Information Item
|
Business
Information Item |
| DATE: | Tuesday, April 10, 2012 |
| TO: | School Board Members |
| FROM: | MaryEllen Elia, Superintendent |
| SUBJECT / RECOMMENDATIONS | |
| Refunding of Certificates of Participation (COPs), Series 2002 and 2003B Summary of Results (Business Division) | |
| EXECUTIVE SUMMARY | |
| On February 14, 2012, the Board authorized staff to work with the district's financial advisor and bond counsel to proceed with the refunding on portions of the Certificates of Participation, Series 2002 and 2003B when market conditions would allow the district to achieve a minimum 3 percent savings. Favorable market conditions allowed the financing team, led by J.P. Morgan to proceed with the refunding.
On February 22, 2012, pricing on the bonds took place. Due to a concerted effort by the financing team, a net present value savings of $8.8 million was achieved. A representative of Ford & Associates, the district financial advisor, is present today to discuss the refunding and answer any of the Board's questions. |
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| STRATEGIC OBJECTIVES | |
| • Align financial resources to support the district’s strategic goals • Demonstrate best financial practices | |
| FINANCIAL IMPACT (Budgeted: No) | |
| Approximate net present value savings of $8.8 million will be realized over the life of the outstanding bonds. The costs associated with the refunding will be included in the refunding amount. | |
| EVALUATION | |
| SUBMITTED BY: Steve Brady, Assistant Department Manager, Cash Management | |
| Susan Garcia | Gretchen Saunders | |
| Manager, Services and Support, Budget (813) 272-4064 |
Chief Business Officer (813) 272-4270 |
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| A 9.02 | ||
| Hillsborough County Public Schools (Florida) * Mtg.#20120410_498 (Board Meeting) * Section A Item# 9.02 | ||