HCPS FL Logo Business
Action Item
DATE: Tuesday, March 18, 2014
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS

Approve Partial Refunding of Certificates of Participation (COPs), Series 2002 and 2004B by Private Placement with Banc of America Preferred Funding Corporation (Business Division) Revised Attachments

  1. Adopt the Board Certificate Resolution authorizing the refunding of the Certificates.  Authorize the negotiated private placement of the Certificates with Banc of America Preferred Funding Corporation.  Authorize staff to work with the District's Financial Advisor and Bond Counsel to proceed with the refunding.
  2. Recess as members of the School Board and convene as the School Board Leasing Corporation. 
  3. Adopt the Corporate Resolution authorizing the refunding of the Certificates.
  4. Adjourn as members of the School Board Leasing Corporation and reconvene as the School Board.
EXECUTIVE SUMMARY
The district's Financial Advisor, Ford & Associates, has provided an analysis to the district showing a present value savings of over $3 million on the outstanding 2002 and 2004B COPs totaling $39.43 million.  The savings will reduce the debt service payments that must be repaid by the taxpayers.

This agenda item has been reviewed as to legal form and sufficiency by John Stokes and Ritesh Patel, Bond Counsel.  Mr. Stokes or Mr. Patel and Mr. Jerry Ford will be present to answer questions and assist the Board in this endeavor.

A copy of both the Certificate Resolution and Corporate Resolution are available for viewing in the School Board office.
STRATEGIC OBJECTIVES
• Align financial resources to support the district’s strategic goals • Demonstrate best financial practices
FINANCIAL IMPACT (Budgeted:  No)
By refunding the 2002 and 2004B COPs issues, the district will reduce the debt service on its Certificates of Participation in excess of $3 million.
EVALUATION
SUBMITTED BY:  Steve Brady, Assistant Department Manager for Cash Management, Budget
Susan Garcia   Gretchen Saunders
Manager Services and Support, Budget
(813) 272-4064		   Chief Business Officer
(813) 272-4270
    A 6.04R
Hillsborough County Public Schools (Florida) * Mtg.#20140318_629 (Board Meeting) * Section A Item# 6.04R