03-11-2008 Regular School Board Meeting
Agenda Item #26

H-3. Public Sale of Series 2008 Revenue Anticipation Notes


Series 2008 Revenue Anticipation Notes are being sold through public offering and will close on or before April 30, 2008.   Proceeds from the notes will be used to pay $32,000,000 of the outstanding principal for the 2007 RAN due on April 25, 2008, and to pay $18,000,000 of project costs related to the purchase of site improvements, portable classrooms, and the renewal, re-roofing and technology upgrades for various schools within the District.  The costs of these projects were previously approved in the 7-year capital plan and a list of these projects along with related costs is attached to this resolution.


The remaining outstanding principal of $8,200,000 and interest of $1,603,533 will be paid from other legally available funds of the District, for a total payback of $41,803,533 for the 2007 RAN due on April 25, 2008.


The Board is requested to authorize the Superintendent or his designee to execute the bid for these notes and to accept the most favorable bid on behalf of the School Board.


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.  The District’s outstanding obligations for revenue anticipation notes, including the 2008 RAN is 23.23% of 2007 locally generated tax revenues.


Outstanding interest and principal payments for the Series 2008 RAN will be due on or before April 30, 2009.








Adopt the attached resolution authorizing the issuance of Series 2008 Revenue Anticipation Notes (RAN), not to exceed $50,000,000, to pay for the costs of certain projects known as the “RAN Projects”, for an amount of approximately $18,000,000 and to pay a portion of the principal due for the 2007 RAN in the amount of approximately $32,000,000. 

Meeting Date(s)
Information - 3/11/2008
Consent after Information3/25/2008

Authority for Action
FS 1011.14

Involves Expenditure of Funds Directly in the Classroom

Source of Funding
Capital Projects

Cost Center


Jo Ann Clark, ext. 660

Attachment:  Working Papers RAN Agenda.pdf