Agenda Item #21
Refunding of the District's 2007A and 2007B Certificates of Participation (COP)
Financial Services is requesting approval to move forward with the refunding of the Series 2007A and 2007B Certificates of Participation (COP).
Staff is recommending the following Financial Team for the Forward Direct Purchase of the Series 2007A Certificates: RBC Capital Markets as the District's Financial Advisor; Bryant Miller Olive as the District's Special Counsel; and Wells Fargo Securities as the Lending Bank. The expected cost of issuance for the Forward Direct Purchase of the Series 2007A Certificates is approximately $105,000, including fees paid to the financial team, based on our best estimates at this time. Cash savings earned on the issuance are reported net of these issuance costs.
Approve the delegation of the Chief Financial Officer to move forward with the refunding of Series 2007B certificates and the forward direct purchase of the Series 2007A certificates at the optimum time that allows the District to achieve at least a 3% net present value savings. Approve the attached resolutions and other legal documents and approve members of the Financing Team, to include the Financial Advisor, Bond and Disclosure Counsel, Underwriting Team, and Lending Bank as delineated above.
Consent w/o Information - 11/22/2016
Authority for Action
F.S. Chapter 1001, 1003, 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
Pennie L. Zuercher, Chief Financial Officer, Financial Services, ext. 600
Attachment: Resolution - SB 2017A School Board (01167208).pdf
Attachment: Brevard Co. SB 2017B School Board Resolution - Agenda (01166954).pdf