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

1. Adopt the Board Certificate Resolution authorizing the refunding of the Refunded Certificates. Authorize the use of Wells Fargo Securities as the Senior Manager for the underwriting team. Authorize staff to work with the District's Financial Advisor and Bond Counsel to proceed with the refunding as long as market conditions remain favorable.
2. Recess as members of the School Board, convene as the School Board Leasing Corporation.
3. Adopt the Corporate Resolution authorizing the refunding of the Refunded Certificates.
4. Adjourn as members of the School Board Leasing Corporation and reconvene as the School Board.

The District's Financial Advisor, Ford & Associates, has provided an analysis to the District showing a possible present value savings of approximately $1 million on the 2001A COPs in the current market conditions. The savings will be a reduction of the debt that must be repaid by the taxpayers and will provide an increase in our future bonding capacity.

The refunding will be dependent upon market conditions. This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel. Mr. Stokes and Mr. Jerry Ford will be present to answer questions and assist the Board in this endeavor at this meeting.

A copy of both the Certificate Resolution and Corporate Resolution are available for viewing in the School Board office.

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

By refunding the 2001A COPs issue, the District will be able to maximize it's bonding ability, thus enabling the taxpayers to realize additional school construction resources in excess of $1.3 million.