The Board approved an Advisory Agreement with PMA Securities to provide financial advisory services in connection with the sale of the $89 million in general obligation bonds. Robert Lewis, Senior Vice President, Managing Director of PMA Securities, presented information on a plan for the sale of the building bonds. Historical data on bonds and market rates from 1990 were presented showing a downward trend. Interest rates are the lowest since 1990. PMA has outlined the sale of the bonds in stages, with the first issue to be in December of 2014. Bank Qualified Bonds will be sold in 2014, 2015 and 2017. Tax-exempt municipal bonds are designated as Bank Qualified if the District does not issue more than $10 million in debt in a single calendar year. Bank Qualified bonds provide a tax savings to institutions, which in turn allows for some of the savings to be passed along to the district. In 2016, Non-Bank Qualified bonds will be sold in an amount over $30 million. This will meet the objectives of the building plan. The district is eligible for lower interest rates due to an increase in the district’s credit rating in recent years.