Hillsborough County Public Schools Business
Action Item

DATE: Tuesday, February 13, 2007
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

Approve A Six Month Extension of Financial Advisor's Contract with Ford & Associates (Business Division)

EXECUTIVE SUMMARY

The District's contract with our Financial Advisor, Ford & Associates, expired on January 8, 2007. Prior to the expiration date, Mr. Jerry Ford agreed to work with the District in completing a refunding of its 1998B and 2001B Certificates of Participation (COPs), resulting in a net present value savings of $2.66 million. Mr. Ford also assisted the District in receiving a ratings upgrade from Moody's Investors Services which now makes Hillsborough County Schools the highest rated school district in the State of Florida.

Mr. Ford has agreed to extend his contract with the District under the existing terms for a six month period ending July 8, 2007. During this period, the District is looking to issue up to $65 million in COPs for the construction of a new high school, the completion of High School "SSS", Middle Schools "RR" and "SS" and Elementary "N" to meet the Class Size Amendment requirements. It is imperative that the financing team remain intact to achieve this goal.

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

Other: To achieve the "Seal of Best Financial Management"

FINANCIAL IMPACT (Budgeted: Yes)

Cost will be determined on the size of the financing the District enters into within the six month period. The costs are included in the financing amounts.

EVALUATION

SUBMITTED BY: Steve Brady, Assistant Department Manager for Cash Management



Gretchen Saunders
Chief Business Officer
(813) 272-4270
5.03
Hillsborough County Public Schools (Florida) * Mtg.#20070213_231 * Section E Item# 5.03