JPS School Board Establishes Bond Oversight Committee
July 30, 2018
At a special meeting held on July 30, the JPS Board of Trustees adopted a Resolution establishing and creating a citizen's oversight committee in connection with the proposed issuance by the Jackson Public Schools of 2018 general obligation bonds in the maximum principal amount of $65 million to raise money to pay for the costs of capital improvements throughout the District. The Resolution states the following:
WHEREAS, the Board of Trustees (the "Board") of the Jackson Public School District (the "District"), Jackson, Mississippi, acting for and on behalf of the District does hereby find, determine, adjudicate and declare as follows:
- On June 7, 2018, the Board of the District adopted a resolution (the "Election Resolution") providing for the calling and holding of a special election within and for the District for the purpose of submitting to the qualified electors of said District the proposition (the "Proposition") of whether or not the District shall issue general obligation bonds in the maximum principal amount of $65,000,000.00 (the “Bonds”) for the purpose of making capital improvements throughout the District; and
- Pursuant to the Election Resolution, the Proposition will be submitted to the qualified electors of the District at a special election to be held on August 7, 2018; and
- In the event at least three-fifths (3/5) of the qualified electors who vote on the Proposition in the election vote in favor of the Proposition, as certified by the election commissioners for the City of Jackson, Mississippi, and accepted and approved by the Board, the District will be authorized to move forward with issuing the Bonds; and
- In the event the District issues the Bonds, the Board desires to create and establish a citizen’s oversight committee, as generally described herein, the members of which shall serve as liaisons and provide public input and monitoring during the course of construction of the capital improvement projects financed by the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the Jackson Public School District as follows:
SECTION 1. In the event the District issues the Bonds, the Board will establish and create the Jackson Public School District, 2018 $65,000,000 General Obligation Bonds, Citizen’s Oversight Committee (the "Oversight Committee").
SECTION 2. The Oversight Committee will be an ad hoc committee comprised of seven (7) members, each one of whom is a resident of and represents one of the City of Jackson's 7 wards. Committee members will be appointed by the school board member representing each respective ward, and in the event no school board member represents a particular ward, will be appointed upon the recommendation of the president of the Board, as approved by the Board.
SECTION 3. The Oversight Committee will meet with a member or members of District administration, designated by the superintendent of schools, throughout the term of construction of Bond-financed projects. The Oversight Committee will be provided written updates of the status of construction of Bond-financed projects and the expenditure of Bond funds and, at times mutually convenient, will be provided opportunities to monitor and inspect ongoing construction. Oversight Committee members are expected to disseminate to their respective constituents, parents, neighborhood associations, wards, etc. information received by them regarding Bond-financed projects and expenditure of Bond funds, and bring to the attention of the District community questions and concerns. While neither Oversight Committee members nor the Oversight Community, as a whole, shall have any decision-making authority with regard to the selection of Bond-financed projects nor the manner or progress of construction of Bond-financed projects nor the expenditure of Bond funds, the Oversight Committee may raise questions or concerns associated with any or all of these for District administration and/or the Board.
SECTION 4. The Oversight Committee may, but is not required to, select a presiding officer and adopt such procedures for the conduct of its business as members deem necessary or convenient. The District shall provide the Oversight Committee with meeting space and such resources are as reasonably necessary to conduct its business, as determined by the superintendent of schools.
SECTION 5. The Oversight Committee shall exist and remain in place until the earlier of: (1) completion of construction of all Bond-financed projects and expenditure of all Bond funds; or (2) dissolution of the Oversight Committee by the Board.