Business Information Item |
DATE: Tuesday, May 18, 2010
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS
EXECUTIVE SUMMARY
Favorable market conditions allowed the financing team, led by Wells Fargo Securities, to proceed with the refunding. During the course of the financing, Fitch Ratings upgraded its credit ratings on the District's outstanding COPs issues and assigned an issuer credit rating of "AA-". The ratings for the District's COPs are Aa3 Moody's, AA- Standard & Poors and AA- Fitch.
On March 18, 2010 pricing on the bonds took place. Due to a concerted effort by the financing team combined with a ratings increase from Fitch, a net present value savings of $5.55 million was achieved.
ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)
FINANCIAL IMPACT (Budgeted: No)
EVALUATION
SUBMITTED BY: Steve Brady, Assistant Department Manager for Cash Management
Susan Garcia
Manager, Services and Support, Budget (813) 272-4064 |
Gretchen Saunders
Chief Business Officer (813) 272-4270 |
A 9.01 | |
Hillsborough County Public Schools (Florida) * Mtg.#20100518_401 * Section A Item# 9.01 |