School Board Minutes
January 24, 2023
School Board Minutes

January 24

1. Call to Order:

Meeting was called to order 6:08 p.m.

2. Pledge of Allegiance.
3. Roll Call
4. Approval of Minutes:

Motion to approve minutes from last meeting November 2022 by Deb Denys; second by Dr. Thayer. All approved – Motion carried.

5. Public Participation:
6. Reports and Discussion / Action:

a. Update from Matt Palumbo, VP Public Finance, Raymond James & Assoc, Inc. via telephone on the engagement letter provided to Principal McGee and the Board. There are two types of USDA loans, Direct and Guaranteed. Direct is a loan made directly by USDA (Federal Government) to BST Charter School. The rate would be fixed for 30-40 years, based upon the index of tax-exempt bonds set quarterly, which on the date of the Board meeting was approx. 3.75%. A Guaranteed loan is basically a bank loan of which 80% is guaranteed by USDA. The rate on this loan as of the date of the meeting was approximately 5% plus points or a ‘treasury spread’.

Presently BST has a Guaranteed USDA loan in the amount of $6,901,000 for the gym. Since this type of loan is not eligible for refinancing under the Direct program, Raymond James would shop the best bank loan for the needs of the school. The construction loan BST has currently, in the amount of $8,500,000 for the high school, could be refinanced with a new Direct USDA loan at the lower rate, thereby resulting in two loans – one directly to USDA and one guaranteed by USDA to a bank. More information on terms and costs can be found in the Engagement Letter from Raymond James.

b. Jeff Davis, Treasurer, reported on the investment advisory RFP. He sent the RFP request to 5 firms, of which 4 responded and 1 declined. All responses are due on Feb. 7th and presentations from the 4 firms will be made at the February 28th Board meeting.

c. New rule policies: in compliance with Rule 6A-10.086 Fl Administrative Code on Bathrooms, Locker Rooms and Dressing Rooms, Rule 6A-6.0791 Fl. Administrative Code on Parental Rights in Education and Procedure for Complaints, and Rule 6A-1.0955 Online Education, were all approved at the November 2022 meeting, signed at the January 24,2023 meeting and no further action was needed.

7. Principals Report:

Principal’s Report:

a. School choice week is January 23rd. BST was not invited to participate with Volusia County

School District for School Choice High School Night. It was the consensus of the Board to

send a letter to the Volusia County School Board expressing dissatisfaction and what was

seen as a disenfranchisement of BST. The letter will be voted on and signed at the next


b. BST was the only school in the District to have received the “2022 Distinguished School

Award” for excellence among 96 schools total in the world.

c. Dates:

i. National Honor Society and Junior National Honor Society to celebrate February 1st.

ii. International Night with Italian Dinner Feb. 23rd; two dinners – 5-6 pm and 6-7 pm.

iii. Participation in Brevard County School District, “Odyssey of the Mind”

d. Reports on changes in staffing.

Mr. Dan Hargrave reported on the High School. A student council is being formed for 7&8 grades

and the High School. Musical Theater is now a curriculum, and the next performance will be

“Aladdin”. He also reported on the activities of the Booster Clubs.

Ms. Galerno reported on the Elementary School activities inclusive of a 5K, a spelling bee, and

other activities.

8. Treasurer's Report:

Treasurer Report was presented by Jeff Davidson. Motion to approve the report made by Judy

Reiker with second by Jon Glugover. All approved, motion carried.

9. Committees:
10. Chairman closing comments:
11. Board Member issues/concerns/comments
12. Public Announcements:

Dan Hargrave to report on athletics and wellness.

Principal Dr. McGee will have the letter to the Volusia County School Board ready for Board

approval and signing as mentioned above. Discussion on a Burns Sci-Tech Foundation 501 c3


Next Board meeting is Tuesday, February 28th at 6:00 pm with a Workshop to hear

responses to the investment advisory RFP at 5:00 pm.

13. Adjournment:

Meeting adjourned 8:55 p.m.

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