Agenda Item #3
Amendment of Series 2007C Certificates of Participation
On March 13, 2007, the School Board authorized the issuance of Certificates of Participation, Series 2007C, for the purpose of financing costs to complete certain projects previously approved in the 7-year Facility Improvement Plan. Projects authorized include Bayside High School, Melbourne High School, Merritt Island High School, Satellite High School, Westshore Junior-Senior High School, the Cocoa Stadium purchase, and the Central Area Adult / Alternative Education Center, for an amount not to exceed $135,000,000.
Subsequent to the approval of the 2007C financing, negotiations for the construction of planned improvements at the Central Area Adult / Alternative Education Center failed due to local government resistance to the project. The District now seeks to amend the legal documents for the Series 2007C Certificates of Participation to remove the original project of Central Area Adult / Alternative Education Center and substitute it with Phase II of the Rockledge High School Improvement Project, which was also included in the 7-year Facility Improvement Plan.
As required by the 2007C agreement, AMBAC Insurance, who is the insurer of the 2007C certificates, has approved this substitution.
Authorize the amendment of the 2007C certificates to remove the original project of Central Area Adult / Alternative Education Center at a cost of $3,801,000 and substitute it with Phase II of the Rockledge High School Improvement Project which was also included in the 7-year Facility Improvement Plan. Both projects were estimated to cost $3.8m.
Consent w/o Information - 11/18/2008
Authority for Action
FS 617, 1000, 1003, and 1013
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Agenda Item will not Require the Expenditure of Funds
Jo Ann Clark, Director of Accounting Services, ext. 660
Judy Preston, Associate Superintendent of Financial Services, ext. 600
Attachment: Series 2007C Project Substitution Memo 10-24-08.pdf
Attachment: 2007C COP-Amend-Lessor-Res.pdf
Attachment: COPS-Amendment-Ground Lease 2007C.pdf