Approve Resolution for $80,000,000 Line of Credit with Wachovia Bank, N.A. (Business Division)

1. Chair and Superintendent execute the Resolution and Note authorizing the Line of Credit.
2. Chair and Superintendent execute the Tax Certificate certifying that the Note is issued and will be repaid from anticipated tax revenue.
3. Board Members and Superintendent execute the Certificate as to Public Meetings, as required by Florida Statute 286.011.

The establishment of an $80,000,000 Line of Credit (Tax Anticipation Note) with Wachovia Bank, N.A. was approved at the School Board meeting on May 20, 2008. The line of credit is secured to fund any temporary cash shortfalls during fiscal year 2008-09. This agenda item has been reviewed as to legal form and sufficiency by Les Joughin, Bond Counsel.

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

If the Note is executed, interest will be calculated at one month LIBOR plus 50 basis points, currently that rate would be 2.88%. Fees for legal counsel estimated at $3,000 are included in the fiscal year 2008-09 proposed general fund budget.