Business
Action Item |
DATE: | Tuesday, February 14, 2012 |
TO: | School Board Members |
FROM: | MaryEllen Elia, Superintendent |
SUBJECT / RECOMMENDATIONS | |
Approve Refunding of Certificates of Participation (COPs), Series 2002 and 2003B (the "Certificates") (Business Division)
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EXECUTIVE SUMMARY | |
The district's Financial Advisor, Ford & Associates, has provided an analysis to the district showing a possible present value savings of at least three percent (3%) on the 2002 and 2003B COPs in the current market conditions. The savings will be a reduction of the debt that must be repaid by the taxpayers and will provide an increase in our future bonding capacity.
The refunding will be dependent upon market conditions and will only be undertaken if a three percent (3%) savings threshold is reached. This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel. Mr. Stokes and Mr. Jerry Ford will be present to answer questions and assist the Board at this meeting. A copy of both the Certificate Resolution and Corporate Resolution are available for viewing in the School Board office. |
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STRATEGIC OBJECTIVES | |
• Align financial resources to support the district’s strategic goals • Demonstrate best financial practices | |
FINANCIAL IMPACT (Budgeted: No) | |
By refunding the 2002 and 2003B COPs issues, the district will be able to maximize it's bonding ability, thus enabling the taxpayers to realize additional school construction resources. | |
EVALUATION | |
SUBMITTED BY: Steve Brady, Assistant Department Manager for Cash Management |
Susan Garcia | Gretchen Saunders | |
Manager, Services and Support, Budget (813) 272-4064 |
Chief Business Officer (813) 272-4270 |
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A 5.03 | ||
Hillsborough County Public Schools (Florida) * Mtg.#20120214_493 (Board Meeting) * Section A Item# 5.03 |