Members Present: Laura Auger, Deborah Clukey, Brad Coburn, Larry Davis, Patricia Davis, Melissa Douglass, Ralph Eastman, Pam Goulette, Patricia Izbicki, Anita Kain, Donna Littlefield, Lorna Marshall, Susan McAvoy, Geraldine Rizzitello, Thomas Ronco, and Phyllis Watson

Members Absent:    Michelle Ward and George Nuite

Also Present:          Paul Stearns and Kevin Jordan.

Call to Order:            The meeting was called to order by Larry Davis at 7:01 P.M.

Vote: Yes ~ 16   No ~ 0   Ab. ~ 0

1.         Executive Session: 

A motion was made by Phyllis Watson and seconded by Ralph Eastman that the Board of Directors enters executive session for the purpose of discussing hiring a principal for PCHS.

Vote: Yes ~ 16   No ~ 0   Ab. ~ 0

Time In:         7:02 PM                      Time Out:       8:27 PM

Action:          Following executive session Mr. Stearns nominated Kevin Jordan for the position of Principal at PCHS.

A motion was made by Anita Kain and seconded by Lorna Marshall that the Board of Directors hires Kevin Jordan as principal of PCHS on a two year contract with the salary to be negotiated with the Superintendent.

Vote: Yes ~ 16   No ~ 0   Ab. ~ 0

2.         Revenue Anticipation:

A motion was made by Patricia Davis and seconded by Pam Goulette that the following motions be adopted:

That the offer of KeyBank National Association to purchase revenue anticipation note(s) of the Maine School Administrative District No. 4 in the original principal amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) with an interest rate per annum on the outstanding principal amount thereof equal to 2.14%, be and the same hereby is accepted and approved.

That the Board of Directors of Maine School Administrative District No. 4 hereby authorizes a borrowing in the amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) from KeyBank National Association on behalf of the District, with interest on the principal amount thereof at a rate of 2.14% per annum, principal and interest to be paid no later than the scheduled maturity date on June 30, 2004, which borrowing is in anticipation of District revenues for the fiscal year ending June 30, 2004. That under and pursuant to the provisions of Title 20-A M.R.S.A. Section 1311, the Chairperson of the Board of Directors and the Treasurer of the District be and they are hereby authorized to borrow in anticipation of revenues from KeyBank National Association in the name and on behalf of the District the sum of up to Two Hundred Fifty Thousand Dollars ($250,000) at the per annum interest rate of 2.14%, and that the Chairperson of the Board of Directors and the Treasurer be and they are hereby authorized to issue general obligation securities of Maine School Administrative District No. 4 in an aggregate principal amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) and to execute and deliver a note or notes under the seal of the District attested by the Secretary, dated on or about September 3, 2003, in such form as the Chairperson of the Board of Directors and the Treasurer may approve; and that the appropriate officials of the District be and hereby are authorized to execute and deliver on behalf of the District such other documents and certificates as may be required in connection with such borrowing; and that no part of the proceeds of said borrowing shall be used, directly or indirectly, to acquire any securities and obligations, the acquisition of which would cause the notes to be "arbitrage bonds" or "private activity bonds" within the meaning of sections 148 or 141, respectively, of the Internal Revenue Code of 1986, as amended (the "Code"); and that the revenue anticipation notes issued pursuant hereto be designated as  qualified tax-exempt obligations within the meaning of Section 265(b)(3)(B) of said Code; and that the Chairperson of the Board of Directors and the Treasurer be and they are hereby authorized to covenant on behalf of the District to file any information report and pay any rebate due to the United States in connection with the issuance of said notes, to take all other lawful actions necessary to insure the interest on the notes will be excluded from the gross income of the owners thereof for purposes of federal income taxation and to refrain from taking any action which would cause interest on the notes to become includable in the gross income of the owners thereof.

Vote: Yes ~ 16   No ~ 0   Ab. ~ 0

3.         Adjournment:

A motion made by Geraldine Rizzitello and seconded by Lorna Marshall to adjourn the meeting at 8:36 p.m.

Vote: Yes ~ 16   No ~ 0   Ab. ~ 0

Respectfully Submitted,

Paul A. Stearns
Superintendent of Schools
SAD #4