Gilbert Community School District Special Meeting of the Board of Education for GO School Bonds, Series 2025 Sale 11/17/2025 05:30 PM District Office Conference Room103 Mathews Drive, Gilbert, IA 50105 MEETING MINUTES

Gilbert Community School District Special Meeting of the Board of Education for GO School Bonds, Series 2025 Sale 11/17/2025 05:30 PM District Office Conference Room103 Mathews Drive, Gilbert, IA 50105 MEETING MINUTES Call to Order The Special Meeting was called to order at 5:34 p.m. by President Josh Bennett. Roll Call The following members of the board answered the roll call: Josh Bennett, Nathan Kerns, Melissa Pearson and Mindy Rash. Absent: Andrew Ricklefs Visitors: Travis Squires, Piper Sandler, via Zoom Approval of Agenda Motion made by: Nathan Kerns Motion seconded by: Mindy Rash Voting: Unanimously Approved NEW BUSINESS Travis Squires of Piper Sandler joined via Zoom to review the results of the $10 million General Obligation School Bonds, Series 2025 sale held today at 11:00 a.m. He reported that the district received only one bid, due in part to S&P Global Ratings revising the district's long-term rating on its outstanding general obligation bonds from AA- with a stable outlook to AA- with a negative outlook, as well as the district's elevated debt level and projected FY25 ending fund balance. Despite receiving just one bid, the offer was favorable for the district. The bid was submitted by Robert W. Baird & Co., Inc. of Milwaukee, WI, with a true interest cost of 4.162255%. Based on the bid, the district was able to resize the bond amount from the estimated $6.435 million to $7 million, while still keeping the debt service schedule on track. Travis recommended that the district accept the bid from Robert W. Baird & Co., Inc., as reflected in the bond sale resolutions prepared by Ahlers & Cooney. Not to Exceed $10,000,000 GO School Bonds, Series 2025 - Opening and considering sealed bids by the Superintendent of Schools, Secretary of the Board, and Municipal Advisor for the School District and referring same to the Board of Directors A motion was made to approve the above resolution for $7,000,000 GO School Bonds, Series 2025. Motion made by: Nathan Kerns Motion seconded by: Melissa Pearson Voting: Josh Bennett - Yes Nathan Kerns - Yes Melissa Pearson - Yes Mindy Rash - Yes Not to Exceed $10,000,000 GO School Bonds, Series 2025 - Consideration of sealed bids opened and reviewed by Superintendent of Schools, Secretary of the Board, and the Municipal Advisor and Directing the Sale A motion was made to approve the above resolution for $7,000,000 GO School Bonds, Series 2025. Motion made by: Mindy Rash Motion seconded by: Melissa Pearson Voting: Josh Bennett - Yes Nathan Kerns - Yes Melissa Pearson - Yes Mindy Rash - Yes ADJOURNMENT The special board meeting was adjourned at 5:44 p.m. Josh Bennett, Board President Gail Hopkins, Board Secretary November 20 2025 LIOW0410198