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Action Item
DATE: Tuesday, April 04, 2017
TO: School Board Members
FROM: Jeff Eakins, Superintendent
SUBJECT / RECOMMENDATIONS

Approve Advance Refunding of the Outstanding Certificates of Participation (COPs), Series 2006B (the “Refunded Certificates”) (Business Services Division)

  1. Adopt the Board Certificate Resolution authorizing the refunding of the Refunded Certificates. Authorize the use of Stifel, Nicolaus & Company, PNC Capital Markets, and Raymond James & Associates as the underwriters for this transaction. Authorize staff to work with the District's Financial Advisor and Bond Counsel to proceed with the refunding as long as market conditions remain favorable.
  2. Recess as members of the School Board and convene as the School Board Leasing Corporation.
  3. Adopt the Corporate Resolution authorizing the refunding of the Refunded Certificates.
  4. Adjourn as members of the School Board Leasing Corporation and reconvene as the School Board.
EXECUTIVE SUMMARY
The district’s financial advisor, Jerry Ford, has provided an analysis showing that the current market will allow the district to realize a net present value savings of approximately $2.9 million by refunding the Series 2006B COPs.  The savings will result in a reduction of the debt service (lease payments) payable by the district from revenues derived from the local capital outlay millage.  This agenda has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel.  Mr. Stokes and Mr. Ford will be present to answer questions and assist the Board in this endeavor.

A copy of both the Certificate Resolution and the Corporate Resolution are available for viewing in the School Board office.

STRATEGIC OBJECTIVES
• Establish a strong foundation of financial stewardship
FINANCIAL IMPACT (Budgeted:  No)
Approximate net present value savings of $2.9 million will be realized over the life of the Refunded COPs (based on market conditions as of March 7, 2017).  Such net present value savings indications are inclusive of legal and professional costs associated with the transaction.
EVALUATION
SUBMITTED BY:  Steve Brady, Department Manager for Cash Management
Susan Garcia, General Manager, Budget, Cash Management and Federal Finance
Gretchen Saunders   Dr. Alberto Vázquez
Chief Business Officer
(813) 272-4270
  Chief of Staff
(813) 272-4986
    C 6.10
Hillsborough County Public Schools (Florida) * Mtg.#20170404_809 (Board Meeting) * Section C Item# 6.10