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LCM to pay off bonds early

The LCM Board of Trustees held a festive December Board Meeting with gifts from and for the community.

Betsy Kaufman, LCM’s High School Art Teacher, and a local artist, was recognized for her design for the District’s Christmas Card.

Marlene Courmier, Board President, called the card design impressive and amazing.

The Board recognized several local organizations for their generous donations, they included:

 

  • Three backpacks and school supplies were donated by MVE by Mel Moreau
  • Education First Credit Union donated classroom supplies to Elise Fountain at MMS
  • Education First Credit Union donated $100 supplies for interactive science notebooks for Danielle Powell at MMS
  • Education First donated supplies to replace those lost in Emily McKenzie’s classroom at MVE in the amount of $105.22
  • Education First Credit Union donated science resource books to Chere’ Woods classroom
  • Emily Collier’s classroom at MMS received a donation of $100.28 from Education First for classroom materials
  •  Education First Credit Union donated $133.60 worth of charts, student scissors, and markers for
  • Summer Diamond’s class at MMS
  •  $377.78 worth of student headphones used for listening comprehension and individual
  • intervention in the listening center of Summer Diamond’s classroom at MMS
  •  $2,000 was donated by the Nelda C. and H.J Lutcher Stark Foundation for students in need of clothing
  •  Newton Elementary School Kindness Club donated school supplies for students at MVE
  •  Materials to replace those lost in the Imelda flood were donated to Chere’ Woods classroom at MMS

 

Holly Fregia, Chief Financial Officer for the District talked about the district’s financial shape concerning FEMA reimbursement and a potential upcoming bond payoff. 

Back in February, the district submitted damages of around $10.5 million from Harvey. After the submission, damages and costs exceeding the original costs were also submitted.  Despite having damage requests and projects of in excess of $20 million, FEMA last month informed the district they were only comfortable with awarding $10.5 million.

“What we asked, the week before Thanksgiving, was for them to give us a partial determination. We want you to obligate the $10.5 million and deny the rest,” Fregia said about their FEMA request.

That would open a 60-day appeal window where LCM could appeal the denial. However, there is no timeline for when FEMA would make a decision on the appeal.

“It could take years,” Fregia added.

When asked about insurance money on Imelda, Fregia said insurance determinations were still out. 

Fregia also informed the board that in February, they could redeem over $7 million in bonds.

These bonds, the District’s Maintenance Tax Notes, Series 2018 Bonds 21-29. After Harvey, the District took a $15 million loan out as a 15-year note, with the option to recall $7.4 million in February of 2020 and the rest payable in 2023.

“If we pay these bonds, we will be savings and interest will be $3.5 million dollars,” Fregia said. 

The board unanimously approved the action.