|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)
|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.
|• 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.|
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
|Chief of Staff
|Hillsborough County Public Schools (Florida) * Mtg.#20170404_809 (Board Meeting) * Section C Item# 6.10|