Business
Action Item |
DATE: | Tuesday, February 16, 2016 |
TO: | School Board Members |
FROM: | Jeff Eakins, Superintendent |
SUBJECT / RECOMMENDATIONS | |
Approve Advance Refunding of the Outstanding Certificates of Participation (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 $5.5 million by refunding the 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. This agenda has 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 | |
• Align financial resources to support the district's strategic goals • Demonstrate best financial practices | |
FINANCIAL IMPACT (Budgeted: No) | |
Approximate net present value savings of $5.5 million will be realized over the life of the Refunded COPs (based on market conditions as of January 26, 2016). 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) 272-4094 |
Chief Business Officer (813) 272-4270 |
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C 6.05 | ||
Hillsborough County Public Schools (Florida) * Mtg.#20160216_754 (Board Meeting) * Section C Item# 6.05 |