Current Refunding of Certificates of Participation (COPs), Series 2001A (the "Refunded Certificates")(Business Division)

On February 23, 2010 the Board authorized staff to work with the District's Financial Advisor and Bond Counsel to proceed with the refunding on portions of Certificates of Participation, Series 2001A when market conditions would allow the District to achieve a minimum 3% savings.

Favorable market conditions allowed the financing team, led by Wells Fargo Securities, to proceed with the refunding. During the course of the financing, Fitch Ratings upgraded its credit ratings on the District's outstanding COPs issues and assigned an issuer credit rating of "AA-". The ratings for the District's COPs are Aa3 Moody's, AA- Standard & Poors and AA- Fitch.

On March 18, 2010 pricing on the bonds took place. Due to a concerted effort by the financing team combined with a ratings increase from Fitch, a net present value savings of $5.55 million was achieved.

* Align financial resources to support the district’s strategic goals, * Demonstrate best financial practices

Approximate net present value savings of $5.55 million will be realized over the life of the outstanding bonds. The costs associated with the refunding will be included in the refunding amount.