Business
Action Item |
DATE: | Tuesday, June 23, 2015 |
TO: | School Board Members |
FROM: | Jeff Eakins, Acting Superintendent |
SUBJECT / RECOMMENDATIONS | |
Approve Current Refunding of Certificates of Participation (COPs), Series 2005A; Advance Refunding of COPs, Series 2006A; and Advance Refunding of COPs, Series 2007 (the "Refunded Certificates") (Business Division)
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EXECUTIVE SUMMARY | |
The district's financial advisor, Jerry Ford, has provided an analysis showing that the current market will allow the district to realize a net present value savings of approximately $10 million by refunding some or all of the Series 2005A, Series 2006A, and Series 2007 COPs. The savings will result in a reduction of the debt service (lease payments) payable by the district from revenues derived from the capital outlay millage. The refunding will be dependent upon the market conditions. This agenda had been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel. Mr. Stokes and Mr. Ford will be present to answer questions and assist the Board in this endeavor.
A copy of both the Certificate Resolution and the Corporate Resolution are available for viewing in the School Board office. |
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STRATEGIC OBJECTIVES | |
• Demonstrate best financial practices | |
FINANCIAL IMPACT (Budgeted: No) | |
Approximate net present value savings of $10.1 million will be realized over the life of the Refunded COPs (based on market conditions as of June 10, 2015). Such net present value savings indications are inclusive of legal and professional costs associated with the transaction. | |
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 6.31 | ||
Hillsborough County Public Schools (Florida) * Mtg.#20150623_694 (Board Meeting) * Section A Item# 6.31 |