Hillsborough County Public Schools Business
Information Item

DATE: Tuesday, August 21, 2007
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

Qualified Zone Academy Bonds (QZABs) Application (Business Division)

EXECUTIVE SUMMARY

On April 10, 2007, the Board authorized the Superintendent to file an application with the Florida Department of Education (FDOE) for $5 million in QZAB non-interest bearing bonds. The proceeds are to be used to remodel/renovate school(s) that reside in an enterprise community or have at least 35% of the students receiving free or reduced lunch under the National School Lunch Act. The District has received approval from FDOE to issue the QZABs (see attached letter). The proceeds will be used for renovations at Chiaramonte, Lewis, Lopez and West Tampa Elementary schools. Ms. Velia Pedrero, Supervisor of Parent/Family and Community Involvement, and the Principals of the awarded schools worked tirelessly to secure the required private contribution match of 10%.

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

Provide adequate school facilities for the accomplishment of all District Goals and Critical Success Factors.

FINANCIAL IMPACT (Budgeted: No)

QZABs in the amount of approximately $5 million will be issued and repaid from 2 Mill proceeds. The costs associated with issuing the bonds will be included in the issue amount.

EVALUATION

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

Cathy Valdes
Chief Facilities Officer
(813) 272-4004
Gretchen Saunders
Chief Business Officer
(813) 272-4383
9.03
Hillsborough County Public Schools (Florida) * Mtg.#20070821_264 * Section E Item# 9.03