Hillsborough County Public Schools Business
Action Item

DATE: Tuesday, January 15, 2008
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

Approve Extension of Financial Advisor's Contract with Ford & Associates to March 31, 2008 (Business Division)

EXECUTIVE SUMMARY

Mr. Jerry Ford of Ford & Associates has agreed to extend his contract with the District under existing terms for the period ending March 31, 2008. The District's 2004C Certificates of Participation are variable rate securities. The particular variable rate mode in use is known as auction rate securities. At present, these auction rate securities reset every seven days. Due to disruptions in the auction rate market, Mr. Ford has advised the District to take advantage of the underlying legal documents and convert the auction rate securities to the more stable variable rate demand obligation mode. The original bond documents were written to allow this change from one variable rate mode to another. Such conversion will necessitate the purchase of a bank liquidity facility.

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

Other: to achieve the "Seal of Best Financial Management"

FINANCIAL IMPACT (Budgeted: Yes)

The costs will be included in the financing amounts.

EVALUATION

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

Susan Garcia
Manager of Services & Support, Budget
(813) 272-4064
Gretchen Saunders
Chief Business Officer
(813) 272-4270
A 5.28
Hillsborough County Public Schools (Florida) * Mtg.#20080115_285 * Section A Item# 5.28