Approve Issuance of 2015 Capital Improvement and Refunding Revenue Bonds (Business Division)

1. Adopt the Bond Resolution authorizing the issuance of an amount not to exceed $6 million for the purpose of refunding the district's outstanding 1998 Capital Improvement Revenue Bonds and the renovation of heating, ventilation, and air conditioning (HVAC) for Coleman Middle School

The purpose of this issuance is to refund the outstanding balance of the 1998 Capital Improvement Revenue Bonds and to provide funding for the renovation of HVAC for Coleman Middle School.  Market conditions at the time of issuance will determine the amount available for HVAC renovations at Coleman Middle School.  Early indications are an amount in excess of $3 million.

The Board previously approved the issuance of these bonds on September 9, 2014.  However, we did not go to market in 2014 requiring us to update the name of the issue and the associated documents.

Raymond James & Associates, Inc. will serve as underwriter for this issuance.

This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bond Counsel with Nabors, Giblin and Nickerson.  Mr. Stokes will be present, at this School Board meeting, to answer any questions by the Board.