget to the member towns, the administrators will meet and use those funds to restore positions and programs not funded in the official budget.

Mr. Pollitt questioned whether the money should be put into the transportation account and then be voted out by the School Committee. Ms. Brown stated that such a process was not necessary, given the original vote. She stated that after the administrators had met and made their decisions, she would update the budget and inform the School Committee.