NORTH FAYETTE VALLEY COMMUNITY SCHOOL DISTRICT
BOARD OF EDUCATION
Minutes, Special Meeting of the North Fayette Valley Community School District Board of Education, Thursday, July 3, 2025, in the NFV Central Office Conference Room, 600 N Pine Street, West Union, IA 52175
NFV Board of Education: Emily Koch, LaCreasha Schultz, Amanda Rodgers, Kirstin
Nelson-Lerch, Richard Klosterman, Kris McGrane, & Kris
Marcks; Superintendent: Joe Griffith, Business
Manager: Kassie Stansbery
President Koch called the Special Meeting of the NFV Board of Education to order at 7:30 am.
Roll Call of Board members: Klosterman, Schultz, Koch, & Rodgers. Marcks, McGrane, & Nelson-Lerch were absent. Klosterman led the pledge of allegiance.
President Koch welcomed and invited comments from the Public.
The agenda was approved as presented. Klosterman/Rodgers Motion Carried 4-0
NEW BUSINESS
The board approved the Transportation Equipment Lease Purchase Agreement. Schultz/Klosterman Motion carried 4-0
The board approved the Lease Purchase Agreement between Wells Fargo Bank, N.A. as Lessor, and the North Fayette Valley Community School District, as Lessee, Dated as of June 10, 2025, including the Lease Agreement and Exhibits.
The Board of Directors of the North Fayette Valley Community School District (the “School Corporation”), met in regular session, in the Central Office Conference Room, 600 N. Pine Street, West Union, Iowa at 7:30 A.M., on the above date. The Board of Directors provided a hybrid option for the members of the Board to participate in the meeting. There were present President Koch, in the chair, and the following Board Members: Amanda Rodgers, Rich Klosterman, LaCreasha Schultz Absent: Kris Marcks, Kris McGrane, Kirstin Nelson-Lerch
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Director Klosterman then introduced the following Resolution and moved that the Resolution be adopted. Director Schultz seconded the motion to adopt. The roll was called and the following directors voted: Ayes:Rodgers, Schultz, Klosterman, Koch Nays: None
The President declared the resolution adopted as follows:
RESOLUTION AUTHORIZING APPROVAL OF LEASE PURCHASE AGREEMENT BETWEEN WELLS FARGO BANK, N.A., AS LESSOR, AND THE NORTH FAYETTE VALLEY COMMUNITY SCHOOL DISTRICT, AS LESSEE, DATED JUNE 10, 2025, INCLUDING THE LEASE AGREEMENT AND EXHIBITS
WHEREAS, North Fayette Valley Community School District is authorized by Iowa Code section 274.1 to hold property and execute lease purchase agreements for equipment pursuant to Iowa Code section 298.3, and to acquire items of equipment as are needed to provide authorized programs and services, and to acquire such equipment by entering into a lease with option to purchase agreement (“Lease Purchase Agreement”); and
WHEREAS, at a February 10, 2025 meeting, the Board approved the lease of new 2026 Blue Bird School Buses; and
WHEREAS, on or about June 11, 2025, Lessor provided a Master Lease Agreement No. 200-0026539-001; Equipment Schedule No. 200-0026539 and Equipment Schedule A; Bank Qualified Designation; Form of Authorizing Resolution; Incumbency Certificate; State and Local Government Addendum; Required Information Form; Pay Proceeds Form; Delivery and Acceptance Certificate; Insurance Form; Titled Equipment Agreement and Acknowledgement Form; Titling Instructions; Iowa Sales/Use/Excise Tax Exemption Certificate; Form of Legal Opinion; and Invoice (the “Lease Purchase Documents”).
WHEREAS, Board Policy No. 705.1 requires competitive bids for purchases, other than emergency purchases, for goods and services that cost $25,000 or more, but excludes school buses from such requirement; and
WHEREAS, at an election held on February 7, 2017 the electors of the North Fayette Valley Community School District approved a Revenue Purpose Statement authorizing the use of money received by the North Fayette Valley Community School District from the State of Iowa secure an advanced vision for education fund to provide funds for the purchase, lease or lease-purchase of transportation equipment; and
WHEREAS, North Fayette Valley Community School District has determined that it is necessary and desirable to provide for the educational needs of the District by acquiring the transportation equipment listed in the Equipment Schedule A to the Lease Purchase Agreement (the “Transportation Equipment”); and
WHEREAS, Wells Fargo Bank, N.A. is willing to finance the Transportation Equipment and lease the Equipment to North Fayette Valley Community School District pursuant to the Lease Purchase Agreement and North Fayette Valley Community School District is willing to lease the Transportation Equipment from Wells Fargo Bank, N.A. pursuant to the Lease Purchase Agreement; and
WHEREAS, North Fayette Valley Community School District has determined that this Lease Purchase Agreement will be funded with revenue received from the State of Iowa secure an advanced vision for education fund;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of North Fayette Valley Community School District, State of Iowa:
- The Board of Directors finds and determines that the Lease Purchase Agreement is in the best interest of North Fayette Valley Community School District. The Lease Purchase Agreement consisting of the Master Lease Agreement No. 200-0026539-001; Equipment Schedule No. 200-0026539 and Equipment Schedule A; and State and Local Government Addendum is authorized and approved subject to such variations, changes, insertions, deletions, adjustments due to delivery schedule, and filling in of blanks as may be approved by Legal Counsel and the officers executing the Lease Purchase Agreement. The execution and delivery of the Lease Purchase Agreement is conclusive evidence of approval of any such variations, changes, insertions, deletions, or filling in of blanks.
- For the sole purpose of qualifying the Lease as a “Qualified Tax‑Exempt Obligation” pursuant to the Internal Revenue Code of the United States, the District designates the Lease as a qualified tax‑exempt obligation and represents that the reasonably anticipated amount of tax‑exempt government and Code Section 501(c)(3) obligations which will be issued during the current calendar year will not exceed $10,000,000.
- That any potential application of Board Policy No. 705.1 is waived for this transaction.
- The Superintendent and Board Secretary are authorized to take such action as they deem necessary and appropriate to enter into the Lease Purchase Agreement and all acts done in furtherance of such actions are ratified and approved.
PASSED AND APPROVED this 3rd day of July, 2025.
Motion to adjourn at 7:40 am. Klosterman/Schultz Motion Carried 4-0
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Emily Koch, President Kassie Stansbery, Business Manager