Hillsborough County Public Schools Business
Action Item

DATE: Tuesday, December 13, 2005
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

Approve Issuance of Certificates of Participation (COPs), Series 2006A (Business Division)

  1. Adopt the Board Certificate Resolution authorizing the lease of various educational facilities and certain land owned or to be owned by the Hillsborough County School Board Leasing Corporation in connection with the lease-purchase financing and appointing Bryant, Miller & Olive, P.A. as Disclosure Counsel to the District.
  2. Adjourn as members of the School Board, and reconvene as the School Board Leasing Corporation.
  3. Adopt the Corporate Resolution authorizing the lease-purchase of various educational facility projects.
  4. Adjourn as members of the School Board Leasing Corporation and reconvene as the School Board.

EXECUTIVE SUMMARY

The District maintains a Master Lease-Purchase Agreement for the issuance of Certificates of Participation to construct new schools as needed to accommodate the growing student population. Because of the increase in the property tax base, additional bonding capacity of approximately $88 million is now available. The actual issuance amount will be dependent upon the interest rate secured at the time the certificates are sold. The anticipated sale date is late January 2006. The proceeds will be used to build new High School "SSS" (Northwest County), Middle School "RR" (site to be determined), Middle School "SS" (Lake Hutto area) and Elementary School "N" (DG Farms area). Additionally, this Resolution appoints Bryant, Miller & Olive, P.A., Orlando, Fl to serve as Disclosure Counsel to the District.

This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel.

ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)

This agenda item is submitted to meet the requirements of law or rule.

Mr. John Stokes, Bond Counsel, is present today to assist the Board in this endeavor.

FINANCIAL IMPACT (Budgeted: Yes)

Certificates of Participation in the amount of approximately $88 million will be issued and repaid from 2 mill proceeds. The costs associated with issuing the Certificates will be included in the issue amount.

EVALUATION

SUBMITTED BY: Steve Brady, Assistant Dept. Manager of Cash Management

Carol J. MacLeod
General Manager of Budget & Federal Finance
(813) 272-4064 		Gretchen Saunders
Chief Business Officer
(813) 272-4270
5.22
Hillsborough County Public Schools (Florida) * Mtg.#20051213_163 * Section E Item# 5.22