Authorize the Superintendent to Establish an $80,000,000 Line of Credit in Fiscal Year (FY) 2010/11 with Wachovia Bank, N.A. in the Event of any Operational Cash Flow Deficits (Business Division)

As authorized by Florida Statute 1011.13, a Line of Credit (LOC) or Tax Anticipation Note (TAN) may be established to fund any operational cash shortfall experienced by the district. A Line of Credit has been established each fiscal year since FY 1986/1987, but never utilized. See attached information outlining the terms and conditions.

* Demonstrate best financial practices

If the note is executed, interest will be calculated at the variable rate in effect at the time of closing - a current indicative rate would be equal to three-month LIBOR plus 50 basis points (.85%). Legal fees are contingent upon issuance of the Note.