Action Item
|
Business
Action Item |
| DATE: | Tuesday, June 23, 2015 |
| TO: | School Board Members |
| FROM: | Jeff Eakins, Acting Superintendent |
| SUBJECT / RECOMMENDATIONS | |
| Amendment of the Series 2010B Supplemental Trust Agreement and the Lease Schedule No. 2010B (Business Division) | |
| EXECUTIVE SUMMARY | |
| In August 2014 the district's financial advisor, Jerry Ford, recommended and the Board approved, pursuing a Forward Delivery Agreement (FDA) related to the district's Certificates of Participation (Qualified School Construction Bonds), Series 2010B (the "Series 2010B QSCB"). In order to do so, it is necessary to amend certain legal documents associated with the Series 2010 QSCB in order to add "Sinking Fund Forward Delivery Agreement" as an authorized investment for sinking fund moneys. This would also clarify the payment of any amounts (other than sinking fund payments) due under a Sinking Fund Forward Delivery Agreement that would be payable as Supplemental Rent under the Master Lease. The execution of the FDA and the savings resulting from it will be dependent upon market conditions. This agenda item has been reviewed as to legal form and sufficiency by John Stokes, Bonds Counsel. Mr. Stokes and Mr. Ford will be present to answer questions and assist the Board in this endeavor at the meeting.
A copy of both the First Amendment to the Series 2010B Supplemental Trust Agreement and the First Amendment to the Lease Schedule No. 2010B are available for viewing in the School Board office. |
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| STRATEGIC OBJECTIVES | |
| FINANCIAL IMPACT (Budgeted: No) | |
| Approximate gross savings of $5.6 million will be realized over the remaining life of the Series 2010B QSCB (based on market conditions as of June 10, 2015). Such savings indications do not include legal and professional costs associated with the transaction, which are estimated at $75,000. | |
| EVALUATION | |
| SUBMITTED BY: Steve Brady, Assistant Department Manager for 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 6.33 | ||
| Hillsborough County Public Schools (Florida) * Mtg.#20150623_694 (Board Meeting) * Section A Item# 6.33 | ||