MATC Vision
MATC is the premier, comprehensive technical college that provides
excellence in education to enrich, empower and transform lives
in our community
January 22, 2016
NOTICE TO RESIDENTS OF THE MILWAUKEE AREA
TECHNICAL COLLEGE DISTRICT, WISCONSIN
A regular open meeting* of the MILWAUKEE AREA TECHNICAL COLLEGE
DISTRICT BOARD, WISCONSIN, will be held in the BOARD ROOM, ROOM
M210, of MILWAUKEE AREA TECHNICAL COLLEGE, 700 WEST STATE
STREET, MILWAUKEE, WISCONSIN, on TUESDAY, JANUARY 26, 2016 beginning
at 5:00 P.M. The agenda** for said meeting is presented as follows:
A.
Roll Call
B.
Compliance with the Open Meetings Law
C.
Approval of Minutes
C-1
Regular Board Meeting: December 15, 2015
D.
Comments from the Public
E.
Approval of Consent Agenda Items
FPO-2
Bills – December 2015
Bills – By Check Number
Bills – By Payee
Bills ̶ Checks Exceeding $2,500
Bills – Channels 10/36
Bills – Voided Checks
FPO-3
Financial Report – December 2015
FPO-4
Human Resources
FPO-5
Procurement Report
I.
External Contracts
None.
II.
Procurements
SimMan 3G Manikin and Accessories
Laerdal
Wappingers Falls, NY
$209,415.01
Turbine Engines
Great Lakes Turbines, Inc.
Franksville, WI
$500,000.00
Cooley Auditorium Lighting Upgrade
AVI Design Group
Thiensville, WI
$199,543.88
Beverage Services
PepsiCo
New Berlin, WI
Commissions vary annually, based on overall sales and type of beverages sold
F.
III.
Contracts for Services
None.
IV.
Construction Contracts
None.
V.
Lease Agreements
None.
Chairperson’s Report
Information Item
F-1
G.
MATC District Board Self-Evaluation Instrument
President’s Report
Information Item
G-1
Promise Update
H.
Student Government Report
I.
Legislative Matters Report
J.
Public Television Committee Report
K.
Education, Services, and Student Success Committee Report
2
L.
Finance, Personnel, and Operations Committee Report
Action Items
FPO-6
Resolution (F0019-01-16) Authorizing the Sale of $1,500,000
General Obligation Promissory Notes, Series 2015-2016H of
Milwaukee Area Technical College District, Wisconsin
FPO-7
Resolution (F0020-01-16) Authorizing the Issuance of $1,500,000
General Obligation Promissory Notes, Series 2015-2016I of
Milwaukee Area Technical College District, Wisconsin
FPO-8
Resolution (F0021-01-16) to Revise Fiscal Year 2015-2016
Renovation/Remodeling (Capital) Projects
Discussion Item
L-1
Advisory Audit Committee Report
Information Item
FPO-11
M.
FY2016-17 Capital Budget Update
New Business
Board members and administration will have an opportunity to identify items that weren't identified
prior to the preparation of the agenda for referral to administration or placed on a future board
agenda.
1.
Future Agenda Items
2.
Date of Next Meeting:
Tuesday, February 23, 2016 5:00 p.m. Board Meeting,
Downtown Milwaukee Campus, Board Room (M210)
N.
President’s Quarterly Evaluation ***
O.
Board may Reconvene into Open Session to Take Action on Matters
Discussed in Closed Session under Item N.
*
This meeting may be conducted in part by telephone. Telephone speakers will be
available to allow the public to hear those parts of the proceedings that are open to the
public.
3
**
Action may be taken on any agenda item, whether designated as an action item or not.
Agenda items may be moved into Closed Session for discussion when it becomes
apparent that a Closed Session is appropriate under Section 19.85 of the Wisconsin
Statutes. The board may return into Open Session to take action on any item
discussed in Closed Session.
***
It is anticipated that this item may be discussed in Closed Session pursuant to
Sections 19.85(1)(c) of the Wisconsin Statutes.
Reasonable accommodations are available through the ADA Office for individuals who need assistance.
Please call 414-297-6610 to schedule services at least 48 hours prior to the meeting.
4
C-1
MILWAUKEE AREA TECHNICAL COLLEGE DISTRICT BOARD
MILWAUKEE, WISCONSIN
December 15, 2015
CALL TO ORDER
The regular monthly meeting of the Milwaukee Area Technical
College District Board was held in Open Session on Tuesday,
December 15, 2015, and called to order by Chairperson Wachholz at
5:02 p.m. in the Board Room, Room M210, at the Downtown
Milwaukee Campus of Milwaukee Area Technical College.
ITEM A.
ROLL CALL
Present:
David Dull; Mark Foley; Mary Isbister; Grace Maizonet;
Mary Scheibel; Kurt Wachholz and Ann Wilson. Mark
Foley arrived at 5:20 p.m. Ann Wilson arrived at 5:06
p.m.
Excused:
Abdulhamid Ali and José Pérez
ITEM B.
COMPLIANCE WITH THE OPEN MEETINGS LAW
Discussion
Chairperson Wachholz indicated that proper notice of the meeting
had been given in compliance with the Wisconsin Open Meetings
Law.
ITEM C.
APPROVAL OF MINUTES
C-1
Regular Board Meeting: November 24, 2015.
Motion
It was moved by Mr. Dull, seconded by Ms. Scheibel, to approve the
minutes of the Regular Board Meeting: November 24, 2015.
Action
Motion approved.
ITEM D.
COMMENTS FROM THE PUBLIC
None.
Milwaukee Area Technical College District Board
December 15, 2015
Page 2
ITEM E.
APPROVAL OF CONSENT AGENDA ITEMS
FPO-2
FPO-3
FPO-4
FPO-5
Bills – November 2015
Financial Report – November 2015
Human Resources Report
Procurement Report
Motion
It was moved by Ms. Maizonet, seconded by Ms. Isbister, to approve
the Consent Agenda.
Action
Motion approved.
ITEM F.
CHAIRPERSON’S REPORT
Information
Mr. Wachholz:
● Congratulated the 2015 Winter Semester Graduates and noted
that there were 850 graduates and 640 actual participants.
● Mentioned that he and Director Ali will attend the District Boards
Association Winter Meeting in La Crosse.
● Encouraged the board members to sign up to read to the children
in the Child Care Center.
● Drew the board’s attention to the Board Self-Evaluation
Instrument.
INFORMATION ITEM
F-1
MATC District Board Self-Evaluation Instrument
Ms. Wilson requested the Board Self-Evaluation Instrument be revised to be more
policy-driven, and to be reflective of the board’s goals.
Mr. Wachholz suggested this topic be brought back for further discussion.
ITEM G.
PRESIDENT’S REPORT
Information
Dr. Martin:
● Reported she, Ms. Falkenberg, and Ms. Walker joined members of
the Bucks Organization and key stakeholders to discuss
establishing a construction industry workforce pipeline.
● Stated MATC had a site visit from the Department of Workforce
Development, the Department of Corrections and Representative
Hutton to the Grant-Funded CNC program for incarcerated
individuals.
● Reported our collaboration with the Franklin Business Park
Consortium is proving to be very successful.
Milwaukee Area Technical College District Board
December 15, 2015
Page 3
INFORMATION ITEM
G-1
Information
MATC Transforming Testimonials Video
Dr. Martin presented the item as information.
● Offered her heartfelt congratulations to MATC graduates, and
wished everyone a happy holiday season.
ITEM H.
STUDENT GOVERNMENT REPORT
Information
Mr. Richter:
● Reported the various campuses had their holiday meal with Santa:
Mequon Campus, December 3 – also collected donations for local
Ozaukee food pantry; Oak Creek, December 5 – brunch and
ornament making; West Allis and Downton, December 5 –
breakfast, face-painting and arts and crafts.
● Reported the DSS approved to match funds for students of the
Future Hospitality Management Association to attend a
conference on networking in January 2016.
● Stated the DSS approved funding for child care in the amount of
$75,000.
● Mentioned applications to attend the WSG and ASACC
conference have been accepted.
● Stated students have complained about the prices in the cafeteria,
quoted a student who said “It’s cheaper to get a pizza one block
away than eat on campus”.
ITEM I.
LEGISLATIVE MATTERS REPORT
Information
Ms. Zelenkova presented the item as information and gave brief
updates on the following topics:
Federal
● The House passed a conference report to S.117 to reauthorize the
Every Student Succeeds Act (ESAE) on December 2.
● Senator Baldwin continues her push for a one-year reauthorization
of the Perkins Loan Program with a bipartisan group of
lawmakers.
Local
● Sports Entertainment District
Milwaukee Area Technical College District Board
December 15, 2015
Page 4
State
● LRB 1176 relating to the Wisconsin Technical College Promise
Act.
● AB 480/SB 363 relating to campus carry of firearms.
● SB 396 relating to a waiver of University of Wisconsin System and
technical college application fees and making an appropriation.
● AB 551/SB 397 relating to district board membership for the
Milwaukee Area Technical College.
● LRB 3532 relating to commending the Milwaukee Area Technical
College for their introduction of the MATC Promise Program.
ITEM J.
PUBLIC TELEVISION COMMITTEE REPORT
Discussion
Ms. Wilson gave highlights of the December 11, 2015 Public
Television Committee Meeting.
Mr. Zachary reported on the FCC Spectrum Auction.
ITEM K.
EDUCATION, SERVICES, AND STUDENT SUCCESS COMMITTEE
REPORT
Discussion
Ms. Scheibel gave highlights of the December 8, 2015 Education,
Services, and Student Success Committee meeting.
INFORMATION ITEM
ESSS-3 Dashboard Indicators
Information
Dr. Dakwar presented the item as information.
ITEM L.
FINANCE, PERSONNEL AND OPERATIONS COMMITTEE
REPORT
Discussion
Ms. Maizonet gave highlights of the December 10, 2015, Finance,
Personnel, and Operations Committee meeting.
Action Items
FPO-6
Motion
Resolution (F0018-12-15) Authorizing the Sale of
$1,500,000 General Obligation Promissory Notes, Series
2015-2016G of Milwaukee Area Technical College
District, Wisconsin
It was moved by Ms. Maizonet, seconded by Mr. Foley, to approve
Resolution (F0018-12-15) Authorizing the Sale of $1,500,000 General
Obligation Promissory Notes, Series 2015-2016G of Milwaukee Area
Technical College District, Wisconsin.
Milwaukee Area Technical College District Board
December 15, 2015
Page 5
Discussion
Mr. John Mehan, managing director, Robert W. Baird & Co.,
distributed and reviewed the Final Pricing Summary for the
$1,500,000 General Obligation Promissory Notes, Series 20152016G.
Action
Motion approved, the roll call vote being as follows:
Ayes:
Dull, Foley, Isbister, Maizonet, Scheibel, Wilson and
Wachholz – 7
Noes:
None.
FPO-7
Resolution (F0019-12-15) Authorizing the Issuance of
1,500,000 General Obligation Promissory Notes, Series
2015-2016H of Milwaukee Area Technical College
District, Wisconsin
Motion
It was moved by Ms. Maizonet, seconded by Ms. Wilson, to approve
Resolution (F0019-12-15) Authorizing the Issuance of 1,500,000
General Obligation Promissory Notes, Series 2015-2016H of
Milwaukee Area Technical College District, Wisconsin.
Action
Motion approved, the roll call vote being as follows:
ITEM M.
Ayes:
Foley, Isbister, Maizonet, Scheibel, Wilson, Dull and
Wachholz – 7
Noes:
None.
OLD BUSINESS/NEW BUSINESS
1. Future Agenda Items
Revision of the Board Self-Evaluation Instrument.
2. Date of Next Meeting
Tuesday, January 26, 2016 5:00 p.m. Board Meeting,
Downtown Milwaukee Campus, Board Room (M210)
ITEM N.
FCC Spectrum Auction Strategy Considerations***
Milwaukee Area Technical College District Board
December 15, 2015
Page 6
Motion
It was moved by Mr. Dull, seconded by Ms. Maizonet to convene into
Closed Session pursuant to Section 19.85 (1)(e) to discuss Item N,
FCC Spectrum Auction Strategy Considerations, to discuss strategy
and to deliberate on public business which entails competitive matters
requiring a Closed Session. The Board may reconvene into Open
Session to take action on matters discussed in Closed Session under
Item N.
Action
Motion approved, the roll call vote being as follows:
Ayes:
Isbister, Maizonet, Scheibel, Wilson, Dull, Foley and
Wachholz – 7
Noes:
None.
*
This meeting may be conducted in part by telephone. Telephone speakers will be
available to allow the public to hear those parts of the proceedings that are open to
the public.
**
Action may be taken on any agenda item, whether designated as an action item or
not. Agenda items may be moved into Closed Session for discussion when it
becomes apparent that a Closed Session is appropriate under Section 19.85 of the
Wisconsin Statutes. The board may return into Open Session to take action on any
item discussed in Closed Session.
***
It is anticipated that this item may be discussed in Closed Session pursuant to
Section 19.85(1)(e) of the Wisconsin Statutes.
Adjournment
The meeting adjourned at 7:30 p.m.
Respectfully submitted,
José Pérez
Secretary
Attachment FPO - 3
MILWAUKEE AREA TECHNICAL COLLEGE
DEPOSITS AND INVESTMENTS
FOR THE MONTH OF DECEMBER 2015
AMOUNT
BMO HARRIS BANK
946,432.21
ALLOCATION RATE OF
%
RETURN
2.52%
0.01%
.
J P MORGAN CHASE BANK ACCOUNTS
.
WISCONSIN LOCAL GOVERNMENT INVESTMENT POOL
36,575,624
97.43%
0.05%
18,912
0.05%
0.12%
37,540,968
100%
Millions
CASHFLOW -- ALL FUNDS
Fiscal Year 2016
FY14-15 ACTUAL
FY15-16 PROJECTED
FY15-16 ACTUAL
SHEET-ALL
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
FY14-15
FY15-16
ACTUAL PROJECTED
58.69
58.60
68.07
62.00
69.59
69.12
65.43
55.64
51.45
53.75
35.68
35.10
69.26
131.88
118.89
112.50
108.63
71.48
FY15-16
ACTUAL
59.71
63.62
70.42
56.38
55.06
37.54
Page 3
CASHFLOW -- OPERATING FUNDS
Fiscal Year 2016
90
80
70
Millions
60
50
40
30
20
10
0
FY14-15 ACTUAL
FY15-16 PROJECTED
FY15-16 ACTUAL
SHEET-OP FUNDS
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
FY14-15
ACTUAL
16.86
24.80
11.45
12.11
4.45
4.65
13.72
76.55
55.77
51.58
46.68
36.56
FY15-16
PROJECTED
25.60
23.00
14.92
5.94
6.00
3.16
11.11
65.58
53.05
51.17
46.17
26.83
FY15-16
ACTUAL
26.31
23.46
15.25
7.80
7.79
4.60
Page 5
CASHFLOW -- CAPITAL PROJECTS FUND
Fiscal Year 2016
45.00
40.00
35.00
Millions
30.00
25.00
20.00
15.00
10.00
5.00
-
FY14-15 ACTUAL
FY15-16 PROJECTED
FY15-16 ACTUAL
SHEET-CAP FUNDS
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
FY14-15
FY15-16
ACTUAL
PROJECTED
27.29
25.00
24.04
22.00
38.61
37.00
33.33
32.00
34.52
29.00
27.04
26.04
28.51
27.50
27.95
26.95
26.60
27.00
24.91
27.60
25.16
23.50
26.67
25.67
FY15-16
ACTUAL
25.12
22.65
37.39
30.52
28.90
26.76
Page 7
CASHFLOW -- DEBT SERVICE FUND
Fiscal Year 2016
40.00
35.00
30.00
Axis Title
25.00
20.00
FY14-15 ACTUAL
FY15-16 PROJECTED
15.00
10.00
5.00
-
FY15-16 ACTUAL
SHEET-DEBT SERV
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
FY14-15
ACTUAL
14.54
19.23
19.52
19.99
12.49
4.00
27.03
27.38
36.52
36.01
36.79
8.25
FY15-16
PROJECTED
8.00
17.00
17.20
17.70
18.75
5.90
28.00
32.00
33.00
35.00
36.00
4.70
FY15-16
ACTUAL
8.27
17.51
17.78
18.06
18.37
6.18
Page 9
Attachment FPO - 4
matc
HUMAN RESOURCES REPORT
January 2016
Sixty-one transactions are included in the report for January.
Appointments
Twenty-five appointments occurred during the reporting period, twelve of which are
faculty appointments and thirteen of which are staff appointments. The faculty
appointments are twelve part-time regular positions. Included in the staff appointments
are six part-time regular, four full-time regular and three part-time limited term positions.
Twelve females and thirteen males comprise the appointments. Represented in that
total are three black females, three black males, one Asian female, one Asian male and
one 2 or More Races female. Fiscal year-to-date, total appointments are one hundred
thirty-nine. Included in that total are fifty-seven males (41.0%) and eighty-two females
(59.0%). Minority hires total forty-three (30.9%), including thirty black (21.6%).
This Month
Year-to-date
YTD Percent
White
Male Female
9
7
39
52
65.5%
2 or More Races
Male
0
1
Female
1
3
2.9%
Black
Male Female
3
3
9
21
21.6%
Hispanic
Male Female
0
0
4
2
4.3%
Asian
Male Female
1
1
2
2
2.9%
Native
American
Male Female
0
0
1
2
2.2%
Total
Male
Female
13
12
57
82
41.0%
59.0%
Other
Male
0
1
Female
0
0
0.7%
Changes in Status
The twenty-one changes in status during this reporting period represent three transfers,
ten promotions, two acting appointments, one extension of assignment, two leave of
absences and five limited-term extensions. Twelve females and nine males comprise
the changes in status. Included in that total are two Hispanic females, one Hispanic
male, six black females and three black males.
Separations
The thirteen separations represent six retirements and seven resignations. Seven
females and six males comprise the separations. Included in that total is one Hispanic
male.
TRANSACTION SUMMARY REPORT
FOR
January 2016
APPOINTMENTS
CHANGES IN
STATUS
SEPARATIONS
BUSINESS
0
2
3
5
HEALTH SCIENCES
2
0
0
2
LIBERAL ARTS & SCIENCES
5(2)
2(2)
2
9(4)
MEDIA & CREATIVE ARTS
1(1)
0
0
1(1)
PRE-COLLEGE
3(2)
1(1)
1
5(3)
3
1(1)
1
5(1)
ACADEMIC SERVICES
0
1
1
2
DISTRICT ADMINISTRATION
0
2(2)
0
2(2)
EMPLOYEE AND LEGAL
1
2(1)
0
3(1)
3(1)
6(2)
2(1)
11(4)
INFORMATION TECHNOLOGY
0
0
0
0
PUBLIC TELEVISION
0
1
0
1
STUDENT SERVICES
6(2)
5(4)
2
13(6)
1
0
1
2
25(8)
23(13)
13(1)
61(22)
DIVISION OR SCHOOL
TECHNOLGY & APPLIED
**AA
TOTAL
SCIENCES
SERVICES
FINANCE
WORKFORCE & ECONOMIC
DEVELOPMENT
TOTALS BY CATEGORY
TOTAL TRANSACTIONS FOR THE MONTH
**Affirmative Action totals in parentheses.
61(22)
Non-represented Salary Schedule
Effective July 1, 2015
Exempt
Salary
Grade
Title
Minimum
Mid-Point
Maximum
917
916
915
914
913
912
911
Vice President
Associate Vice President, Dean
Associate Dean, Director
Assistant Dean, Manager
Coordinator
Senior Specialist, Supervisor
Specialist
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
133,432
92,830
82,232
66,069
58,109
48,002
42,950
172,057
125,535
111,508
89,591
78,795
65,092
58,238
210,682
158,239
140,780
113,112
99,480
82,178
73,526
Non-Exempt
Salary
Grade
Title
Minimum
Mid-Point
Maximum
904
903
902
901
Senior Technician
Administrative Specialist
Assistant
Aide
$
$
$
$
$
$
$
$
$
$
$
$
45,637
39,685
34,507
24,989
61,886
53,811
46,792
33,884
78,132
67,935
59,076
42,780
Human Resources Report
January 2016
Appointments
Employee Status
Job Title
Type of
Transaction
Start Date
Galovits-Gostisha, Lindsay
Szymanski, Molly
Full-Time Regular
Part-Time LTE
Transcription Technician
Educational Assistant
Replacement
New
Liberal Arts & Sciences
Allen, Charles
Heigl, Carl
Nigh, Perry
Schaefer, Scott
Scott, Alexander
Part-Time Regular
Part-Time Regular
Part-Time Regular
Part-Time Regular
Part-Time Regular
Instructor, Anatomy & Physiology
Instructor, Anatomy & Physiology
Instructor, Foreign Language - Spanish
Instructor, Earth/Sciences/Geology
Educational Assistant
Media & Creative Arts
Das, Anupam
Part-Time Regular
Pre-College
Brown, Nakeesha
Hansbrough, Shawn
Zavodski, Natalie
Technology & Applied
Sciences
Barbour III, Charles
Paul, Anthony
Schwager II, Gerald
Academic Services
None
District Administration
None
Employee & Legal Services
Division or School
Employee Name
Business
None
Health Sciences
End Date
Salary
Education
01/06/16
12/17/15
$21.40/hour
$25.38/hour
B.A. - UWM
M.A. - Marquette University
New
New
New
New
Replacement
01/15/16
01/15/16
01/15/16
01/15/16
01/11/16
$27.04/hour
$27.04/hour
$47.01/hour
$27.04/hour
$25.38/hour
M.A. - Central Michigan University
M.A. - Palmer College of Chiropractic
M.A. - Marquette University
M.A.- UW-Milwaukee
A.A. - MATC
Instructor, Computer Simulation
New
01/15/16
$27.04/hour
B.A. - UW-Milwaukee
Part-Time Regular
Part-Time Regular
Part-Time Regular
Instructor, BS Communication
Instructor, BS Communication
Instructor, BS Communication
New
New
New
01/21/16
01/19/16
01/20/16
$27.04/hour
$27.04/hour
$27.04/hour
M.A. - Central Baptist Theological Seminary
M. A. - Marquette University
M.A. - Depaul University
Part-Time Regular
Part-Time Regular
Part-Time Regular
Instructor, Steamfitting
Instructor, Electricity
Instructor, Truck Driving
New
New
New
01/15/16
01/15/16
01/15/16
$27.04/hour
$27.04/hour
$27.04/hour
Certificate - MATC
HSD
A.A. - MATC
Bridges, Dianne
Full-Time Regular
Legal Specialist
Replacement
01/25/16
$65,000/annual
M.A. - Cardinal Stritch University
Finance
Cain, Garlando
Dehmlow, Guy
Schaapveld, Steven
Part-Time Regular
Full-Time Regular
Full-Time Regular
Building Services Assistant
Duplicating Equipment Operator
Manager, Facilities
Replacement
Replacement
Replacement
12/16/15
01/25/16
01/11/16
$19.00/hour
$20.44/hour
$76,000/annual
HSD
HSD
B.A. - MSOE
Information Technology
None
Public Television
None
Student Services
Dunn, Nancy
Lubchansky, Arielle
Macek, Aaron
Nguyen, Dang-Giao
Silverthorn, Kaila
Suggs, Jasmine
Part-Time Regular
Part-Time LTE
Part-Time LTE
Part-Time Regular
Part-Time LTE
Part-Time Regular
Word Processing Associate
Tutor
Tutor
Office Technician
Tutor
Student Services Specialist
Replacement
Temporary
Temporary
Replacement
Temporary
Replacement
01/11/16
01/10/16
01/11/16
01/11/16
01/12/16
12/14/16
$15.85/hour
$12/hour
$12.00/hour
$20.10/hour
$12.00/hour
$28.98/hour
HSD
B.A. - Unknown
HSD
M.A. - UW-Milwaukee
A.A. - MATC
M.A. - Concordia University
Workforce & Economic
Development
Hamilton, Ruth
Part-Time Regular
Instructor, Traffic Safety
Replacement
01/04/16
$44.35\hour
M.A. - Concordia University
Human Resources Report
January 2016
Changes In Status
Division or School
Employee Name
Personnel Action
Job Title
Type of
Transaction
Business
Jones, Sean
Rohrer, Charles
LTE Extension
LTE Extension
Instructor, Information Technology Computer Support Specialist
Instructor, IT Development
Health Sciences
None
Liberal Arts & Sciences
Flores, Rosamaria
Jackson, Nicole
LTE Extension
LTE Extension
Media & Creative Arts
None
Pre-College
Moore, Kerry
Technology & Applied Sciences
Smith, Ira
Academic Services
None
District Administration
Employee & Legal Services
Start Date
End Date
Temporary
Temporary
01/15/16
01/15/16
05/20/16
$66.27/hour
$66.27/hour
Instructor, Early Childhood Education
Instructor, Human Services/AODA
Temporary
Temporary
01/15/16
01/15/16
05/20/16
05/20/16
$70.96/hour
$68.61/hour
Transfer
Office Specialist
Replacement
01/04/16
$24.83/hour
Promotion
Instructor, Machine Tool
New
01/15/16
$74,232/annual
Mays, Oletha
LTE Extension
Office Specialist
Temporary
12/23/15
01/29/16
$21.40/hour
Krueger, Michelle
Smith, Emmitt
Promotion
Leave of Absence
Manager, Training & Development
Public Safety Specialist
New
LOA
02/01/16
12/22/16
01/31/16
$77,151/annual
$23.63/hour
Finance
Brunn, Ellen
Finch, Richard
Grant, Frank
Palmer Monday, Kelley
Trice, Quentin
Wood, Anna
Leave of Absence
Promotion
Promotion
Transfer
Promotion
Promotion
Office Assistant
Building Services Associate FT
Building Services Associate FT
Child Development Specialist
Building Services Associate FT
Office Technician
LOA
Replacement
Replacement
Replacement
Replacement
Replacement
11/12/15
12/14/15
01/04/16
01/14/16
12/14/15
01/04/16
01/19/16
$24.13/hour
$18.83/hour
$16.22/hour
$20.42/hour
$18.83/hour
$20.10/hour
Information Technology
None
Public Television
Braovac, Damir
Acting Appointment
Manager, TV Admin & Planning
Temporary
01/04/16
03/31/16
$102,500/annual
Student Services
Aranda, Carlos
Barnett, Theresa
Mathwig, Cindy
Mendez, Lorena
Ward, Bonnie
Promotion
Promotion
Transfer
Promotion
Extension of Assignment
Guidance Counselor
Word Processing Technician
Educational Assistant
Customer Service Representative
Accounting Specialist
Replacement
Replacement
Replacement
Replacement
Temporary
12/21/15
01/25/16
01/15/16
12/21/15
01/04/16
02/05/16
$94,382/annual
$20.10/hour
$25.38/hour
$22.75/hour
$21.71/hour
Workforce & Economic Development
None
Salary
Human Resources Report
January 2016
Separations
Division or School
Employee Name
Ending Reason
Job Title
Effective
Date
Business
Blount, Megan
Johnson, Daniel
Rockweit, Nicholas
Resignation
Resignation
Resignation
Associate Dean
Instructor, IT Networking
Culinary Assistant
02/05/16
01/10/16
12/18/15
Health Sciences
None
Liberal Arts & Sciences
Hayes, Virginia
Schingen, Deborah
Retirement
Retirement
Instructor, Child Development
Instructor, Social Science
1/6/2016
12/31/15
Media & Creative Arts
None
Pre-College
McBride, Alberta
Retirement
Instructor, English
12/18/15
Technology & Applied Sciences
Schwid, David
Retirement
Instructor, Automotive Technology
05/20/16
Academic Services
Murray, Katherine
Resignation
Word Processing Technician
12/18/15
District Administration
None
Employee & Legal Services
None
Finance
Brook, Thomas
Reyes, Ruben
Resignation
Retirement
Building Services Associate
Manager, Facilities
12/23/16
07/31/16
Information Technology
None
Public Television
None
Student Services
Ford, Heather
Warpinski, Heather
Resignation
Resignation
Sign Language Interpreter
Word Processing Associate
01/07/16
12/23/15
Workforce & Economic Development
Dempsey, Michael
Retirement
Instructor, Horology
12/17/16
Attachment FPO – 5
PROCUREMENT REPORT
JANUARY 2016
The Procurement report consists of:
 Part IExternal Contracts
 Part IIProcurements
 Part IIIContracts for Services
 Part IVConstruction Contracts
 Part VLease Agreements
Each month the board approves contracts, procurements and services related to the operation of the
College. The current items for board approval are:
I.
External Contracts
None
II.
Procurements
1. SimMan 3G Manikin and Accessories
Laerdal
Wappingers Falls, NY
$209,415.01
2. Turbine Engines
Great Lakes Turbines, Inc.
Franksville, WI
$500,000.00
3. Cooley Auditorium Lighting Upgrade
AVI Design Group
Thiensville, WI
$199,543.88
4. Beverage Services
PepsiCo
New Berlin, WI
Commissions vary annually, based on overall sales and type of beverages sold
III.
Contracts for Services
None
IV.
Construction Contracts
None
V.
Lease Agreements
None
1
Part II: PROCUREMENTS
Item 1: SIMMAN 3G MANIKIN AND ACCESSORIES
Background
High Fidelity Simulation is an integral part of the teaching methodology used in the nursing program at
MATC. Students are required to attend 1-2 days of simulated clinical activities each of the four (4)
semesters of the nursing program. Simulation labs are currently operating at the Mequon, Milwaukee and
Oak Creek campuses for the nursing programs. Two of the simulators in these labs are over 5 years old,
and are no longer under warranty, and are no longer cost effective to repair. The replacement of two (2)
simulators, along with an upgrade to the simulation software and laptops that control the manikins, will
ensure that educational activities can continue for nursing students.
This purchase will be made under the guidelines of UW Contract 14-5523 which meets all state of
Wisconsin Procurement requirements.
Positive action by the MATC Board will result in a purchase from Laerdal, of Auburn Wappingers Falls, NY at
the cost of $209,415.01
2
Part II: PROCUREMENTS
Item 2: TURBINE ENGINES
Background
The PT6A series of turbine engines have been, and continue to be, the most successful line of power plants
in its class. Approximately 10,000 aircraft operate these engines around the world. To date, Pratt &
Whitney (the manufacturer) has delivered nearly 40,000 units to its customers with contracts secured for
an additional ten (10) years of production, development and support.
The likelihood of our students encountering these engines in the work world is great. MATC’s acquisition
and implementation of this type of engine would dramatically increase the preparedness and employability
of our graduates as they enter the aviation industry.
The vendor we are seeking to use is local company which has provided support to the Aviation Center in
the past. Technical support, spares and publications would be almost immediate and greatly reduce the
down time and costs associated with using out of state vendors. In addition, Great Lakes Turbines Inc., is
owned and operated by a former MATC graduate.
This purchase will be made under the guidelines of the state of Wisconsin Procurement requirements for a
Sole Source Purchase (Used Equipment). All required documentation is housed in the Purchasing Office
M70.
Positive action by the MATC Board will result in a purchase Great Lakes Turbines, Inc. of Franksville, WI at
the cost of $500,000.
3
Part II: PROCUREMENTS
Item 3: COOLEY AUDITORIM LIGHTING UPGRADE
Background
MATC is requesting to update the technology in the Cooley auditorium; this includes new projectors and
updating the presentation system to work with digital sources (currently our system is analog and very
outdated). The new technology and presentation system will maintain the current three (3) screens and
allow for seamless switching between media sources. Major college events and external rental of the space
were important considerations in the design of the new system as well.
This purchase will be made under the guidelines of UW-Madison Contract 13-5174, which meets all state of
Wisconsin Procurement requirements.
Positive action by the MATC Board will result in a purchase AVI Design Group of Thiensville, WI at a cost of
$199,543.88.
4
Part II: PROCUREMENTS
Item 4: BEVERAGE SERVICES
Background
MATC issued RFP 16-08 for soft drink beverage business; this includes vending service, retail resale fountain
drinks in food service and use in catering programs. The intended use for this service will be at all four
campuses.
Three (3) vendors were directly solicited and the bid was posted on DemandStar. Two (2) vendors
responded:
 Pepsi
 Coca-Cola
An evaluation committee rated the response based on the evaluation criteria indicated in the document:
[30 %]
Demonstrate an ability based on experience (including experience with higher education
institutions), qualifications and references to provide the services, product and equipment
requested and product variety, quality and availability
[25 %]
Sponsorship and marketing support to the college’s programs and furthering the mission and
service of the college
[20 %]
Quality of beverage procurement plan, including profitability, feasibility, innovation,
communication, specific ideas and resources identified to support revenue and other
objectives
[20 %]
Equipment, equipment replacement program and demonstrated commitment to energy
savings, sustainability, and recycling
[5 %)
Minority
The following are the responses received:
Vendor
Pepsi
Commission Rate
23-41% Yr 1-5
Vend Price
$1.75 (Yr 1-3)
$2.25 (Yr 4-5)
Sponsorship
$455,000 (value over 5 years)
Coca-Cola
20-38% (Yr 1-2)
18-36% (Yr 3-5)
$2.00 (Yr 1-2)
$2.25 (Yr 3-4)
$2.50 (Yr 5)
$225,000 (value over 5 years)
The term of this contract is for five (5) years with the right to terminate with a sixty (60) day notice.
This purchase will be made under the guidelines of MATC RFP 16-08, which meets all state of Wisconsin
Procurement requirements. Positive action by the MATC Board will result in a purchase from Pepsi, of New
Berlin, WI. No annual dollar amount can be given as commission rates vary dependent on the type of
beverage being served.
5
F-1
MILWAUKEE AREA TECHNICAL COLLEGE
BOARD SELF-EVALUATION INSTRUMENT
The MATC District Board annual Board Self-Evaluation Instrument is designed to
capture your opinion on how the board, as a whole, operates in the following
areas:
1.
2.
3.
4.
5.
6.
Preparation for responsible participation
Commitment to responsible stewardship
Relationship with the external constituencies
Board organization
Board–president relations
Comments
In the tables on Pages 2, 3, and 4, please check () the appropriate rating:
A - Excellent
B - Good
C - Fair
D - Needs Substantial Improvement
E - No Experience
Please complete the evaluation by May 24, 2016. A summary of the results will
be distributed at the board meeting on June 27, 2016.
MILWAUKEE AREA TECHNICAL COLLEGE
BOARD EVALUATION INSTRUMENT
No.
Item
1.
All Board Members: Prepared to Participate Responsibly
a.
Prepared to work at meetings
b.
Knowledgeable about policy and procedures
c.
f.
Understands the distinct mission of technical colleges relative
to other sectors of education
Knowledgeable about issues affecting the College’s Mission
and Goals
Knowledgeable about the distinct roles of the administration,
staff and faculty in the operation of the college
Understands matters of confidentiality
g.
Accepts the group’s decision as legitimate
h.
Additional comments
d.
e.
2.
a.
Excellent
(A)
Good
(B)
Fair
(C)
All Board Members Committed to Responsible Stewardship
Governs effectively through Board Policy
b.
Commits sufficient time and effort to Governance
Responsibilities
c.
Participates in educational and professional development
d.
Remains unencumbered by partisan politics or personal
agendas
e.
Functions effectively as caretakers of the College on behalf
of the citizens of the counties
f.
Periodically assesses its own effectiveness
g.
Is effective in its mid- and long-range planning
h.
The board understands the fiscal condition of the college.
i.
The board has established parameters for college budget
planning.
j.
The board understands the budget document.
k.
The board understands the long-range facility plan.
l.
Additional comments
2
Needs
Substantial
Improvement
(D)
No
Experience
(E)
MILWAUKEE AREA TECHNICAL COLLEGE
BOARD EVALUATION INSTRUMENT
No.
3.
a.
Item
Acts on behalf and for the benefit of the community.
c.
Maintains an affinity with the broader educational community.
d.
Knowledgeable about the community and its educational,
social, political, economic and environmental needs.
Adequately identifies the college’s constituencies.
f.
g.
h.
i.
j.
Invites opinions from groups and individuals with competing
interests to speak before the board.
Maintains an affinity with the broader business community.
k.
4.
Board Organization
a.
The board operates as a unit.
b.
Board members uphold the final majority decision of the
board.
Board members represent board policy in responding to
public and employee questions.
Board members make decisions after thorough discussion
and exploration of many perspectives.
Board meetings are conducted in an orderly, efficient manner
that allows for sufficient discussion.
The meeting agendas are relevant to the work of the board.
d.
e.
f.
g.
h.
i.
j.
l.
m.
Fair
(C)
Maintains effective communication with the many
constituencies of the college.
Advocates for MPTV.
The board adheres to protocols for dealing with citizens and
the media.
Additional comments
c.
Good
(B)
All Board Members Relationship with the External Constituencies
Actively engages with the many constituencies of the district.
b.
e.
Excellent
(A)
The board has adequate input into the planning of meeting
agendas.
Meeting agenda items contain sufficient background
information and recommendations for the board.
Board officer responsibilities are clear.
Board officer responsibilities are appropriate for the work of
the board.
New board members receive an orientation to the board and
the institution.
Additional comments
3
Needs
Substantial
Improvement
(D)
No
Experience
(E)
MILWAUKEE AREA TECHNICAL COLLEGE
BOARD EVALUATION INSTRUMENT
No.
Item
5.
Board–President Relations
a.
A climate of mutual trust and respect exists between the
board and President.
The board sets clear expectations for the President.
b.
c.
d.
e.
f.
g.
h.
i.
j.
Excellent
(A)
Good
(B)
Fair
(C)
The board provides a high level of support to the chief
executive.
The board maintains open communication with the President.
Board members are available to the President for support
and feedback.
The board effectively evaluates the President.
Board members keep the President informed about contacts
with the community and staff.
Board members respect the role of the President as the link
between the board and staff.
The board encourages the professional growth of the
President.
Additional comments
4
Needs
Substantial
Improvement
(D)
No
Experience
(E)
6.
a. .
For Discussion Only
What are the board’s greatest strengths?
b. .
What are the major accomplishments of the board in the past year?
c.
What are areas in which the board could improve?
.
d.
As a trustee, I am most pleased about. . .
e.
As a trustee, I have concerns about . . .
f.
As a trustee, I would like to see the following changes in how the board operates. . .
g.
I recommend that the board has the following goals for the coming year. . .
h.
Additional comments
5
Attachment FPO - 6
Attachment FPO - 6
$1,500,000.00
Milwaukee Area Technical College District, Wisconsin
General Obligation Promissory Notes, Series 2015-16H
RESOLUTION AUTHORIZING THE SALE OF $1,500,000.00
GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2015-16H
Resolution F0019-01-16
WHEREAS, pursuant to Section 67.12(12) of the Wisconsin Statutes, as amended
(the “Act”), the Milwaukee Area Technical College District, Wisconsin (the “District”), is
authorized to issue notes of the District in the aggregate amount of $1,500,000.00 for the
public purpose of financing building remodeling and improvement projects, consisting of
projects included in the District's 2015-2016 building remodeling and improvement
program (the public purpose projects described above are hereafter referred to as the
“Public Purposes”); and
WHEREAS, on December 15, 2015, the District authorized the issuance of
$1,500,000.00 General Obligation Promissory Notes, Series 2015-16H (the “Notes”) for
the Public Purposes; and
WHEREAS, the District has prepared and distributed a Preliminary Official
Statement, dated January 19, 2016 (the “Preliminary Official Statement”), describing the
Notes and the security therefor; and
WHEREAS, the District has examined proposed documentation for the Notes
(collectively, the “Note Documents”), as follows:
(a)
an Official Notice of Sale issued by the District and a Parity Bid Form
(the “Note Purchase Agreement”) to be entered into between the District and the
Underwriter, providing for the sale of the Notes; and
(b)
the Preliminary Official Statement.
WHEREAS, it is now expedient and necessary for the District to issue its general
obligation promissory notes in the amount of $1,500,000.00 for the Public Purposes;
NOW, THEREFORE, the District hereby resolves as follows:
Section 1. Definitions. The following terms shall have the following meanings in
this Resolution unless the text expressly or by implication requires otherwise:
“Act” shall mean Section 67.12(12) of the Wisconsin Statutes;
“Code” shall mean the Internal Revenue Code of 1986, as amended;
“Continuing Disclosure Agreement” shall mean the Continuing Disclosure
Agreement, executed and delivered by the Issuer, dated February 17, 2016 (the
“Continuing Disclosure Agreement”), delivered by the District for the purpose of complying
with the requirements of Rule 15c2-12 promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended;
“Dated Date” shall mean February 17, 2016;
“Debt Service Fund” shall mean the Debt Service Fund of the District, which shall
be the “special redemption fund” as such term is defined in the Act;
“District” shall mean the Milwaukee Area Technical College District, Wisconsin;
“Fiscal Agent” shall mean the Treasurer of the District;
“Governing Body” shall mean the Board of the District, or such other body as may
hereafter be the chief legislative body of the District;
“Initial Resolution” shall mean the “Resolution Authorizing the Issuance of
$1,500,000.00 General Obligation Promissory Notes, Series 2015-16H of Milwaukee
Area Technical College District, Wisconsin”, adopted by the Governing Body on
December 15, 2015;
“Note Registrar” means the Secretary of the District;
“Notes” shall mean the $1,500,000.00 General Obligation Promissory Notes,
Series 2015-16H, of the District;
“Public Purposes” shall mean the public purpose of financing $1,500,000.00 of
building remodeling and improvement projects, consisting of projects included in the
District's 2015-2016 building remodeling and improvement program;
“Purchase Price” shall mean $1,535,361.17 ($1,500,000.00 par amount of Notes,
plus premium of $41,324.50, less underwriter's discount of $5,963.33);
“Record Date” shall mean the close of business on the fifteenth day of the
calendar month next preceding any principal or interest payment date;
“Securities Depository” means The Depository Trust Company, New York, New
York, or its nominee; and
“Underwriter” means Morgan Stanley & Co., LLC.
Section 2. Authorization of the Notes. For the purpose of financing the Public
Purposes, there shall be borrowed on the full faith and credit of the District the sum of
2
$1,500,000.00; and fully registered general obligation promissory notes of the District are
authorized to be issued in evidence thereof.
Section 3. Sale of the Notes. To evidence such indebtedness, (i) the Chairperson
or the Vice Chairperson and (ii) the Secretary of the District are hereby authorized,
empowered and directed to make, execute, issue and sell to the Underwriter for, on
behalf of and in the name of the District, general obligation promissory notes in the
aggregate principal amount of One Million Five Hundred Thousand Dollars
($1,500,000.00) for the Purchase Price, plus accrued interest to the date of delivery.
Section 4. Terms of the Notes. The Notes shall be designated “General
Obligation Promissory Notes, Series 2015-16H”; shall be dated the Dated Date; shall be
numbered one and upward; shall bear interest as shown on the Maturity Schedule below;
shall be issued in denominations of $5,000 or any integral multiple thereof; and shall
mature on the dates and in the amounts as set forth below. Interest on the Notes shall
accrue from the Interest Accrual Date and shall be payable semi-annually on June 1 and
December 1 of each year, commencing on June 1, 2016.
MATURITY SCHEDULE
Maturity
Date
Principal
Amount
Interest
Rate
June 1, 2017
June 1, 2018
June 1, 2019
June 1, 2020
$350,000
$500,000
$500,000
$150,000
2.00%
2.00%
2.00%
2.00%
The Notes of this issue shall not be subject to call and payment prior to maturity.
Section 5. Form, Execution, Registration and Payment of the Notes. The Notes
shall be issued as registered obligations in substantially the form attached hereto as
Exhibit A and incorporated herein by this reference.
The Notes shall be executed in the name of the District by the manual signatures
of (i) the Chairperson or the Vice Chairperson and (ii) the Secretary, and may be sealed
with its official or corporate seal, if any.
The principal of, premium, if any, and interest on the Notes shall be paid by the
Fiscal Agent.
Both the principal of and interest on the Notes shall be payable in lawful money of
the United States of America by the Fiscal Agent. Payment of principal of the final
maturity on the Notes will be payable upon presentation and surrender of the Notes to the
Fiscal Agent. Payment of principal on the Notes (except the final maturity) and each
installment of interest shall be made to the registered owner of each Note who shall
appear on the registration books of the District, maintained by the Note Registrar, on the
Record Date and shall be paid by check or draft of the Fiscal Agent and mailed to such
registered owner at the address appearing on such registration books or at such other
address may be furnished in writing to such registered owner to the Note Registrar.
Section 6. Note Proceeds. The sale proceeds of the Notes (exclusive of accrued
interest, printing distribution and filing fees, and any premium received) shall, forthwith
upon receipt, be placed in and kept by the District Treasurer as a separate fund to be
known as the Promissory Notes, Series 2015-16H, Borrowed Money Fund (hereinafter
referred to as the “Borrowed Money Fund”). Moneys in the Borrowed Money Fund shall
be used solely for the purposes for which borrowed or for transfer to the Debt Service
Fund as provided by law.
Section 7. Tax Levy. In order to provide for the collection of a direct annual tax
sufficient in amount to pay and for the express purpose of paying the interest on the
Notes as it falls due and also to pay and discharge the principal thereof at maturity, there
is hereby levied upon all of the taxable property in the District, in addition to all other
taxes, a nonrepealable, direct, annual tax in an amount sufficient for that purpose. This
tax shall be from year to year carried into the tax roll of the District and collected in
addition to all other taxes and in the same manner and at the same time. Said tax is to
be for the following years and in the following minimum amounts:
Year of Levy
2015
2016
2017
2018
2019
Amount of Tax
$23,666.67
$376,500.00
$518,000.00
$508,000.00
$151,500.00
The District shall be and continue without power to repeal such levy or obstruct the
collection of said tax until all such payments have been made or provided for. After the
issuance of the Notes, said tax shall be carried into the tax rolls of the District and
collected as other taxes are collected, provided that the amount of tax carried into said tax
rolls with respect to the Notes may be reduced by the amount of any surplus money in the
Debt Service Fund created pursuant to Section 8 below.
If there shall be insufficient funds from the tax levy to pay the principal of or interest
on the Notes when due, the said principal or interest shall be paid from other funds of the
District on hand, said amounts to be returned when said taxes have been collected.
There be and there hereby is appropriated from taxes levied by the District in
anticipation of the issuance of the Notes and other funds of the District on hand a sum
sufficient to be deposited in the Debt Service Fund to meet payments with respect to debt
service due for the year 2016.
Section 8. Debt Service Fund. Within the debt service fund previously established
within the treasury of the District, there be and there hereby is established a separate and
4
distinct fund designated as the “Debt Service Fund for $1,500,000.00 General Obligation
Promissory Notes, Series 2015-16H, dated February 17, 2016” (the “Debt Service Fund”),
and such fund shall be maintained until the indebtedness evidenced by the Notes is fully
paid or otherwise extinguished. The District Treasurer shall deposit in such Debt Service
Fund (i) all accrued interest received by the District at the time of delivery of and payment
for the Notes; (ii) the taxes herein levied for the specific purpose of meeting principal of
and interest on the Notes when due; (iii) such other sums as may be necessary at any
time to pay principal of and interest on the Notes when due; (iv) any premium which may
be received by the District above the par value of the Notes and accrued interest thereon;
(v) surplus moneys in the Borrowed Money Fund for the Notes; and (vi) such further
deposits as may be required by Section 67.11 of the Wisconsin Statutes.
No money shall be withdrawn from the Debt Service Fund and appropriated for
any purpose other than the payment of principal of and interest on the Notes until all such
principal and interest has been paid in full and canceled; provided (i) the funds to provide
for each payment of principal of and interest on the Notes prior to the scheduled receipt of
taxes from the next succeeding tax collection may be invested in direct obligations of the
United States of America maturing in time to make such payments when they are due or
in other investments permitted by law; and (ii) any funds over and above the amount of
such principal and interest payments on the Notes may be used to reduce the next
succeeding tax levy, or may, at the option of the District, be invested by purchasing the
Notes as permitted by and subject to Section 67.11(2)(a) of the Wisconsin Statutes in
interest-bearing obligations of the United States of America, in other obligations of the
District or in other investments permitted by law, which investments shall continue as a
part of the Debt Service Fund.
When all of the Notes have been paid in full and canceled, and all permitted
investments disposed of, any money remaining in the Debt Service Fund shall be
deposited in the general fund of the District, unless the District Board directs otherwise.
Section 9. Deposits and Investments. The Debt Service Fund shall be kept apart
from moneys in the other funds and accounts of the District and the same shall be used
for no purpose other than the prompt payment of principal of and interest on the Notes as
the same becomes due and payable. All moneys therein shall be deposited in special
and segregated accounts in a public depository selected under Chapter 34 of the
Wisconsin Statutes and may be temporarily invested until needed in legal investments
subject to the provisions of Sections 66.0603(1m) and 67.10(3) of the Wisconsin
Statutes. All income derived from such investments shall be regarded as revenues of the
District. No such investment shall be in such a manner as would cause the Notes to be
“arbitrage bonds” within the meaning of Section 148 of the Code or the Regulations of the
Commissioner of Internal Revenue thereunder.
The District Treasurer shall, on the basis of the facts, estimates and circumstances
in existence on the date of closing, make such certifications as are necessary to permit
the conclusion that the Notes are not “arbitrage bonds” under Section 148 of the Code or
the Regulations of the Commissioner of Internal Revenue thereunder.
5
Section 10. Sale of Notes. The terms, conditions and provisions of the Notes and
the Note Documents are, in all respects, authorized and approved. The form of the Note
Purchase Agreement is hereby approved. The Notes shall be sold and delivered in the
manner, at the Purchase Price, plus interest accrued from the Interest Accrual Date to the
closing date, pursuant to the terms and conditions set forth in the Note Purchase
Agreement.
The preparation of the Preliminary Official Statement and the Final Official
Statement, and their use as contemplated in the Note Purchase Agreement, are hereby
approved. The Preliminary Official Statement is “deemed final” as of its date, except for
omissions or subsequent modifications permitted under Rule 15c2-12 of the Securities
and Exchange Commission. The Chairperson, the Vice Chairperson and Secretary of the
District are authorized and directed to do any and all acts necessary to conclude delivery
of the Notes to the Underwriter, as soon after adoption of this Resolution as is
convenient.
Section 11. Book-Entry Only Notes. The Notes shall be transferable as follows:
(a)
Each maturity of Notes will be issued as a single Note in the name of the
Securities Depository, or its nominee, which will act as depository for the Notes. During
the term of the Notes, ownership and subsequent transfers of ownership will be reflected
by book entry on the records of the Securities Depository and those financial institutions
for whom the Securities Depository effects book entry transfers (collectively, the
“Participants”). No person for whom a Participant has an interest in Notes (a “Beneficial
Owner”) shall receive bond certificates representing their respective interest in the Notes
except in the event that the Securities Depository or the District shall determine, at its
option, to terminate the book-entry system described in this Section. Payment of principal
of, and interest on, the Notes will be made by the Fiscal Agent to the Securities
Depository which will in turn remit such payment of principal and interest to its
Participants which will in turn remit such principal and interest to the Beneficial Owners of
the Notes until and unless the Securities Depository or the District elect to terminate the
book entry system, whereupon the District shall deliver bond certificates to the Beneficial
Owners of the Notes or their nominees. Note certificates issued under this Section may
not be transferred or exchanged except as provided in this Section.
(b)
Upon the reduction of the principal amount of any maturity of Notes, the
Registered Noteowner may make a notation of such redemption on the panel of the Note,
stating the amount so redeemed, or may return the Note to the District for exchange for a
new Note in a proper principal amount. Such notation, if made by the Noteowner, may be
made for reference only, and may not be relied upon by any other person as being in any
way determinative of the principal amount of such Note Outstanding, unless the Note
Registrar initialed the notation on the panel.
(c)
Immediately upon delivery of the Notes to the purchasers thereof on the
delivery date, such purchasers shall deposit the bond certificates representing all of the
6
Notes with the Securities Depository. The Securities Depository, or its nominee, will be
the sole Noteowner of the Notes, and no investor or other party purchasing, selling or
otherwise transferring ownership of any Notes will receive, hold or deliver any bond
certificates as long as the Securities Depository holds the Notes immobilized from
circulation.
(d)
The Notes may not be transferred or exchanged except:
(1)
To any successor of the Securities Depository (or its nominee) or
any substitute depository (“Substitute Depository”) designated pursuant to (ii)
below, provided that any successor of the Securities Depository or any Substitute
Depository must be a qualified and registered “clearing agency” as provided in
Section 17A of the Securities Exchange Act of 1934, as amended;
(2)
To a Substitute Depository designated by or acceptable to the
District upon (a) the determination by the Securities Depository that the Notes shall
no longer be eligible for depository services or (b) a determination by the District
that the Securities Depository is no longer able to carry out its functions, provided
that any such Substitute Depository must be qualified to act as such, as provided
in subparagraph (1) above; or
(3)
To those persons to whom transfer is requested in written transfer
instructions in the event that:
(i)
The Securities Depository shall resign or discontinue its
services for the Notes and, only if the District is unable to locate a qualified
successor within two months following the resignation or determination of
noneligibility, or
(ii)
Upon a determination by the District that the continuation of
the book entry system described herein, which precludes the issuance of
certificates to any Noteowner other than the Securities Depository (or its
nominee) is no longer in the best interest of the Beneficial Owners of the
Notes.
(e)
The Depository Trust Company, New York, New York, is hereby appointed
the Securities Depository for the Notes.
Section 12. Undertaking to Provide Continuing Disclosure. The (i) Chairperson or
the Vice Chairperson and (ii) Secretary of the District are hereby authorized and directed
to execute on behalf of the District, the Continuing Disclosure Agreement in connection
with the Notes for the purpose of complying with the requirements of Rule 15c2-12
promulgated by the Securities and Exchange Commission under the Securities Exchange
Act of 1934, as amended.
7
Section 13. Compliance with Federal Tax Laws.
(a)
The District represents and covenants that the project financed by the
Notes and their ownership, management and use will not cause the Notes to be “private
activity bonds” within the meaning of Section 141 of the Code, and the District shall
comply with the provisions of the Code to the extent necessary to maintain the taxexempt status of the interest on the Notes.
(b)
The District also covenants to use its best efforts to meet the requirements
and restrictions of any different or additional federal legislation which may be made
applicable to the Notes, provided that in meeting such requirements the District will do so
only to the extent consistent with the proceedings authorizing the Notes and the laws of
Wisconsin, and to the extent there is a reasonable period of time in which to comply.
Section 14. Rebate Fund. If necessary, the District shall establish and maintain,
so long as the Notes are outstanding, a separate account to be known as the “Rebate
Fund” for the purpose of complying with the rebate requirements of Section 148(f) of the
Code. The Rebate Fund is for the sole purpose of paying rebate to the United States of
America, if any, on amounts of bond proceeds held by the District. The District hereby
covenants and agrees that it shall pay from the Rebate Fund the rebate amounts as
determined herein to the United States of America.
The District may engage the services of accountants, attorneys, or other
consultants necessary to assist it in determining rebate amounts. Amounts held in the
Rebate Fund and the investment income therefrom are not pledged as security for the
Notes and may only be used to pay amounts to the United States. The District shall
maintain or cause to be maintained records of such determinations until six (6) years after
payment in full of the Notes and shall make such records available upon reasonable
request therefor.
Section 15. Defeasance. When all Notes have been discharged, all pledges,
covenants and other rights granted to the owners thereof by this Resolution shall cease.
The District may discharge all Notes due on any date by irrevocably depositing in escrow
with a suitable bank or trust company a sum of cash and/or bonds or securities issued or
guaranteed as to principal and interest of the U.S. Government, or of a commission,
board or other instrumentality of the U.S. Government (“Government Obligations”), or of
securities wholly and irrevocably secured as to principal and interest by Government
Obligations and rated in the highest rating category of a nationally recognized rating
service, maturing on the dates and bearing interest at the rates required to provide funds
sufficient to pay when due the interest to accrue on each of said Note to its maturity or, at
the District's option, if said Note is prepayable to any prior date upon which it may be
called for redemption, and to pay and redeem the principal amount of each such Note at
maturity, or at the District's option, if said Note is prepayable, at its earliest redemption
date, with the premium required for such redemption, if any, provided that notice of the
redemption of all prepayable Notes on such date has been duly given or provided for.
8
Section 16. Resolution a Contract. The provisions of this Resolution shall
constitute a contract between the District and the owner or owners of the Notes, and after
issuance of any of the Notes no change or alteration of any kind in the provisions of this
Resolution may be made, except as provided in Section 18, until all of the Notes have
been paid in full as to both principal and interest. The owner or owners of any of the
Notes shall have the right in addition to all other rights, by mandamus or other suit or
action in any court of competent jurisdiction, to enforce such owner's or owners' rights
against the District, the Governing Body thereof, and any and all officers and agents
thereof including, but without limitation, the right to require the District, its Governing Body
and any other authorized body, to fix and collect rates and charges fully adequate to carry
out all of the provisions and agreements contained in this Resolution.
Section 17. General Authorizations. The Chairperson, the Vice Chairperson and
the Secretary of the District and the appropriate deputies and officials of the District in
accordance with their assigned responsibilities are hereby each authorized to execute,
deliver, publish, file and record such other documents, instruments, notices and records
and to take such other actions as shall be necessary or desirable to accomplish the
purposes of this Resolution and to comply with and perform the obligations of the District
under the Notes. The execution or written approval of any document by the Chairperson,
the Vice Chairperson or Secretary of the District herein authorized shall be conclusive
evidence of the approval by the District of such document in accordance with the terms
hereof.
In the event that said officers shall be unable by reason of death, disability,
absence or vacancy of office to perform in timely fashion any of the duties specified
herein (such as the execution of Notes), such duties shall be performed by the officer or
official succeeding to such duties in accordance with law and the rules of the District.
Any actions taken by the Chairperson, the Vice Chairperson and Secretary
consistent with this Resolution are hereby ratified and confirmed.
Section 18. Amendment to Resolution. After the issuance of any of the Notes, no
change or alteration of any kind in the provisions of this Resolution may be made until all
of the Notes have been paid in full as to both principal and interest, or discharged as
herein provided, except: (a) the District may, from to time, amend this Resolution without
the consent of any of the owners of the Notes, but only to cure any ambiguity,
administrative conflict, formal defect, or omission or procedural inconsistency of this
Resolution; and (b) this Resolution may be amended, in any respect, with a written
consent of the owners of not less than two-thirds (2/3) of the principal amount of the
Notes then outstanding; provided, however, that no amendment shall permit any change
in the pledge of tax revenues of the District or the maturity of any Note issued hereunder,
or a reduction in the rate of interest on any Note, or in the amount of the principal
obligation thereof, or in the amount of the redemption premium payable in the case of
redemption thereof, or change the terms upon which the Notes may be redeemed or
make any other modification in the terms of the payment of such principal or interest
9
without the written consent of the owner of each such Note to which the change is
applicable.
Section 19. Illegal or Invalid Provisions. In case any one or more of the provisions
of this Resolution or any of the Notes shall for any reason be held to be illegal or invalid,
such illegality or invalidity shall not affect any other provision of this Resolution or of the
Notes.
Section 20. Conflicting Resolutions. All ordinances, resolutions, or orders, or parts
thereof heretofore enacted, adopted or entered, in conflict with the provisions of this
Resolution, are hereby repealed and this Resolution shall be in effect from and after its
passage.
[SIGNATURE PAGE TO FOLLOW]
10
Adopted: January 26, 2016.
Kurt D. Wachholz
Chairperson of the District
Attest:
José Pérez
Secretary of the District
Recorded on January 26, 2016.
José Pérez
Secretary of the District
[Signature Page of Sale Resolution]
$1,500,000.00 Milwaukee Area Technical College District, Wisconsin
General Obligation Promissory Notes, Series 2015-16H
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF WISCONSIN
MILWAUKEE AREA TECHNICAL COLLEGE DISTRICT
GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2015-16H
Number
Interest
Rate
Maturity Date
Dated Date
Principal
Amount
CUSIP
R-___
____%
June 1, 20__
_______
$_____
602368___
FOR VALUE RECEIVED, Milwaukee Area Technical College District, Wisconsin,
promises to pay to CEDE & CO., or registered assigns, the principal sum of
___________________ ($_________) on the maturity date specified above, together
with interest thereon from _____________ or the most recent payment date to which
interest has been paid, unless the date of registration of this Note is after the 15th day of
the calendar month immediately preceding an interest payment date, in which case
interest will be paid from such interest payment date, at the rate per annum specified
above, such interest being payable on June 1 and December 1 of each year, with the first
interest on this issue being payable on ___________.
The Notes of this issue shall not be subject to call and payment prior to maturity.
Both principal hereof and interest hereon are hereby made payable to the
registered owner in lawful money of the United States of America, and for the prompt
payment of this Note with interest thereon as aforesaid, and the levying and collection of
taxes sufficient for that purpose, the full faith, credit and resources of the District are
hereby irrevocably pledged. The principal of this Note shall be payable only upon
presentation and surrender of this Note to the District Treasurer at the principal office of
the District. Interest hereon shall be payable by check or draft dated as of the applicable
interest payment date and mailed from the office of the District Treasurer to the person in
whose name this Note is registered at the close of business on the fifteenth day of the
calendar month next preceding each interest payment date.
This Note is transferable only upon the books of the District kept for that purpose
by the District Secretary at the principal office of the District, by the registered owner in
person or his duly authorized attorney, upon surrender of this Note together with a written
instrument of transfer (which may be endorsed hereon) satisfactory to the District
Secretary duly executed by the registered owner or his duly authorized attorney.
Thereupon a new Note or Notes of the same aggregate principal amount, series and
A-1
maturity shall be issued to the transferee in exchange therefor. The District may deem
and treat the person in whose name this Note is registered as the absolute owner hereof
for the purpose of receiving payment of or on account of the principal or interest hereof
and for all other purposes. The Notes are issuable solely as negotiable, fully registered
Notes without coupons in authorized denominations of $5,000 or any whole multiple
thereof.
This Note is one of an issue aggregating $1,500,000.00 issued pursuant to the
provisions of Section 67.12(12) of the Wisconsin Statutes, for the public purpose of
financing $1,500,000.00 building remodeling and improvement projects, consisting of
projects included in the District's 2015-2016 building remodeling and improvement
program (the public purpose projects described above are hereafter referred to as the
“Public Purposes”) and is authorized by a resolution of the District Board of the District,
duly adopted by said District Board at its meeting duly convened on ______________,
which resolution is recorded in the official book of its minutes for said date.
It is hereby certified and recited that all conditions, things and acts required by law
to exist or to be done prior to and in connection with the issuance of this Note have been
done, have existed and have been performed in due form and time; that the aggregate
indebtedness of the District, including this Note and others authorized simultaneously
herewith, does not exceed any limitations imposed by law or the Constitution of the State
of Wisconsin; and that the District has levied a direct, annual irrepealable tax sufficient to
pay this Note, together with interest thereon when and as payable.
No delay or omission on the part of the owner hereof to exercise any right
hereunder shall impair such right or be considered as a waiver thereof or as a waiver of or
acquiescence in any default hereunder.
A-2
IN WITNESS WHEREOF, the District Board of Milwaukee Area Technical College
District, Wisconsin, has caused this Note to be signed on behalf of said District by its duly
qualified and acting Chairperson and Secretary, and its corporate seal to be impressed
hereon, all as of the date of original issue specified above.
MILWAUKEE AREA TECHNICAL
COLLEGE DISTRICT, WISCONSIN
By:
_____________________
Chairperson of the District
Attest:
_____________________
Secretary of the District
A-3
(Form of Assignment)
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
(Please print or typewrite name and address,
including zip code, of Assignee)
(Please print or typewrite Social Security or
other identifying number of Assignee)
the within Note and all rights thereunder, hereby irrevocably constituting and appointing
(Please print or type name of Attorney)
Attorney to transfer said Note on the books kept for the registration thereof with full power of
substitution in the premises.
Dated:
NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Note in every particular without
alteration or enlargement or any change whatever.
Signature(s) guaranteed by:
066263-0314\18102513.1
A-4
Milwaukee Area Technical College District
Final Pricing Summary
January 26, 2016
John A. Mehan, Managing Director
jmehan@rwbaird.com
777 East Wisconsin Avenue
Milwaukee, WI 53202
Phone 414.765.3827
rwbaird.com/publicfinance
Milwaukee Area Technical College District
Results of Competitive Bids
$1,500,000 General Obligation Promissory Notes, Series 2015-16H
Bids Received by 9:30 AM (CT)
Tuesday, January 26, 2016
Rank
1
2
3
4
Bidder
Morgan Stanley & Co, LLC
Hutchinson, Shockey, Erley & Co.
Fidelity Capital Markets
City Securities Corp.
True
Interest
Cost
1.0729%
1.1252%
1.1756%
1.3379%
Page 2
Milwaukee Area Technical College District
Issue Summary
Description:
Amount:
Dated & Settlement Date:
Maturities:
First Interest Payment:
First Call Date:
Moody's Rating:
True Interest Cost:
Winning Bidder/Purchaser:
General Obligation Promissory Notes,
Series 2015-16H
$1,500,000
February 17, 2016
June 1, 2017 - 2020
June 1, 2016
Noncallable
Aa2
1.0729%
Morgan Stanley & Co, LLC
Page 3
Milwaukee Area Technical College District
Debt Service
Page 4
Milwaukee Area Technical College District
2015-16 Financing Plan -- Calendar Year Basis
EQUIPMENT & REMODELING BORROWINGS
CALENDAR
YEAR
NET
EXISTING
DEBT
PAYMENTS
incl. 2012 OPEB &
Series 2014-15L
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
FINAL
FINAL
FINAL
FINAL
FINAL
FINAL
FINAL
FINAL
POS
PRELIMINARY
PRELIMINARY
PRELIMINARY
$1,500,000
SERIES
2015-16A
Dated 7/8/15
$1,500,000
SERIES
2015-16B
Dated 8/4/15
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Noncallable
Average:
2.00%
Average:
2.29%
Average:
2.60%
Average:
2.00%
Average:
1.87%
Average:
2.00%
Average:
2.34%
Average:
2.00%
Average:
4.00%
Average:
4.00%
Average:
4.00%
Average:
4.00%
$22,500,000
$1,500,000
$1,500,000
$1,500,000
$1,500,000
$1,500,000
$1,500,000
$1,500,000
$1,500,000
$1,500,000
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
SERIES
2015-16C
2015-16D
2015-16E
2015-16F
2015-16G
2015-16H
2015-16I
2015-16J
2015-16K
2015-16L
Dated 9/15/15 Dated 10/15/15 Dated 11/17/15 Dated 12/15/15 Dated 1/13/16 Dated 2/17/16 Dated 3/15/16 Dated 4/14/16 Dated 5/16/16 Dated 6/15/16
$36,810,822
$32,106,619
$25,374,300
$16,054,344
$6,341,356
$663,994
$673,981
$683,163
$695,963
$702,313
$712,260
$720,665
$727,453
$737,464
$740,620
$747,005
$756,538
$759,155
$11,917
$30,000
$376,500
$518,000
$508,000
$151,500
$11,375
$35,000
$379,750
$519,500
$509,500
$152,250
$5,498,916
$3,533,050
$3,598,750
$3,666,800
$3,719,325
$3,755,500
$33,833
$376,500
$518,000
$508,000
$151,500
$27,531
$374,750
$518,000
$508,000
$151,500
$28,833
$376,500
$518,000
$508,000
$151,500
$29,150
$381,250
$522,000
$509,500
$152,250
$23,667
$376,500
$518,000
$508,000
$151,500
$42,667
$403,000
$536,000
$516,000
$153,000
$37,833
$403,000
$536,000
$516,000
$153,000
$32,500
$403,000
$536,000
$516,000
$153,000
$27,667
$403,000
$536,000
$516,000
$153,000
$126,008,012
$1,595,917
$1,607,375
$23,772,341
$1,587,833
$1,579,781
$1,582,833
$1,594,150
$1,577,667
$1,650,667
$1,645,833
$1,640,500
$1,635,667
FUTURE
DEBT
PAYMENTS
Actual 2015 Levy: (c)
$42,500,000
Actual 2016 Levy:
$42,712,831
NET
COMBINED
DEBT
PAYMENTS
(a)
TOTAL
DEBT
MILL
RATE
(b)
$0
$7,057,000
$9,913,033
$17,774,567
$27,712,000
$37,380,900
$42,827,400
$42,817,100
$42,807,000
$42,679,500
$42,679,500
$42,679,500
$42,679,500
$42,679,500
$42,679,500
$42,679,500
$42,679,500
$42,679,500
$42,333,029
$43,045,349
$43,139,833
$43,271,210
$43,395,681
$43,474,394
$43,501,381
$43,500,263
$43,502,963
$43,381,813
$43,391,760
$43,400,165
$43,406,953
$43,416,964
$43,420,120
$43,426,505
$43,436,038
$43,438,655
$612,404,500
$779,883,075
$0.61578
$0.61573
$0.61709
$0.61897
$0.62075
$0.62187
$0.62226
$0.62224
$0.62228
$0.62055
$0.62069
$0.62081
$0.62091
$0.62105
$0.62110
$0.62119
$0.62132
$0.62136
#REF!
(a) Future borrowing assumptions:
Equipment Borrowing of $21,000,000 per year.
Remodeling Borrowings of $18,000,000 per year.
(b) Mill rate based on 2014 Equalized Valuation (TID OUT) of $69,017,851,677 and 2015 Equalized Valuation (TID OUT) of $69,908,973,752 with no annual growth.
(c) Overall debt levy of $43,586,267 includes funds to make capital lease payments and pay administrative costs.
Note: This information is provided for information purposes only. It does not recommend any future issuances and is not intended to be, and should not be regarded as, advice.
Page 5
U.S. PUBLIC FINANCE
CREDIT OPINION
15 January 2016
New Issue
Contacts
Coley J Anderson
312-706-9961
Analyst
coley.anderson@moodys.com
Rachel Cortez
312-706-9956
VP-Senior Credit
Officer
rachel.cortez@moodys.com
Milwaukee Area Technical College District,
Wisconsin
New Issue - Moody's assigns Aa2 to Milwaukee Area Technical
College District, WI's $1.5M GO Notes, Ser. 2015-16H
Summary Rating Rationale
Moody's Investors Service assigns a Aa2 to Milwaukee Area Technical College District, WI's
$1.5 million General Obligation (GO) Promissory Notes, Series 2015-16H. Concurrently,
Moody's maintains the Aa2 rating and stable outlook on the district's outstanding general
obligation unlimited tax (GOULT) debt, which totals $79 million post-sale.
The Aa2 rating is indicative of the district's large and diverse tax base encompassing the
greater Milwaukee (Aa3 stable) region; relatively weak socio-economic indices; limited
revenue raising ability; satisfactory operating reserves; modest debt burden and manageable
unfunded pension liabilities.
Credit Strengths
»
Large and diversifying tax base with favorable location in the Milwaukee region
»
Recent stabilization of operating fund reserves due to timely expenditure reduction
»
Manageable debt burden and unfunded pension liabilities; unfunded OPEB liability
significantly reduced through recent changes
Credit Challenges
»
Relatively weak socio-economic indices
»
Limited revenue raising power due to state authority over tuition setting and strict levy
limits
»
Maintenance of reserve levels below those of similarly rated entities
Rating Outlook
The stable outlook reflects our expectation that district management will continue to
maintain sound financial operations through prudent management of expenditures, which
is critical given the district's limited revenue raising flexibility and recent trend of enrollment
declines. The outlook also reflects the district's sizeable and diversifying tax base.
Factors that Could Lead to an Upgrade
»
Significantly improved regional employment trends and demographic profile
Page 6
MOODY'S INVESTORS SERVICE
»
U.S. PUBLIC FINANCE
Material growth of operating fund reserves as a percent of operating fund revenues
Factors that Could Lead to a Downgrade
»
Weakening demographic profile or deterioration of the district's tax base
»
Declining enrollment trends that would further limit revenue growth
»
Deterioration of reserves
Key Indicators
Exhibit 1
Post-sale, net direct debt will total $79 million or 0.4 times operating fund revenues and 0.1% of 2015 full valuation.
Source: Audited Financial Statements, Series 2015-16H preliminary official statement
Detailed Rating Consideration
Economy and Tax Base: District Covers Metropolitan Milwaukee; Rebounding of Taxable Valuations
The district's economy is expected to remain relatively stable, due to the strength of the diverse commercial sectors within the district's
boundaries. The district, which is one of the largest in Wisconsin's technical college system, provides vocational education to residents
of Milwaukee County (Aa2 stable), the majority of Ozaukee County (Aaa) and small portions of several other surrounding suburban
counties. The City of Milwaukee comprises nearly 40% of the district's equalized valuation and 56% of the district's population, and is
Wisconsin's largest urban center and economic hub.
After five consecutive years of declines, the district's very large $72.7 billion tax base grew by a moderate 2.3% in 2014 and 1.2% in
2015. Inclusive of the increase, the tax base has declined by an average annual rate of 2.4% since 2010. The regional economy exhibits
some manufacturing concentration as the sector represents approximately 15% of area employment, above the 9% national average;
however, employment continues to diversify and there is a strong presence in health care, finance, and government. At 4.9% in
September 2015, the unemployment rate in Milwaukee County was higher than the state's figure of 3.6%, but in line with the national
figure, over that same period. Socio-economic indices are relatively weak, with median family income for Milwaukee County at 85% of
the US.
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on
www.moodys.com for the most updated credit rating action information and rating history.
Page 7
2
15 January 2016
Milwaukee Area Technical College District, Wisconsin: New Issue - Moody's assigns Aa2 to Milwaukee Area Technical College District, WI's $1.5M GO
Notes, Ser. 2015-16H
MOODY'S INVESTORS SERVICE
U.S. PUBLIC FINANCE
After enrollment grew in fiscal 2009 and 2010, the trend reversed and enrollment has since declined annually. Declines in fiscals
2011 through 2014 brought enrollment to approximately 12,417 FTE students. The fiscal 2015 budget, which included a projected
enrollment of 12,650 FTE, was based on a 350 student decline from the fiscal 2014 budget. However, enrollment for the fall and
winter terms fell by more than management anticipated. Despite the addition of a condensed winter term during the traditional winter
break that enrolled nearly 200 FTEs, fiscal 2015 enrollment stood at 11,811. The college budgeted for flat enrollment in fiscal 2016
and management notes preliminary figures are in-line with budgeted expectations. Additionally, a new privately funded initiative to
grant qualified low income students free tuition is expected to increase the college's 2017 enrollment by approximately 1,000 students.
Management notes the college has received approximately 3,000 applications for the program thus far. Enrollment is a key revenue
source for Wisconsin technical colleges and continued declines may pressure the district's finances.
Financial Operations and Reserves: Recent Stabilization of General Fund Reserves; Limited Revenue Raising Flexibility
The district's financial profile is expected to remain stable due to satisfactory reserve levels and a demonstrated willingness to align
revenues and expenditures. After three consecutive draws on General Fund reserves, driven by enrollment declines, state aid cuts and
drops in property tax revenues, the district posted a General Fund surplus of $355,000 in fiscal 2015. The improved operating results
were driven by a variety of expenditure reductions including personnel and benefit changes. The surplus increased available operating
fund (combined General and Debt Service funds) reserves to $43.6 million and an adequate 20.6% of operating fund revenues. The
district has four enterprise funds, consisting of the Television Operations, Food Services, Bookstores, and Childcare Funds. Historically,
the four enterprise funds collectively have required approximately $2.2 million of annual General Fund support to balance operations.
Favorably, no General Fund support was needed in fiscal 2015. Management notes a commitment to maintaining reserves at a
minimum of 10% of revenues, in compliance with the district's official reserve policy.
The General Fund's three primary revenue sources are state aid, property taxes, and tuition, which comprise approximately 45%, 26%,
and 24% of General Fund revenues, respectively. All of these revenue streams are constrained by state statute, with the state dictating
tuition rates, aid distributions, and levy limits. Starting in fiscal 2015, Wisconsin Act 145 provides property tax relief by shifting a
portion of funding for technical college districts from local property taxes to state sources. The Act includes a “hold harmless” provision
allowing districts to restore levy authority if state funding is not available to make districts whole in subsequent years. Additionally,
districts are still allowed to capture annual revenue growth from net new construction. While we expect the Act to be revenue neutral
for Wisconsin technical college districts, state aid related to Act 145 was received in late February, six months earlier than the district
would have received the property tax revenues the funds are replacing. The shift from property tax to state aid is expected to eliminate
MATC's need to borrow from other funds for cash flow purposes.
For fiscal 2016, state funding for technical college districts is flat though an increased 20% of state aid, up from 10% in fiscal 2015, will
be rewarded based on performance measures. Despite an expected reduction in state aid of approximately $1.2 million due to changes
in funding formulas, the district's fiscal 2016 budget reflects a General Fund surplus of $361,000. While some of the revenue loss will
be offset by a property tax levy increase due to net new construction, which totaled 1.0% in 2015, certain positions have been held
vacant in an effort to reduce costs. In addition, changes to the district's health insurance plans are expected to yield up to $1.5 million
in cost savings.
LIQUIDITY
The district's General Fund unrestricted cash totaled $32.8 million at the close of fiscal 2015. The General Fund holds cash on behalf
of the district's enterprise funds. Net of the $11.6 million due to these funds, cash available for operations was $21.3 million in fiscal
2015. When including additional liquidity within the Debt Service Fund, operating fund net cash totaled $43.8 million and 20.7% of
operating fund revenues.
Debt and Pensions: Modest Direct Debt and Pension Burdens; Recent Reduction in OPEB Liability
We expect the district's debt profile will remain manageable given aggressive principal retirement and the district's sizeable base. The
district's 4.5% overall debt burden is above average and reflects significant borrowing of overlapping governmental entities, namely the
Milwaukee Metropolitan Sewer District (Aa1 stable) and Milwaukee County. The district's direct debt burden is a more modest 0.1%
of full value and 0.4 times operating revenues. Principal is amortized at a rapid 95% in ten years and the district's future borrowing
needs are not expected to increase the debt burden substantially. The district anticipates issuing $39 million in GO debt within the
next twelve months. The district's fixed cost burden is average at 28% of operating fund expenditures.
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Notes, Ser. 2015-16H
MOODY'S INVESTORS SERVICE
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DEBT STRUCTURE
All of the district's debt is fixed rate and matures by 2032.
DEBT-RELATED DERIVATIVES
The district has no derivative exposure.
PENSIONS AND OPEB
The district has a manageable defined-benefit pension burden, based on unfunded liabilities for its share of two cost sharing plans,
the Wisconsin Retirement System and the Employees Retirement System. The district's aggregate pension contributions in fiscal
2015 totaled $15.3 million, which represented both the district's and employees' shares of required pension contributions. That figure
represents a manageable 7% of 2015 operating revenues. The district has historically made its required contributions to the WRS. The
three year average (2013-2015) of Moody's adjusted net pension liability (ANPL) for the district, under our methodology for adjusting
reported pension data, was 0.2% of full value and 0.7 times operating revenues, both of which are below average among Moody's rated
local governments. Moody's ANPL reflects certain adjustments we make to improve comparability of reported pension liabilities. The
adjustments are not intended replace the district's reported contribution information, but to improve comparability with other rated
entities. We determined the district's share of liability for WRS in proportion to its share of covered payroll.
Historically, the district offered a generous OPEB plan to qualifying retirees, including offering health insurance to those who would
otherwise qualify for Medicare. Beginning July 1, 2015, post-65 retirees receiving healthcare benefits from MATC have been moved to
a Medicare Advantage Plan offered by United Healthcare. As a result, the district has reduced its unfunded actuarially accrued liability
(UAAL) from $260 million as of July 1, 2013 to $118 million as of July 1, 2014. In addition, the MATC board recently adopted policies
to eliminate post-employment healthcare benefits to new faculty employees hired after June 30, 2015; MATC faculty were the last
remaining category of employees eligible to receive such benefits. Management anticipates the changes will completely eliminate the
district's OPEB liability over the long-term.
Management and Governance: Strong Institutional Framework with Considerable Expenditure Flexibility
Wisconsin community college districts (CCDs) have an institutional framework score of “Aa”, or strong. Wisconsin technical college
districts benefit from very large tax bases, ample reserves, and considerable expenditure flexibility provided by Act 10. These credit
attributes partially offset revenue constraints caused by state control of tuition and enrollment fluctuations that run counter to
economic cycles. District management has demonstrated a recent willingness to balance revenues and expenditures, which allowed the
district to post a modest operating surplus in fiscal 2015 despite enrollment declines.
Legal Security
Debt service on the notes is secured by the district's general obligation unlimited tax pledge which benefits from a designated property
tax levy not limited by rate or amount.
Use of Proceeds
Proceeds from the notes will finance various infrastructure repairs and building improvements.
Obligor Profile
The district, which is one of the largest in Wisconsin's technical college system, provides vocational education to residents of
Milwaukee County, the majority of Ozaukee County (Aaa) and small portions of several other surrounding suburban counties.
Methodology
The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2014. Please see
the Credit Policy page on www.moodys.com for a copy of this methodology.
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Milwaukee Area Technical College District, Wisconsin: New Issue - Moody's assigns Aa2 to Milwaukee Area Technical College District, WI's $1.5M GO
Notes, Ser. 2015-16H
U.S. PUBLIC FINANCE
MOODY'S INVESTORS SERVICE
Ratings
Exhibit 2
MILWAUKEE AREA TECHNICAL COLLEGE DISTRICT, WI
Issue
Rating
General Obligation Promissory Notes, Series
2015-16H
Rating Type
Sale Amount
Expected Sale Date
Rating Description
Aa2
Underlying LT
$1,500,000
01/26/2016
General Obligation
Source: Moody's Investors Service
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Milwaukee Area Technical College District, Wisconsin: New Issue - Moody's assigns Aa2 to Milwaukee Area Technical College District, WI's $1.5M GO
Notes, Ser. 2015-16H
MOODY'S INVESTORS SERVICE
U.S. PUBLIC FINANCE
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REPORT NUMBER 1012823
6
15 January 2016
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11 WI's $1.5M GO
Milwaukee Area Technical College District, Wisconsin: New Issue - Moody's assigns Aa2 to Milwaukee Area Technical College
District,
Notes, Ser. 2015-16H
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VP-Senior Credit Officer
rachel.cortez@moodys.com
7
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Notes, Ser. 2015-16H
Attachment FPO - 7
Attachment FPO - 7
RESOLUTION AUTHORIZING THE ISSUANCE OF $1,500,000.00
GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2015-16I
OF MILWAUKEE AREA TECHNICAL COLLEGE DISTRICT, WISCONSIN
Resolution F0020-01-16
WHEREAS, Milwaukee Area Technical College District (the "District") is presently
in need of $1,500,000.00 for the public purpose of financing building remodeling and
improvement projects, consisting of projects included in the District's 2015-2016 building
remodeling and improvement program; and
WHEREAS, it is in the best interest of the District that the monies needed for such
purpose be borrowed through the issuance of general obligation promissory notes
pursuant to Section 67.12(12), Wis. Stats.; now therefore be it
RESOLVED, that the District shall issue general obligation promissory notes in the
amount of $1,500,000.00 for the public purpose of financing building remodeling and
improvement projects, consisting of the projects included in the District's 2015-2016
building remodeling and improvement program; and be it
FURTHER RESOLVED, that the District Secretary shall, within 10 (ten) days
hereafter, cause public notice of the adoption of this resolution to be given to the electors
of the District by publishing a notice thereof in the Milwaukee Journal Sentinel, a
newspaper published and having general circulation in the District, which newspaper is
found and determined to be likely to give notice to the electors, such notice to be in
substantially the form set forth in Attachment A to this resolution.
Adopted: January 26, 2016.
Kurt D. Wachholz, Chairperson
Attest:
________________________________
José Pérez, District Secretary
Recorded on January 26, 2016.
________________________________
José Pérez, District Secretary
Attachment A
NOTICE
TO THE ELECTORS OF:
Milwaukee Area Technical
College District, Wisconsin
NOTICE IS HEREBY GIVEN that the District Board of the above-named District, at
a meeting duly called and held on January 26, 2016, adopted, pursuant to the provisions
of Section 67.12(12) of the Wisconsin Statutes, a resolution entitled, "RESOLUTION
AUTHORIZING THE ISSUANCE OF $1,500,000.00 GENERAL OBLIGATION
PROMISSORY NOTES, SERIES 2015-16I, OF MILWAUKEE AREA TECHNICAL
COLLEGE DISTRICT, WISCONSIN," which provides that the sum of $1,500,000.00 be
borrowed through the issuance of the District's general obligation promissory notes for the
public purpose of financing building remodeling and improvement projects, consisting of
projects included in the District's 2015-2016 building remodeling and improvement
program.
A copy of said resolution is on file in the District Office, 700 West State Street,
Milwaukee, Wisconsin, and is available for public inspection weekdays, except holidays,
between the hours of 8:00 A.M. and 4:00 P.M.
The District Board need not submit the resolution authorizing this borrowing to the
electors for approval unless within 30 days after the publication of this Notice there is filed
with the Secretary of the District Board a petition meeting the standards set forth in Sec.
67.12(12), Wis. Stats., requesting a referendum thereon at a special election.
Dated: January 26, 2016.
BY ORDER OF THE DISTRICT BOARD:
José Pérez, District Secretary
Attachment FPO – 8
RESOLUTION TO REVISE FISCAL YEAR 2015–2016
RENOVATION / REMODELING (CAPITAL) PROJECTS
(F0021-01-16)
BACKGROUND
Within the context of the Three-Year Plan, renovation and remodeling projects are identified and
implemented on an annual basis in order to properly maintain District facilities and to reflect
changing instructional and support service needs.
To comply with State regulations governing construction and remodeling, it is necessary for the
MATC Board to submit a list of applicable projects to the Wisconsin Technical College System
Board for approval. The initial approvals for Fiscal Year 2015-2016 (FY 2016) projects were
granted by the MATC District Board at the June, 2015 meeting.
Continued refinement of the original FY16 project selections indicate that a change to the original
project list should be requested at this time. In the previously approved resolution, Phase 4-item #3
had a budget allocation of $1,000,000.
Advanced planning and administrative dialogue indicates that the amounts can be reduced or reallocated and are now proposed to be distributed to 1 other project / category as shown on the
attached revised list.
The projects with reduced allocations are highlighted in light yellow. The new project receiving
allocation is highlighted in light green. To accomplish the above, the list of projects is proposed to
be modified as shown on the attached.
Authorization is sought from the MATC Board at this time for the above modifications, as well as to
permit the continued development and implementation of the modified projects. Approval is also
sought to seek any WTCS Board approval necessary for the same modifications.
RESOLUTION
BE IT RESOLVED, that the Milwaukee Area Technical College District Board revise the list of
previously approved FY 2016 projects as shown in the attached lists, which retains a total
estimated cost of $18.0 million for the respective budgets, with the understanding that the lists may
be modified; and be it;
RESOLVED further, that the Milwaukee Area Technical College District Board approve the
aforementioned revision and authorize the Administration to continue development and
implementation of the listed projects; and be it;
RESOLVED further, that the Milwaukee Area Technical College District Board seek any WTCS
Board approval necessary for this action and revised list of projects.
Attachment FPO- 11
Capital Budget Criteria for Equipment.
Each Criterion is Scored at a 9, 3, or 1, with the Respective Weight Shown.
A Bona Fide Safety Request is Moved to the Top of List and Not Scored.
===================================================
1) Academic
a) PARTNERSHIPS (20%) - Any capital request that will be utilized across programs, divisions,
departments, and/or campuses.
b) SUSTAINABILITY (25%) - Any capital request that is innovative/ cutting-edge technology that results
in students acquiring needed knowledge and skills.
c) PATHWAYS (25%) - Any "replacement" capital request that is required for program improvement/
enhancement, and/or industry standards or upgrades (e.g., software, machinery)
d) QUALITY EDUCATION (30%) - Any capital request as a result of growth of enrollment, retention,
graduation, employment, transfer, transition (data driven and trends)
2) Student Services
a) NEW STUDENTS (10%) - Any capital request that provides support for the continuation and
improvement of processes impacting admissions and registration processes and support services.
b) PROCESSES & SYSTEMS (25%) - Any capital request that supports MATC's and Student Services'
movement towards the improvement of technological processes and digitalization of systems.
c) CONTINUING STUDENTS (50%) - Any capital request that supports the provision of effective and
efficient Advising, Student Accommodations, Welcome Center and Counseling Services.
d) ACCESS (15%) - Any capital request that makes it easier for students to access the college.
3) Information Technology
a) PARTNERSHIPS (20%) - Any capital request that will be utilized across programs, divisions,
departments and/or campuses.
b) SUSTAINABILITY (25%) - Any capital request that is innovative/cutting-edge technology that results
in students, faculty and staff acquiring needed knowledge and skills.
c) NEW STUDENTS (25%) - Any capital request that provides support for the continuation and
improvement of student learning.
d) QUALITY EDUCATION (30%) - Any capital request that specifically improves direct service to
students.
4) Finance, Facilities, and Construction Services
a) PRODUCTIVITY (35%) - Equipment which improves productivity in the work environment where the
cost does not exceed the benefit of the anticipated productivity.
b) COST SAVINGS (35%) - Equipment which will, over a reasonable period of time, produce cost savings
or environmental resource savings which exceeds the cost of the capital outlay. (Projects can be ranked
by ROI)
c) TECHNOLOGY ENHANCEMENTS OR OUTDATED EQUIPMENT UPGRADES (30%) Replacement of old or obsolete equipment or technologies supported by a specification or requirement.
5) Employee, Legal, and Safety Services
a) SUSTAINABILITY (35%) - Any capital request that results in innovative and creates budgetary or
operational efficiencies.
b) CUSTOMER FOCUS (35%) - Any capital request that improves internal/external communications or
contributes to surpassing customer expectations.
c) CONTINUOUS IMPROVEMENT (30%) - Any capital request that enhances the quality and efficiency
of services to the college and its stakeholders.
6) Milwaukee Public Television
a) TECHNOLOGY ENHANCEMENTS OR OUTDATED EQUIPMENT UPGRADES (30%) - Any
capital request that adheres to PBS, CPB, and/or MATC "useful life" replacement guidelines; and/or is
necessitated by the lack of manufacturer support on older systems or products; and/or is required to
maintain compatibility between systems
b) INDUSTRY BEST PRACTICE (30%) - Any capital request that enables the development of a facility
that mirrors industry standards for training students and creating professional content.
c) FINANCIAL IMPROVEMENT (30%) - Any capital request that will reduce operating costs, increase
efficiency, and/or generate revenue.
d) COMPLIANCE (10%) - Any capital request that ensures or maintains compliance with FCC, CPB,
FAA, ADA, PBS or other federal regulations.
===================================================
Capital Budget Criteria for “Remodeling & Renovation” Projects.
Each Criterion is scored at a 9, 3, or 1, with the respective weight shown.
===================================================
For Any/All Remodeling and Renovation Projects: Any project that addresses a bona fide Life /
Safety Issue, Internal Air Quality, Code, or American with Disabilities Act Compliance is automatically
moved to the top of the project list. All others is scored based on the following criteria:
a) UPGRADES ESSENTIAL TO INSTRUCTIONAL NEEDS (40%) – Upgrades to improve course work
and student learning, including growth of the program as well as program viability (accreditation, for
example).
b) ALIGNMENT WITH 10-YEAR FACILITIES MASTER PLAN / GROWTH NEEDS (30%) - Any
capital project that aligns with guidance in our 10 year facility master plan, unanticipated growth needs,
or improves sustainability operations of the campuses.
c) CONTINUATION OF A PROJECT (30%) – For technical or budgetary reasons, certain projects must
be phased-in / sequenced over the course of multiple years.
Two illustrative examples for equipment.
CONTROL #
CAT
LOC #
LOCATION NAME
AA5
3
50
Mequon
AA132
4
60
Milwaukee
DIVISION
DEPT NAME
DESCRIPTION
BLDG#ROOM
QTY
UNIT COST
TOTAL COST
SAFETY
CONSTRUCTION REQ?
QRP
SOA
CONTRACT/ GRANT
MATCH
REQUESTOR
BUDGET MANAGER
VICE PRESIDENT
ACADEMIC DEAN
PARTNERSHIPS
WEIGHT OF 0.2
SUSTAINABILITY
WEIGHT OF 0.25
PATHWAYS:
WEIGHT OF 0.25
QUALITY EDUCATION:
WEIGHT OF 0.3
TOTAL SCORE
Business
Food & Beverage
MCA
IMEDIA
2 each motorized flatbed trucks for
safely moving food/supplies around
the college.
2 each scissors lift carts for safely
moving heavy cases from pallet to
shelf to cart to final location
m084
4
$
7,200
$
28,800
Yes
No
No
No
Updated LCD monitors for
Interactive media program.
M545
21
$
250
$
5,250
No
No
No
No
No
Carrie Schoner
Carrie Schoner
W. Bonaparte
R. Vargas
No
Brian Carlson
Carlson
M. Dakwar
R. Vargas
9
1.8
9
2.25
9
2.25
9
2.7
9