Hillsborough County Public Schools Business
Action Item

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

SUBJECT / RECOMMENDATIONS

Approve Issuance of Sales Tax Revenue Bonds, Series 2006, and Adopt the Resolution Authorizing the Sale of the Bonds Not to Exceed $64 Million Dependent Upon Market Conditions (Business Division)

EXECUTIVE SUMMARY

The District's Financial Advisor, Jerry Ford, has provided an analysis showing additional bonding capacity between $55 and $60 million utilizing the Community Investment Tax (CIT) proceeds for repayment of the bonds. The proceeds will be used for projects approved on February 21, 2006 in connection with the amendment of the CIT project list and related Public Hearing.

Jerry Ford and John Stokes, District Bond Counsel are here to assist the Board in this endeavor.

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

Goal 6.a.8 Provide sufficient student stations to ensure uninterrupted student learning and data gathering as measured by District Operational Goals plan.

FINANCIAL IMPACT (Budgeted: Yes)

Fees associated with the CIT financing in the approximate amount of $230,000, consisting of financial advisor, bond counsel, discloure counsel, bond insurance, trustee, rating agencies and printing costs will be included in the costs of issuance.

EVALUATION

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

Carol J. MacLeod
General Manager of Budget & Federal Finance
(813) 272-4064 		Gretchen Saunders
Chief Business Officer
(813) 272-4270
5.10
Hillsborough County Public Schools (Florida) * Mtg.#20060221_170 * Section E Item# 5.10