Hillsborough County Public Schools Business
Action Item

DATE: Tuesday, February 21, 2006
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

Hold A Public Hearing and Adopt an Amending Resolution to Identify and Approve Additional Projects to be Funded During the 2001-2006 Period by Community Investment Tax Proceeds (Business Division)

EXECUTIVE SUMMARY

On June 19, 2001, per the requirements of Hillsborough County Ordinance 96-12 and the Interlocal Agreement of July 17, 1996, the District held a Public Hearing and adopted a resolution listing the projects to be funded from the proceeds of the Community Investment Tax (CIT) for the years 2001 - 2006. Such Resolution was amended by a resolution adopted on April 6, 2004, after holding a Public Hearing on the same date.

The District desires to further amend the list of projects to be funded with the CIT by adding facility renovations at Tinker, Kingswood, Crestwood, Bellamy, Lake Magdalene, Springhead, Cork, Knights and Morgan Woods Elementaries, and a replacement gymnasium and ROTC replacement classrooms at Hillsborough High School; classroom additions at Bryant Elementary, Elementary "I", Brandon High School and Durant High School; and facility renovations and classroom additions at Armwood High School. All classroom additions are planned to recapture facility capacity that was decreased as a result of the Class Size Reduction Amendment to the Florida Constitution. These funds are available because of construction savings realized during the construction of new schools that were originally expected to be paid for by these funds. Renovating existing facilities and maintaining the student capacity appropriate to the existing core facilities is the most cost effective way to address growth in the community, much of which occurs in existing communities. The issuance of this debt will bring the debt burden acquired by the School Board during Fiscal Year 2005-2006 to approximately $151,000,000 and the total net debt burden of the School Board to approximately $1.2 billion dollars.

Notice of Public Hearing was published in the Tampa Tribune on Thursday, February 9, 2006. This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel. Mr. Stokes is present today to assist the Board in this endeavor.

ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)

This agenda item is submitted to meet the requirements of law or rule.

FINANCIAL IMPACT (Budgeted: No)

Projects will be funded from the proceeds of the Community Investment Tax.

EVALUATION

SUBMITTED BY: Steve Brady, Assistant Department Manager of Cash Management

Cathy Valdes
Chief Facilities Officer
(813) 272-4004
Gretchen Saunders
Chief Business Officer
(813) 272-4270
5.09
Hillsborough County Public Schools (Florida) * Mtg.#20060221_170 * Section E Item# 5.09