03-10-2009 Regular School Board Meeting
Agenda Item #15


Title
Public Sale of Series 2009 Revenue Anticipation Notes

Discussion

The Board has approved Revenue Anticipation Notes (RAN) as an annual funding source for certain components of the seven-year facility improvement plan.

The Series 2009 RAN will be sold through public offering and will be scheduled to close on or before April 30, 2009.  Proceeds will be used to pay a portion of the outstanding principal and interest of the 2008 RAN due on April 24, 2009.  The amount owed for the outstanding principal and interest for the 2008 RAN is $51,375,000.  The District will use $39,000,000 from the 2009 RAN financing, along with $12,375,000 of capital tax levy funds, to pay the outstanding principal and interest for the 2008 RAN.  Capital tax levy funds will also be used to pay for the cost of issuance related to the financing of the 2009 RAN.

Pursuant to FS 1011.14, the School Board is authorized to create obligations for certain purposes based on anticipated budgeted revenues without requiring future tax levies.  As required by statute, the obligations of the Board represented by these notes will not exceed 25% of locally generated tax revenues of the preceding year within the operating fund.  Under the 2009 RAN financing, the District's outstanding obligations for revenue anticipation notes will be 17.74% of 2008 locally generated tax revenues of the operating fund.



Recommendation

Adopt the attached resolution authorizing the issuance of Series 2009 Revenue Anticipation Notes (RAN) not to exceed $39,000,000, and to authorize the Superintendent or his designee to select the most favorable bid and execute the closing documents for the 2009 RAN on behalf of the School Board.



Meeting Date(s)
Information - 2/24/2009
Consent after Information3/10/2009

Authority for Action
FS 1011.14

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Capital Projects

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program
09$39,000,000No338VariousVariousVariousVariousVarious

Contact

Ruth Chapman, Accounting Supervisor, ext. 654

Kathy Jackson, Accounting Manager, ext. 674

Jo Ann Clark, Director of Accounting Services, ext. 660

Judy Preston, Associate Superintendent of Financial Services, ext. 600




Attachment:  R-Note-Res.pdf
Attachment:  2009 RAN POS.pdf