Created : January 03, 2013 at 11:35 AM
August 14, 2001
Status:
Approve the extension of services of the District_s financial advisors and bond/special counsel for an additional year.
On September 16, 1997, the School Board selected Public Financial Management and Fidelity Financial Services as co-financial advisors. On October 7, 1997, the School Board selected Greenberg, Traurig and Edwards and Carstarphen as co-bond counsel. Terms of both contracts were for three years. At the time these firms were hired, it was anticipated that the District would finance capital projects through the issuance of Certificates of Participation (COPs) during this three year period; however, no financings, other than two small Revenue Anticipation Notes Series were required. Therefore, the School Board extended the services for an additional year. In May of 2001, the District issued $241 million in COPs. This was the first major issuance for the existing team. Staff is currently working with bond counsel and financial advisors on an Equipment Leasing Program and another COP issuance to take place as early as November, 2001. Because of these and other pending projects and in order to keep continuity, staff would like to recommend that the contracts with bond counsel and financial advisors be extended for an additional one year which is allowed under the existing contracts. The Financial Advisory Committee at its July 12, 2001 meeting approved this recommendation.
There is no financial impact to the District.
Requested Action
Approve the extension of services of the District_s financial advisors and bond/special counsel for an additional year.
Summary
On September 16, 1997, the School Board selected Public Financial Management and Fidelity Financial Services as co-financial advisors. On October 7, 1997, the School Board selected Greenberg, Traurig and Edwards and Carstarphen as co-bond counsel. Terms of both contracts were for three years. At the time these firms were hired, it was anticipated that the District would finance capital projects through the issuance of Certificates of Participation (COPs) during this three year period; however, no financings, other than two small Revenue Anticipation Notes Series were required. Therefore, the School Board extended the services for an additional year. In May of 2001, the District issued $241 million in COPs. This was the first major issuance for the existing team. Staff is currently working with bond counsel and financial advisors on an Equipment Leasing Program and another COP issuance to take place as early as November, 2001. Because of these and other pending projects and in order to keep continuity, staff would like to recommend that the contracts with bond counsel and financial advisors be extended for an additional one year which is allowed under the existing contracts. The Financial Advisory Committee at its July 12, 2001 meeting approved this recommendation.
School Board Goals
| Goal 2 - All schools will have equitable resources. |
Financial Impact
There is no financial impact to the District.
Source of Additional Information
Henry L. Robinson, 765-6458 null
Associated File Attachments
 |
Agenda Item E-6 11/16/99 (Files) | |
|
|
ExecutedARF (Files) |