Approve Issuance of Certificates of Participation (COPs), Series 2007 (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.
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.

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 and to meet the requirements of the Class Size Amendment. The District is looking to issue COPs not to exceed $89 million; the actual issuance amount will be dependent upon the interest rate secured at the time the certificates are sold. The anticipated sale date is early April 2007. The proceeds will be used to build new High School "UUU" (Plant City) and complete construction of High School "SSS", Middle Schools "RR" and "SS" and Elementary "N".

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

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.

Certificates of Participation not to exceed $89 million will be issued and repaid from 2 mill proceeds. The costs associated with issuing the Certificates will be included in the issue amount.