B6.01 - Authorize Annual Meeting of the Hillsborough School Board Leasing Corporation for Certificates of Participation Program (Finance Division)
An annual membership and Board of Directors' meeting of the Hillsborough School Board Leasing Corporation, which serves as lessor for the lease-purchase of educational facilities, must be held each year to comply with the Articles of Incorporation and By-Laws of the Hillsborough School Board Leasing Corporation.
Mr. Ritesh Patel, Bond Counsel with Nabors, Giblin & Nickerson, P.A., will attend the Corporation meeting to assist in this endeavor.
- Recess as members of the School Board and convene as the School Board Leasing Corporation.
- Appoint the following members as outlined in the by-laws of the Corporation: Board of Directors, Chair and Vice Chair of the Board of Directors and President, Vice President and Secretary/Treasurer of the Corporation.
- Adjourn as members of the School Board Leasing Corporation and reconvene as the School Board.
The District entered into various financing arrangements each of which was characterized as a lease-purchase agreement, with the Hillsborough School Board Leasing Corporation (Corporation), whereby the District secured financing of various education facilities through the issuance of Certificates of Participation to be repaid from the proceeds of rents paid by the District. As a condition of the financing arrangement, the District has given ground leases on District property to the Hillsborough School Board Leasing Corporation, with a rental fee of $10 per year. The properties covered by the ground leases are, together with the improvements constructed thereon from the financing proceeds, leased back to the District. If the District fails to renew the leases and to provide for the rent payments through to term, the District may be required to surrender the sites included under the Ground Lease Agreements to the Trustee for the benefit of the securers of the Certificates to the end of the ground lease term.
Certificates of Participation that are still part of the District’s debt obligation are as follows:
| Certificates | Date of Certificates | Original Amount of Certificates | Ground Lease Term |
| Series 2005 QZAB Project | December 20, 2005 | $3,002,000 | December 20, 2020 |
| Series 2010 QSCB Projects | December 21, 2010 | $37,935,000 | November 30, 2028 |
| Series 2014A Projects | April 2, 2014 | $39,950,000 | June 30, 2026 |
| Series 2015A Projects | August 20, 2015 | $100,625,000 | June 30, 2031 |
| Series 2016A Projects | March 31, 2016 | $53,350,000 | June 30, 2031 |
| Series 2017A Projects | May 25, 2017 | $32,445,000 | June 30, 2026 |
| Series 2017B Projects | November 13, 2017 | $51,915,000 | June 30, 2028 |
| Series 2017C Projects | November 13, 2017 | $97,380,000 | June 30, 2023 |
| Series 2018 Projects | November 14, 2018 | $64,995,000 | June 30, 2030 |
| Series 2020A Projects | May 21, 2020 | $56,700,000 | June 30, 2029 |
| Series 2020B Projects | May 21, 2020 | $76,530,000 | June 30, 2027 |
| Total | $614,827,000 |
Approved and updated the Hillsborough School Board Leasing Corporation Board Members.
Approval of the School Board members serving on the Hillsborough School Board Leasing Corporation.
* Establish a strong foundation of financial stewardship
Authorize annual meeting of the Hillsborough School Board Leasing Corporation for Certificates of Participation Program
Steve Brady, Department Manager, Services & Support, steve.brady@sdhc.k12.fl.us, (813) 272-4347
Susan Garcia, General Manager, Budget, Cash Management and Federal Finance, susan.garcia@hcps.net, (813) 272-4064