Title: COPS 2007 A and B

Recommendation:

I recommend the Palm Beach School Board Leasing Corp adopt a Resolution authorizing execution of Schedule 2007A and B to the Master Lease and approve the sale of Certificates of Participation, Series 2007A and B, in an aggregate principal amount not to exceed $410,000,000.00. 

Description:

·         This Resolution delegates authority to the Superintendent to negotiate the terms of the transactions with the underwriters within the parameters set forth in the Resolution.  The Resolution also authorizes the execution and delivery of all instruments and documents necessary to complete the transaction.

·         COPs issuance was scheduled as part of Five-Year Capital Plan adopted in September 2006.

·         A combination of fixed and variable rate COP will be used to take the best advantage of current market conditions and to enhance the efficiency of the District’s debt structure.

·         The issues will be sized to net the School District sufficient funds to finance the specific projects as detailed in the attached executive summary.

·         The Finance Committee reviewed the transactions at their meeting on January 12, 2007. 

Note:  Some of the attachments to the authorizing resolution are forthcoming from bond and underwriter’s counsel.

Attachments are located in the Board Minutes Office.

Financial Impact:
The issuance of the 2007A and 2007B COPs are undertaken to provide the funding needed to finance a portion of the FY2007 Capital Budget.  Revenue source is not to exceed $410,000,000.

For Additional Information, contact:

Joseph M. Moore (moorej@palmbeach.k12.fl.us

Michael J. Burke (burkem@palmbeach.k12.fl.us)

Leanne Evans (evansl@palmbeach.k12.fl.us)

Attachments (list):
Executive Summary COPS 2007A&B LC.doc