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)
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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. |
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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 |
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A 6.28 | ||
Hillsborough County Public Schools (Florida) * Mtg.#20140812_638 (Board Meeting) * Section A Item# 6.28 |