THE SCHOOL BOARD OF BROWARD COUNTY, FLORIDA
OFFICE OF THE SUPERINTENDENT
TUESDAY, DECEMBER 20, 2016 12:30 PM
Board Room of the Kathleen C. Wright Administration Center
600 Southeast Third Avenue
Fort Lauderdale, Florida
THE BROWARD SCHOOL BOARD LEASING CORPORATION
December 16, 2016
1. Resolution No. 16-04 - Certificates of Participation, Series 2014A - Extension of Floating Rate Note (REVISED)
CALL TO ORDER
PLEDGE OF ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA
MINUTES FOR APPROVAL
PURPOSE OF MEETING: For The School Board of Broward County, Florida to Adopt Resolution No. 16-04 - Certificates of Participation, Series 2014A - Extension of Floating Rate Note, and any other items the Board deems necessary.
1. Resolution No. 16-04 - Certificates of Participation, Series 2014A - Extension of Floating Rate Note (Supporting Docs)
Adopt Resolution No. 16-04 - Certificates of Participation, Series 2014A - Extension of Floating Rate Note.
The District has two (2) variable rate Certificate of Participation (COP) financings outstanding. The nature of these financings is that every three (3) years the structure of the financing is reviewed and new terms and conditions are negotiated in order to reduce the fees and interest costs. Please see the attached Executive Summary for continuation of Summary Explanation and Background.
The attached documents have been reviewed and approved as to form and legal content by Bond Counsel.
Any costs incurred under the original COPs Series 2014A Floating Rate Note (FRN) structure are already included in the Treasurer's Office budget. With the extension of terms being requested, the District will realize approximately $150,000 in costs of issuance savings, as well, as $85,375 in annual debt service (interest expense) savings over the next three (3) years compared to the current structure. Actual savings may be higher or lower depending on the market.
PURSUANT TO FLORIDA STATUTE 286.0105: If a person decides to appeal any decision made by the School Board with respect to any matter considered at a meeting or hearing, he/she will need a record of the proceedings, and for such purpose, he/she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based.
Individuals with disabilities requesting accommodations under the Americans with Disabilities Act Amendments Act of 2008, (ADAAA) may call Equal Educational Opportunities/ADA Compliance Department at 754-321-2150 or Teletype Machine (TTY) 754-321-2158.