Approve Conversion and Remarketing of 2004C Certificates of Participation (COPs) Auction Rate Securities. Adoption of Resolutions by the School Board and the School Board Leasing Corporation approving the conversion of the District's outstanding Series 2004C Certificates from auction rate securities to daily or weekly rate securities secured by a Wachovia Bank Letter of Credit. (Business Division)

1. Adopt the Board Certificate Resolution authorizing the conversion and remarketing of the outstanding Series 2004C Certificates from auction rate securities to daily or weekly rate securities secured by a Wachovia Bank Letter of Credit.
2. Recess as members of the School Board and convene as the School Board Leasing Corporation.
3. Adopt the Corporate Resolution authorizing the conversion and remarketing of the outstanding Series 2004C Certificates from auction rate securities to daily or weekly rate securities secured by a Wachovia Bank Letter of Credit.
4. Adjourn as members of the School Board Leasing Corporation and reconvene as the School Board.

The conversion and remarketing is needed to reduce the high interest rates on auction rate securities that have resulted from disruptions in the auction rate securities market as a consequence of the sub-prime exposure of financial institutions and bond insurers.

This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel.

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

Mr. Ritesh Patel of Nabors, Giblin and Nickerson, P.A., Bond Counsel, and Jerry Ford of Ford and Associates, Inc., Financial Advisor, are present today to assist the Board in this endeavor.

Costs associated with the conversion and remarketing will be paid from the 2004C COPs Project account.