HCPS FL Logo Business
Action Item
DATE: Tuesday, August 12, 2014
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS

Approve 90-Day Extension of the Interest Rate Calculation on the Series 2008A Certificates of Participation (COPs) Privately Placed with JP Morgan Chase Bank (Business Division)

  1. Adopt the Board Certificate Resolution authorizing the extension of the interest rate calculation on the Series 2008A Certificates of Participation and the execution and delivery of the JP Morgan Chase Amendment to the COPs Purchase and Supplemental Agreement and the First Amendment to the 2008A Supplemental Trust Agreement.
EXECUTIVE SUMMARY
On June 14, 2011, the Board approved the direct placement of the Series 2008A COPs with JP Morgan Chase Bank.  This facility is due to expire August 22, 2014.  JP Morgan Chase Bank has agreed to extend the facility to November 21, 2014, on better terms in order to provide time for the district's financial advisor and legal consultants to review other financial products that may be available to the district after such date.

This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel with Nabors, Giblin and Nickerson.  Mr. Stokes is present to answer any questions the Board may have.

STRATEGIC OBJECTIVES
• Align financial resources to support the district’s strategic goals • Demonstrate best financial practices
FINANCIAL IMPACT (Budgeted:  No)
Issuance costs estimated not to exceed $3,000 will be paid with transfers from Local Capital Millage to the Debt Service fund.
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
    A 6.28
Hillsborough County Public Schools (Florida) * Mtg.#20140812_638 (Board Meeting) * Section A Item# 6.28