Special Meeting/Workshop

1. Start Time: 2:55 p.m.
2. Public Comments: None
3. Master Lease, Escrow Agreement
   Minutes: This Resolution delegates authority to the Superintendent to negotiate the terms of the transaction with CIT Leasing Corporation within the parameters set forth in the Resolution. The Resolution also authorizes the execution and delivery of all instruments and documents necessary to complete the transaction.
   
   CIT Communications Finance Corporation has partnered with Avaya, one of the vendors involved in the voice/data system. They have offered the financing at 0% for a three-year period. The School District does have another equipment lease that was used to purchase fitness equipment in 2003. That lease was bid with offers received from four banks. At the time, the best offer was 2.35%. Current market pricing for such a transaction is approximately 3.5%. This represents savings of approximately $300,000.
   
   The transaction was discussed at the Finance Committee meeting on September 7, 2005.
   
   The remaining equipment needed to complete the project will be included in another financing in the next few months.
   
   Michael Kugele, Director of Customer Support, provided Board Members with a presentation regarding IP CONVERGENCE Plus and highlighted the following topics: Definition; Project Goals; Project Scope; Project Benefits - Schools; Project Benefits - Administration; Current Infrastructure; Proposed Infrastructure; Project Cost; Cost Savings over 5 Years; Five Year Comparison - Current Budgeted Costs vs. IP Convergence; Review of Benefits to the District; and Financing.
   
   
   Motions:
   

   I recommend the School Board adopt a Resolution authorizing execution of a Master Lease, Escrow Agreement and other related documents associated with a lease to purchase equipment required for the voice/data system in an aggregate principal amount not to exceed $6,500,000.	-	PASS
   Vote Results:
   Motion: Bill Graham
   Second: Mark Hansen
   Tom Lynch	-	Aye
   Sandra Richmond	-	Aye
   Monroe Benaim	-	Aye
   Mark Hansen	-	Aye
   Debra Robinson	-	Aye
   Bill Graham	-	Aye

   
   
4. Adjourn: 3:10 p.m.