January 25, 2011
Status:
Adopt Resolution No. 11-74 - Amending 2009A Ground Lease and Lease Schedule 2009 A-1 and 2009 A-2.
Authorization is being requested to adopt Resolution 11-74, amending Series 2009A Ground Lease, Lease Schedule 2009 A-1 and 2009 A-2, for Certificates of Participation (COP) Series 2009A. The School Board approved Resolution 09-62 on January 13, 2009, to issue COPs for financing projects specified in Schedule 2009 A-1 and 2009 A-2, which were approved in the District Educational Facilities Plan adopted by the School Board on August 6, 2008. This amendment removes two projects that were canceled in this year's Adopted District Educational Facilities Plan, reduces funding to three projects to reflect lower bid prices and removes one project which was funded utilizing State funds.
The project cancelations are due to the $1.8 billion reduction to the 2009-2010 Adopted District Educational Facilities Plan (Capital Plan). The $1.8 billion reduction is a direct result of the legislature cutting the capital outlay millage tax rate from 2.0 mills to 1.5 mills, which was further compounded by the decline in property values. The 2010-2011 Adopted District Educational Facilities Plan approved by the board on September 7, 2010, canceled an additional $83 million in projects which had not begun construction. This allowed the District to shift those funds to safety, Americans with Disabilities Act (ADA), indoor air quality (IAQ) and critical maintenance projects.
The COPs resolution amendment will shift $15 million to three projects that are in the current Adopted District Educational Facilities Plan and district-wide IAQ, ADA and roofing projects. This shift in funds is necessary to balance the 2011 capital budget. It does not free up any additional funding for new projects.
The financial impact of this resolution is to shift $15,060,034 from the Series 2009 COPs that were canceled to fund projects that are approved in the ADEFP.
Requested Action
Adopt Resolution No. 11-74 - Amending 2009A Ground Lease and Lease Schedule 2009 A-1 and 2009 A-2.
Summary
Authorization is being requested to adopt Resolution 11-74, amending Series 2009A Ground Lease, Lease Schedule 2009 A-1 and 2009 A-2 for Certificates of Participation (COP) Series 2009A. The School Board approved Resolution 09-62 on January 13, 2009 to issue COPs for financing projects specified in Schedule 2009 A-1 and 2009 A-2 which were approved in the District Educational Facilities Plan adopted by the School Board on August 6, 2008. This amendment removes two projects that were canceled in this year's Adopted District Educational Facilities Plan, reduces funding to three projects to reflect lower bid prices and removes one project which was funded utilizing State funds.
The project cancelations are due to the $1.8 billion reduction to the 2009-2010 Adopted District Educational Facilities Plan (Capital Plan). The $1.8 billion reduction is a direct result of the legislature cutting the capital outlay millage tax rate from 2.0 mills to 1.5 mills, which was further compounded by the decline in property values. The 2010-2011 Adopted District Educational Facilities Plan approved by the board on September 7, 2010 canceled an additional $83 million in projects which had not begun construction. This allowed the District to shift those funds to safety, Americans with Disabilities Act (ADA), indoor air quality (IAQ) and critical maintenance projects.
The COPs resolution amendment will shift $15 million to three projects that are in the current Adopted District Educational Facilities Plan and district-wide IAQ, ADA and roofing projects. This shift in funds is necessary to balance the 2011 capital budget. It does not free up any additional funding for new projects.
School Board Goals
| Goal Four: Innovation (2008-2011) | ||
| Goal One: Student Achievement (2008-2011) |
Financial Impact
The financial impact of this resolution is to shift $15,060,034 from the Series 2009 COPs that were canceled to fund projects that are approved in the ADEFP.
Source of Additional Information
omar shim 754 321 8200
Associated File Attachments
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School Board Resolution 11-74 (Files) | |
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ExecutedCompleteCopy (Files) |